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Question - Departmental Income Statement - Elgin Flooring Company sells floor coverings through two departments, carpeting and hard covering (tile and linoleum). Operating information for 2016 appears below.
Carpeting Department
Hard Covering Department
Inventory, January 1, 2016
$74,000
$40,000
Inventory, December 31, 2016
36,000
16,000
Net sales
780,000
480,000
Purchases
484,000
362,000
Purchases returns
28,000
8,000
Purchases discounts
4,000
Transporation in
18,000
14,000
Traceable departmental expenses
93,000
41,000
Common operating expenses of the firm were $120,000.
Required -
a. Prepare a departmental income statement showing departmental contribution to common expenses and net income of the firm. Assume an overall effective income tax rate of 35%. Elgin uses a periodic inventory system.
b. Calculate the gross profit percentage for each department.
c. If the common expenses were allocated 80% to the carpeting department and 20% to the hard covering department, what would the net income be for each department?
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