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Steven Corporation manufactures fishing poles that have a price of $21.00. It has costs of $16.32. A competitor is introducing a new fishing pole that will sell for $18.00. Management believes it must lower the price to $18.00 to compete in the highly cost-conscious fishing pole market. Marketing believes that the new price will maintain the current sales level. Steven Corporation's sales are currently 200,000 poles per year.
a) What is the target cost for the new price if target operating income is 20% of sales.
b) What is the change in operating income for the year if $18.00 is the new price and costs remain the same?
c) What is the target cost per unit if the selling price is reduced to $18.00 and the company wants to maintain its same income level?
Determine the missing amounts associated with each letter and complete the following table. If required, round amounts to the nearest dollar. If an amount is zero, enter in "0".
repayments of long-term borrowings of $3.5 million, interest payments of $780,000, repurchase of treasury shares of $500,000 and cash dividends declared of $1.1 million. Net cash flow from financing activities equals.
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Karr Company purchased bonds with a face amount of $400,000 between interest payment dates. Karr purchased the bonds at 102, paid brokerage costs of $6,000, and paid accrued interest for three months of $10,000.
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At the beginning of the year, Uptown Athletic had an inventory of $400,000. During the year, the company purchased goods costing $1,600,000. If Uptown Athletic reported ending inventory of $600,000 and sales of $2,000,000, their cost of goods sold..
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