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Prepare an income statement segmented by division

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Reference no: EM132139263

Question - Segment Income Statements

Nutty Co. Gourmet Snacks has two divisions: Gift Baskets and Packaged Snacks. For first quarter 2018, Gift Baskets had a revenue of $1,125,000 and Packaged Snacks had a revenue of $750,000. Fixed costs were $160,000 for Gift Baskets and $105,000 for Packaged Snacks. Variable costs were $201,450 for Gift Baskets and $185,750 for Packaged Snacks. There were $65,000 of common expenses.

The Gift Baskets division makes three levels of baskets: Basic, Moderate, and Deluxe. Information for  each of the levels of baskets follows.

 

Basic

Moderate

Deluxe

Sales

30%

45%

25%

Direct fixed expenses

$85,000

$73,000

$52,000

 Complete the following -

1. Prepare an income statement segmented by division for first quarter 2018.

2. Prepare an income statement segmented by product for the Gift Basket division.

Reference no: EM132139263

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