-xpenses. Cost of goods sold Selling expenses Administrative expenses Variable $653,600 81,700 67,940 Fixed $516,000 51,600 56,760 Prepare a CVP income statement for the quarter ended March 31, 2025.
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- The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020. Prepare Hellers partial income statements (through gross profit) for 2019 and 2020. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a cost of goods sold of $3,000. What was the beginning inventory if the ending inventory was $1,250?
- On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the year. On its year-end income statement, Pope reported cost of goods sold of 1,025,000. Calculate Popes December 31 ending inventory.Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement shows cost of goods sold of $2,000. What was the beginning inventory if the ending inventory was $1,000?Assume your company uses the periodic inventory costing method, and the inventory count left out an entire warehouse of goods that were in stock at the end of the year, with a cost value of $222,000. How will this affect your net income in the current year? How will it affect next years net income?
- The following selected information is taken from the financial statements of Arnn Company for its most recent year of operations: During the year, Arnn had net sales of 2.45 million. The cost of goods sold was 1.3 million. Required: Note: Round all answers to two decimal places. 1. Compute the current ratio. 2. Compute the quick or acid-test ratio. 3. Compute the accounts receivable turnover ratio. 4. Compute the accounts receivable turnover in days. 5. Compute the inventory turnover ratio. 6. Compute the inventory turnover in days.Habicht Company was formed in 2018 to produce a single product. The production and sales for the next 4 years were as follows: Required: 1. Determine the gross profit for each year under each of the following periodic inventory methods: a. FIFO b. LIFO c. Average cost (Round unit costs to 3 decimal places.) 2. Next Level Explain whether the companys return on assets (net income divided by average total assets) would be higher under FIFO or LIFO.Cullumber Inc. had sales of $2,816,000 for the first quarter of 2022. In making the sales, the company incurred the following costs and expenses. Variable Fixed Cost of goods sold $1,177,600 $563,200 Selling expenses 89,600 57,600 Administrative expenses 110,080 125,440 Prepare a CVP income statement for the quarter ended March 31, 2022. Sales CULLUMBER INC. CVP Income Statement For the Quarter Ended March 31, 2022 Variable Costs Contribution Margin Fixed Costs Ε
- Presented below is information for Chivu Company for the month of March 2020: Cost of goods sold s50,000 Salaries and wages Expense S8,000 Sales Revenue Freight-out 7.000 as0,000 Sales Returns and Allowances interest Expense 4,000 3,000 Required: Prepare a multiple-step income statement for the month of March by completing the following Salaries and wages Expense Operating Expense Total Operating ExpenseThe following income statement appears in the financial report of MERCADO Company for the year ending December 31, 2020: MERCADO Company Income Statement For the year ending December 31. 2020 Sales 72,485,000.00 Cost of goods sold Gross profit 39.866,750.00 32.618.250.00 Less: Operating expenses: Variable selling expenses: Salesmen's commissions 3,624,250.00 Communication expenses 1,812.125.00 Advertising and promotion 635.350.00 Representation expenses 215.385.00 Gas and oil - salesmen 1,285.000.00 Repairs and maintenance 1,150.000.00 3.722.110.00 Fixed selling expenses Salaries and wages 4,225,000.00 Franchises and royalties 524,150.00 Office supplies and materials 555.000.00 Depreciation 963 300.00 6.267,450.00 14.989,560.00 Fixed administrative expenses Salaries and wages 6.324,650.00 Employee benefits 316,490.00 Communications expenses 335,125.00 Office supplies and materials 275,150.00 Depreciation 325,500.00 104 250.00 7.681,165.00 9.947.525.00 Miscellaneous expenses Operating…Presented below is information for Chivu Company for the month of March 2020: Cost of goods sold Salaries and wages Expense S8,000 Sales Revenue Sales Returns and Allowances s50,000 Freight-out 7,000 as0,000 Interest Expense 4,000 3,000 Required: Prepare a multiple-step income statement for the month of March by completing the following: Salaries and wages Expense Operating Expense Total Operating Expense