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Problem - Head-First Company plans to sell 5,000 bicycle helmets at $75 each in the coming year. Unit variable cost is $45 (includes direct materials, direct labor, variable factory overhead, and variable selling expense). Fixed factory overhead is $20,000, and fixed selling and administrative expense is $29,500.
Required -
Calculate the variable cost ratio.
Calculate the contribution margin ratio.
Prepare a contribution margin income statement based on the budgeted figures for next year. In a column next to the income statement, show the percentages based on sales for sales, total variable cost, and total contribution margin.
Borrowed $25,000 by issuing a note payable. Paid interest on the note payable, $100. Prepare a statement of cash flows for March
The payments were as follows: $23,500 for 2016, $19,000 for 2017, $17,500 for 2018, and $14,000 for 2019. What is the correct amount of lease expense
Demand for the product that the company should emphasize in part (a) above, up to how much should the company be willing to pay for an additional hour of tapping machine time?
Use the four steps in the accounting process to analyze business transactions, a) Identifying transactions and source documents.
Prepare a schedule of total standard manufacturing costs for the 7,600 output units in January 2014
Cost Item Amount Direct labor $100,000 Direct material $75,000 Advertising $50,000. What is the total prime cost? What is the total conversion cost
what would be the account balance in the service revenue account after the following transactions assuming a zero
Annie gives her son stock with a basis in her hands of $52,000 and a fair market value of $48,000. No gift tax is paid. Son subsequently sells the stock for $49,000. What is his recognized gain or loss?
Retained earnings $46,000, Rent expense $18,000, Revenues $101,000, and Salary expense $60,000. How much is Charle's current ratio
Two t-accounts are shown. The t-account on the left is labeled Estimated Warranty Payable and has $ 1,400 in the credit column. What was the balance
A company normally sells it products for $20, Replacement cost has now fallen to $13 per unit. Calculate the value of inventory at the lower of cost or market.
OK's gross income for the year is $10,000,000. Determine OK's Subpart F income (before any expenses) from the transactions
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