The Mansfield Company manufactures and sells two lines of fishing rods. During the most recent accounting period, the Pro line and the Novice line sold 15,800 and 2,800 units, respectively. The company's most recent financial statements are shown below: Sales Less cost of goods sold: Pro $948,000 Novice $336,000 Unit-level production cost 632,000 189,000 Depreciation, production equipment 137,000 70,000 Gross margin $179,000 $77,000 Less operating expenses: Unit-level selling and administrative costs Corporate-level facility expenses (fixed) 42,000 91,000 37,920 37,920 Net income (loss) $99,080 $(51,920) Based on this information, the company should:
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- Low-Tek Manufacturing Incorporated makes two types of industrial component parts - the B300 and the T500. The Income Statement for the most recent period is shown below: Low-Tek Manufacturing Incorporated Income Statement Sales Cost of goods sold Gross profit P2,100,000 1,600,000 500,000 550,000 Selling and administrative expenses Net operating loss P(50,000) Low-Tek produced and sold 70,000 units of B300 at a price of P20 per unit and 17,500 units of T500 at a price of P40 per unit. The company's traditional cost system allocates manufacturing overhead to products using a plantwide overhead rate and direct labor cost as the allocation based. Additional information relating to the company's two product lines is shown below: T500 TOTAL B300 P436,300 P251,700 P688,000 Direct materials Direct labor P200,000 P104,000 304,000 Manufacturing overhead Cost of goods sold 608,000 P1,600,000 The company has created an activity -based costing system to evaluate the profitability of its products.…The Mansfield Company manufactures and sells two lines of fishing rods. During the most recent accounting period, the Pro line and the Novice line sold 15,000 and 2,000 units, respectively. The company's most recent financial statements are shown below: Pro Novice Sales $900,000 $240,000 Less cost of goods sold: Unit-level production cost 600,000 135,000 Depreciation, production equipment 125,000 50,000 Gross margin $175,000 $55,000 Less operating expenses: Unit-level selling and administrative costs 40,000 65,000 Corporate-level facility expenses (fixed) 36,000 36,000 Net income (loss) $99,000 $46,000 Based on the information given, should the company keep or eliminate the Novice line? IF kept how much does it contribute in total profitability?The Mansfield Company manufactures and sells two lines of fishing rods. During the most recent accounting period, the Pro line and the Novice line sold 16,600 and 3,600 units, respectively. The company's most recent financial statements are shown below: Sales Less cost of goods sold: Unit-level production cost Depreciation, production equipment Gross margin Less operating expenses: Unit-level selling and administrative costs Corporate-level facility expenses (fixed) Net income (loss) Based on this information, the company should: Multiple Choice It is impossible to determine with the given information. Pro $996,000 664,000 149,000 $183,000 Keep the Novice line because it contributes $99,000 to total profitability. Eliminate the Novice line because it is operating at a loss. 44,000 39,840 $99,160 Keep the Novice line because it contributes $72,000 to total profitability. Novice $432,000 243,000 90,000 $99,000 117,000 39,840 $(57,840)
- Sage Hill Corporation had sales of $3,360,000 for the year ended December 31, 2022. The unit selling price was $12. In making the sales, the company incurred the following costs and expenses. Variable Fixed Cost of goods sold $832,000 $760,000 Selling expenses 113,000 64,000 Administrative expenses 231,000 71,000 Your answer is partially correct. Prepare a GAAP income statement. SAGE HILL CORPORATION GAAP Income Statement For the Year Ended December 31, 2022 Sales 3,360,000 Cost of Goods Sold Gross Profit Operating Expenses Selling Expenses $ Administrative Expenses Total Operating Expenses Net Income/(LosS) $The following is Cullumber Company’s income statement for the past year. Sales revenue $336,000 Cost of goods sold 134,400 Gross margin 201,600 Operating expenses 145,600 Operating income $56,000 If the company wants to sell a new product that costs $49 wholesale while keeping the same markup structure, what will be the price of the new product? (Use the gross margin percentage and round final answer to 2 decimal places, e.g. 25,124.25.) Price of the new product $enter the price of the new product in dollars rounded to 2 decimal placesThe following information relates to the Jasmine Company for the upcoming year: Sales Amount Per Unit Sales $8,120,000 6,496,000 $32.00 Cost of goods sold Gross margin Operating expenses 22.00 1,624,000 10.00 690,000 3.00 Operating profits $ 934,900 $ 7.00 The cost of goods sold includes $2,375,100 of fixed manufacturing overhead; the operating expenses include $223,100 of fixed marketing expenses. A special order offering to buy 56.000 units for $16.20 per unit has been made to Jasmine. Fortunately, there will be no additional operating expenses associated with the order; however, Jasmine is operating at full capacity. How much will operating profits increase if Jasmine accepts the special order? Multiple Choice $280,000. $140,000. $56,000. Operating profits will not increase as a result of accepting the special order.
