During FY 2017, Mitchell Company reported sales of $98,000, a contribution margin of $6.00 per unit, fixed cost of $30,000, and net income of $24,000. Use this information to determine the number of units Mitchell Sold during FY 2017 (Round any total dollar value to the nearest whole dollar & enter as whole dollars only. […]
Roberts Air Conditioning & Heating Company performs air conditioner repair service. During July, its busiest month, Roberts had repair labor hours of 60,000 and total costs of $840,000. During December, its slowest month, Roberts had labor hours of 20,000 and total costs of $480,000. Use this information to determine Roberts’ total monthly fixed costs. (Round […]
Net income: $200,000 Depreciation Expense: 100,000 Purchases of plant assets: 100,000 Proceeds on disposals of plant assets: 50,000 Gain on Disposal of plant assets: 8,000 Accounts receivable decreased: 3,000 Accounts payable increased: 4,000 Interest expense: 5,000 Income tax expense: 2,500 Grand issued stock in exchange for an outstanding note payable of $80,000. The cash balance […]
Richardson Company sold 500 units for total sales of $20,000 During FY 2016. Manufacturing costs consisted of direct labor $2,500, direct materials $4,400, variable factory over head $1,100, and fixed factory overhead $3,500. Richardson Company does not maintain any inventories. Total cost of goods sold was $4,400. Selling expenses were $900 variable and $1,000 fixed. […]
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