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Whitney Company has just completed its first year of operations. The company's accountant has prepared an absorption costing income statement for the year as seen below: Sales (35,000 units at $25) $875,000 Beginning Inventory 0 Cost of Goods Manufactured (35,000 × $12) + $160,000 = 580,000 Cost of Goods Available 580,000 Ending Inventory 0 Cost of Goods Sold 580,000 Gross Margin 295,000 Selling and Administrative Expenses 280,000 Net Income $15,000 The variable production costs per unit are determined as follows: Direct materials $ 5 Direct labor 6 Variable production 1 Total variable production costs $12 The company's fixed production costs are $160,000 per year. The company's selling and administrative expenses consist of $210,000 per year in fixed expenses and $2 per unit in variable expenses.
Prepare the company's income statement in the contribution format.
Identify a company who has used Activity Based Costing and report what the company said about ABC's benefits in increasing knowledge and/or increasing shareholder value.
BLP Corporation reported wages expense of $224,000, wages payable of $89,400 at the beginning of the year and wages payable of $71,300 at the end of the year. Determine Cash payments for wages during the year
Campbell runs a clothing store and has produced the following trial balance for the year ended 31st March 2012. The trial balance produced does not balance and he has asked for your help.
Prepare in journal form, without explanations, the end of month adjusting entries for Flip's Copy Shop for the month of June and prepare a partial adjusted trial balance for the accounts provided
Explain what is meant by "Restricted Stock Units (RSU)” and provide extracts of the disclosure notes for 2 public companies that have these, noting any distinguishing features between the 2 companies’ RSU plans.
On March 1, Phonic Corporation had office supplies on hand of $1,000. During the month, Phonic purchased additional supplies costing $500. Approximately $200 of unused office supplies remain on hand at the end of the month. Prepare the necessary adju..
midwest corp completed the following transactions in 2012 the first year of operation.1. issued 20000 shares of 10 par
Hytek Company bottles and distributes Livit, a diet soft drink. The beverage is sold for 50 cents per 16-ounce bottle to retailers, who charge customers 75 cents per bottle. For the year 2012, management estimates the following revenues and costs.
What types of goods are these public goods? (c) If the price or cost of college and university education increase by 10 percent and, at the same time, incomes also increase by 10 percent, what would be the change in the demand for college and univ..
What are the differences between an outlay for a capital project and a capital outlay from the General Fund or special revenue fund?
"High correlation between two variables means that one is the cause and the other is the effect." Do you agree? Explain. What is a cost function? What are the assumptions that are used to estimate cost functions? “Relevant costs for pricing decisions..
Calculate the amount Dennis may deduct as travel expenses for the trip. Dennis, the owner of Dennis Company, incurs the following expenses while away from home on a three-week business trip during the current tax year
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