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Tee Times, Inc. produces and sells the finest quality golf clubs in all of Clay County. The company expects the following revenues and costs in 2004 for its Elite Quality golf club sets:
Revenues (400 sets sold @ $600 per set) $240,000
Variable costs 160,000
Fixed costs 50,000
Problem 1: How many sets of clubs must be sold for Tee Times, Inc. to reach their breakeven point?
a. 400
b. 250
c. 200
d. 150
Problem 2: How many sets of clubs must be sold to earn a target operating income of $90,000?
a. 700
b. 500
c. 400
d. 300
Problem 2: What amount of sales must Tee Times, Inc. have to earn a target net income of $63,000 if they have a tax rate of 30%?
a. $489,000
b. $429,000
c. $420,000
d. $300,000
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