Chip Company produces three products, Kin, Ike, and Bix. Each product uses the same direct material. Kin uses 3.1 pounds of the material, Ike uses 2.7 pounds of the material, and Bix uses 5.3 pounds of the material. Selling price per unit and variable costs per un of each product follow. Selling price per unit Variable costs per unit Kin $ 136.67 88.00 Ike $ 108.03 84.00 Bix $ 204.01 142.00 (a) Compute contribution margin per pound of material for each product. (b) If demand is limited, list the three products in the order which management should produce and meet demand. Product Contribution Margin Contribution margin per pound Order in which management should produce and meet demand Kin Ike Bix
Q: ired information following information applies to the questions displayed below.] stockholders'…
A: Balance sheet is one of financial statements, it is prepared at the end of accounting period.…
Q: due to or the shortening or collapsing of marketing is common in the electronic the elimination of…
A: Disintermediation =It is the process of buying the product directly from the seller and reducing the…
Q: Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur…
A: Cash collection budget :— This budget is prepared to estimate the collection of accounts receivable…
Q: Trotman's Variety Store is completing the accounting process for the current year just ended,…
A: Introduction:- This is an accounting problem related to adjusting entries. The problem provides…
Q: When treasury stock is acquired, what is the effect on total stockholders' equity? Multiple Choice O…
A: The company either issues preferred shares or common shares. The preferred shares have a preference…
Q: roblem 31-16 (IFRS) January 1, 2022, World Company reported the following formation: ilding at cost…
A: Depreciation is demunition in the value of an asset on account of its wear and tear.…
Q: Vail Book Mart sells books and other supplies to students in a state where the sales tax rate is 8…
A: Journal Entry :— journal entries are used to record a accounting transaction in chronological order…
Q: Boxwood Company sells blankets for $32 each. The following was taken from the inventory records…
A: LIFO is last in first out method of inventory valuation under which inventories which are purchased…
Q: Assets Current Assets Cash Accounts Receivable Inventory Prepaid Expenses Fixed Assets Land…
A: Total Assets = Total liabilities + Stockholder's equity
Q: 31) Beta has three products, A, B, and C. The following information is available: C $24,000 9,000…
A: The term "operating income" refers to the money that remains after all operational expenditures and…
Q: uality Chicken grows chickens. Each chicken is disassembled into five main parts. Information…
A: The concept of joint and by product comes into effect when the product is manufactured at process.…
Q: The term deposits in transit refer to: a. Deposits that were made after the bank statement was…
A: In accounting we make bank reconciliation statements. We come across the term “deposit in transit”…
Q: The Balance Sheet XYZ Corporation as of Dec. 31, 2022 has the following information: P4,500 Cash…
A: Merchandise inventory represents the amount of goods that an entity has, for the purpose of selling…
Q: Inventory Valuation under Absorption Costing and Variable Costing At the end of the first year of…
A: Absorption costing is a accounting method for recording all costs associated with manufacturing…
Q: The stockholders’ equity section of TVX Company on February 4 follows. Common stock—$25 par value,…
A: Journal entries are the primary reporting of the business transactions in the books of accounts.…
Q: Olive Company makes silver belt buckles. The company's master budget appears in the first column of…
A: Variable costs are costs that varies with the change in the level of output whereas fixed costs are…
Q: On 4 June 20X1, a company sold $14,000 worth of goods, with a product cost of $9,000. The contract…
A: Journal Entry - Journal entry is the recording of business transaction in books of account, this is…
Q: ble and Absorption Costir The following information pertains to Vladamir, Inc., for last year:…
A: S.No Marginal Costing Absorption Costing 1 As the name suggest itself variable cost is considered…
Q: John is a 25%
A: To calculate John's tax basis, we start with his initial tax basis of $20,000 and then add his share…
Q: Assume instead of one product (the Ripped Pig sandwich), Cat & Joe’s Pig Rig served three items: 1.…
A: The contribution margin refers to sales or revenue less variable costs during the period. It is used…
Q: Stockton Company Adjusted Trial Balance December 31 Cash Accounts Receivable Prepaid Expenses…