- Sisyphus Inc. records total sales of $657,500 in the current period, with a cost of goods sold of $389,000 . Sisyphus expects 4% of sales to be returned. How much in net sales will Sisyphus recognize for the current period? Group of answer choices $373,400 $268,500 $631,200 $657,500 $257,760 The Sisyphus Inc’s (SSY) Company’s annual statement of cash flows reported the following (in millions): Net cash from financing activities $63,864 Net cash from investing activities -62,512 Cash at the beginning of the year 13,152 Cash at the end of the year 18,948 What did SSY report for “Net cash from operating activities” during the year? Group of answer choices $71,220 million cash inflow None of the above $4,444 million cash outflow $4,444 million cash inflow $71,220 million cash outflowCoyle Manufacturing reports the following information for year 1: Sales revenue (60,000 units) $ 5,130,000 Manufacturing costs Materials $ 302,000 256,000 Variable cash costs Fixed cash costs. Depreciation (fixed) 590,000 1,800,000 Marketing and administrative costs Marketing (variable, cash) Marketing depreciation Administrative (fixed, cash) Administrative depreciation Total costs Operating profits (losses) 760,000 269,000 916,000 134,000 $ 5,027,000 $ 103,000 All depreciation charges are fixed. Manufacturing depreciation is expected to increase by 10 percent in year 2. Marketing and administrative depreciation are expected to remain the same for year 2. Sales volume is expected to increase by 5 percent, but prices are expected to fall by 10 percent. Materials costs per unit are expected to decrease by 8 percent. Unit variable cash manufacturing costs are expected to increase by 15 percent. Fixed cash costs are expected to increase by 6 percent. Variable marketing costs will change…Olde Tyme Beverage Company’s operating activities for the year are listed below. Cost of Goods Manufactured $128,000 Operating expenses 80,000 Beginning inventory, FG 12,000 Ending inventory, FG 16,000 Sales revenue 275,000 What is the cost of goods sold for the year?
- The following is the income statement of Marielle Hotel for the Year ended December 31,2021 Marielle Hotel Income Statement For the Year Ended December 31, 2021 Sales (20,000 units) P300,000 Less: Cost of Goods Sold 180,000 Gross Income 120,000 Less: Selling Price and Administrative Expenses 80,000 Operating Income P40,000 Other Data: 1/3 of the cost of good sold is fixed 75% of the selling and administrative expenses is variable. Required: Compute for the new Income StatementCraneManufacturing Inc. had sales of $3.00 million for the first quarter of 2022. In making the sales, the company incurred the following costs and expenses: Cost of goods sold Selling expenses Administrative expenses Variable $920,000 73,000 87,000 Fixed $448,500 CRANE MANUFACTURING INC. CVP Income Statement 42,000 95,500 Prepare a CVP income statement for the quarter ended March 31, 2022. KWinner Company has two products with cost and selling price as follows: Product X Product Y Selling price 2,000,000 3,000,000 Estimated selling cost 600,000 700,000 Materials and conversion cost 1,500,000 1,800,000 General administration cost 300,000 800,000 At year-end, the manufacture of inventory has been completed but no selling cost has yet been incurred. Under LCNRV by individual item, the inventory shall be measured at what amount?