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Question -
a. Thornton Corporation sells hammocks; variable costs are $63 each, and the hammocks are sold for $128 each. Thornton incurs $458,000 of fixed operating expenses annually.
1. Determine the sales volume in units and dollars required to attain a $62,000 profit.
2. Prepare an income statement using the contribution margin format.
b. Thornton is considering implementing a quality improvement program. The program will require a $9 increase in the variable cost per unit. To inform its customers of the quality improvements, the company plans to spend an additional $12,400 for advertising. Assuming that the improvement program will increase sales to a level that is 5,800 units above the amount computed in Requirement a, prepare a budgeted income statement using the contribution margin format.
c. Determine the new break-even point in units and sales dollars as well as the margin of safety percentage, assuming that the quality improvement program is implemented.
Explain the budgeting process and its importance to a business, identifying the components of different budgets, forecast estimates for inclusion in the budgets.
Prepare a retained earnings statement for the year and Prepare a stockholders' equity section of given case.
Prepare a master budget for the three-month period.
Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.
Evaluate the Predetermined Overhead Rate
Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.
Complete the schedule to compute the pool rates for the different activities.
Prepare Company financial statements
This individual assignment is based on the TerraCycle Inc.
Discuss the ethical issues
Calculate the GDP in Income Approach and Expenditure Approach
A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.
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