A: Assets is something owned by the company which is recorded in the Balance sheet and has a debit…
Q: Problem 10-3 (Algo) Acquisition costs [LO10-1, 10-4, 10-6] The plant asset and accumulated…
A: Plant assets are those assets in which the business had made large investments over the period. It…
Q: Garrison Company reported sales in its latest year of $700,000. Garrison held $150,000 in accounts…
A: Accounts receivables are those customer accounts to whom credit sales has been made and amount has…
Q: Which of the following BEST (select one) describes why the audit universe should be aligned with…
A: An entity's financial records, statements, and other financial information are examined as part of…
Q: SANDHILL CORPORATION Statement of Cash Flows (Partial) Adjustments to reconcile net income to Save…
A: OPERATING ACTIVITIES Operating activities are Principal revenue Producing Activities & Other…
Q: Emily’s employer offers a pension plan that calculates the annual pension as the product of the…
A: In a pension plan, an employee and their employer contribute money into a retirement account, which…
Q: The following budgeted information is provided: Month 1 2 3 Sales in units 26,000 31,000 29,000…
A: Direct material purchase budget is the statement which is prepared by the entity for the purpose of…
Q: Current Attempt in Progress Tamarisk Manufacturing has net sales of $160000, cost of goods sold of…
A: Gross Profit - Gross Profit is a Profit Earned by the company from the sales made. This is the…
Q: Mickley Corporation produces two products, Alpha6s and Zeta7s, which pass through two operations,…
A: Material price variance It is the difference between the budgeted material costs and how much that…
Q: IE Exercise 23-3 (Static): Preparing flexible budgets LO P1 Tempo Company's fixed budget (based on…
A: Lets understand the basics. Total production cost means cost of producing goods or services. Total…
Q: An IT auditor is performing an application development audit for a high risk web-based application.…
A: In the digital world of today, information technology (IT) serves a key part in many organizations'…
Q: Exercise 11-11 (Algo) Disposal of property, plant, and equipment; partial periods [LO11-2] On July…
A: Journal Entry is the primary step to record the transaction in the books of accounts. The increase…
Q: Sevenbergen Corporation makes one product and has provided the following information to help prepare…
A: Sales is the amount of revenue earned by the entity. It is earned by selling the products or…
Q: Questions 1-45 are based on the following information for Tournesol Inc. (Cash flow statement and…
A: Cash Flow Statement - Statement of Cash Flow is a financial statement that includes proceeds and…
Q: 2. Peloton has the following stock outstanding. ■ Common Stock-$50,000 ($1 par, 150,000 shares…
A: When dividend is distributed, it is first paid to arrears of cumulative preference share and then…
Q: PLC is a manufacturing company operating in Uganda for the last 10 years currently PLC is planning…
A: Total cost of material A = (Beginning inventory + Purchases during the month - Ending inventory) ×…
Q: 1. Determine the single plantwide factory overhead rate, using each of the following allocation…
A: The overhead rate is calculated as estimated overhead costs divided by estimated base activity. The…
Q: 3. Hayley Dole owns a car stereo store with 3 departments. Net sales for July are as follows:…
A: Given, Net Sales for Deluxe = $33,600 Net Sales for Standard = $38,400 Net Sales for Economy =…
Q: Imperial Jewelers manufactures and sells a gold bracelet for $400.00. The company's accounting…
A: The special order increases the revenue if costs incurred to produce the special order is less than…
Q: Problem 10-64 (LO 10-2, LO 10-3) (Static) Acorn Construction (calendar-year-end C corporation) has…
A: As per the given information, Acorn is not eligible for §179 expensing because it new assets exceed…
Q: Caddis Company acquired a building with a loan that requires payments of $19,000 every six months…
A: First, let's calculate the present value of the loan payments. We know that the loan payments are…
Q: On December 31, Your Company has decided to sell one of its buildings. The initial cost of the…
A: The question is based on the concept of Depreciation Accounting. Depreciation is the decrease in the…
Q: The plant manager of the Ohio factory is responsible for two cost centers Clothing and Shoes.…
A: Variable costs are costs that varies with the change in the level of output whereas fixed costs are…
Q: How much could Benito contribute to his RRSP this year?
A: Registered Retirement Savings Plan : RRSP stands for Registered Retirement Savings Plan. It is a…
Q: Select the best term for each definition below. Each term is u Definitions a. The amount invested by…
A: Shares that can be bought back by the company at a predetermined price. Callable shares typically…
Q: Required information Exercise 11-3 (Algo) Depreciation methods partial periods [LO11-2] [The…
A: Depreciation is reduction in the value of assets due to its use, wear or tear. Depreciation is the…
Q: Prepare a production budget for 2022 under each plan. BONITA INDUSTRIES Production Budget Plan A…
A: Budget: A budget can be defined as a financial plan or an estimation of revenues, expenditure,…
Q: University Car Wash purchased new soap dispensing equipment that cost $210,000 including…
A: Depreciation Expense is incurred on the basis of use, disposition, wear and tear, and Obsolescence…
Q: Wegmans Bakery produces cheese cake for sale. The bakery which operates 5 days per week and 52 weeks…
A: Answer:- Formulas:- 1. Optima production run quantity = √(2 x Annual demand x Ste-up cost) /…
Q: on Dec 31 Liverpyncorp issued 4000 common shares for land with a fair market value of 198000…
A: Answer:- Journal entry meaning:- In the company's books a journal entry serves as a record of a…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Manatoah Manufacturing produces 3 models of window air conditioners: model 101, model 201, and model 301. The sales price and variable costs for these three models are as follows: The current product mix is 4:3:2. The three models share total fixed costs of $430,000. Calculate the sales price per composite unit. What is the contribution margin per composite unit? Calculate Manatoahs break-even point in both dollars and units. Using an income statement format, prove that this is the break-even point.Rose Company has a relevant range of production between 10,000 and 25.000 units. The following cost data represents average cost per unit for 15,000 units of production. Using the cost data from Rose Company, answer the following questions: If 10,000 units are produced, what is the variable cost per unit? If 18,000 units are produced, what is the variable cost per unit? If 21,000 units are produced, what are the total variable costs? If 11,000 units are produced, what are the total variable costs? If 19,000 units are produced, what are the total manufacturing overhead costs incurred? If 23,000 units are produced, what are the total manufacturing overhead costs incurred? If 19,000 units are produced, what are the per unit manufacturing overhead costs incurred? If 25,000 units are produced, what are the per unit manufacturing overhead costs incurred?Baxter Company has a relevant range of production between 15,000 and 30,000 units. The following cost data represents average variable costs per unit for 25,000 units of production. Using the costs data from Rose Company, answer the following questions: A. If 15,000 units are produced, what is the variable cost per unit? B. If 28,000 units are produced, what is the variable cost per unit? C. If 21,000 units are produced, what are the total variable costs? D. If 29,000 units are produced, what are the total variable costs? E. If 17,000 units are produced, what are the total manufacturing overhead costs incurred? F. If 23,000 units are produced, what are the total manufacturing overhead costs incurred? G. If 30,000 units are produced, what are the per unit manufacturing overhead costs incurred? H. If 15,000 units are produced, what are the per unit manufacturing overhead costs incurred?
- Chip Company produces three products, Kin, Ike, and Bix. Each product uses the same direct material. Kin uses 3.4 pounds of the material, Ike uses 2.3 pounds of the material, and Bix uses 5.8 pounds of the material. Selling price per unit and variable costs per unit of each product follow. Selling price per unit Variable costs per unit Kin $ 157.02 105.00 Ike $ 105.16 84.00 Вix $ 219.18 149.00 (a) Compute contribution margin per pound of material for each product. (b) If demand is limited, list the three products in the order in which management should produce and meet demand. Product Contribution Margin Kin Ike Bix Contribution margin per pound Order in which management should produce and meet demand:Chip Company produces three products, Kin, Ike, and Bix. Each product uses the same direct material. Kin uses 4.5 pounds of the material, Ike uses 4.1 pounds of the material, and Bix uses 6.2 pounds of the material. Selling price per unit and variable costs per unit of each product follow. Selling price per unit Variable costs per unit Kin $ 173.10 102.00 Ike $ 118.18 78.00 Bix $ 204.34 138.00 (a) Compute contribution margin per pound of material for each product. (b) If demand is limited, list the three products in the order in which management should produce and meet demand. Contribution margin per pound Product Contribution Margin Kin Ike Bix Order in which management should produce and meet demand:Chip Company produces three products, Kin, Ike, and Bix. Each product uses the same direct material. Kin uses 3.7 pounds of the material, Ike uses 2.6 pounds of the material, and Bix uses 5.5 pounds of the material. Selling price per unit and variable costs per unit of each product follow. Selling price per unit Variable costs per unit Ike Kin $ 156.24 $ 115.92 100.00 92.00 Contribution margin per pound (a) Compute contribution margin per pound of material for each product. (b) If demand is limited, list the three products in the order in which management should produce and meet demand. Bix $ 207.60 146.00 Product Contribution Margin Order in which management should produce and meet demand: Kin Ike Bix
- Chip Company produces three products, Kin, Ike, and Bix. Each product uses the same direct material. Kin uses 3.2 pounds of the material, Ike uses 3.3 pounds of the material, and Bix uses 5.9 pounds of the material. Selling price per unit and variable costs per unit of each product follow. Selling price per unit Variable costs per unit Kin $ 159.44 106.00 Contribution margin per pound Ike $ 107.39 80.00 (a) Compute contribution margin per pound of material for each product. (b) If demand is limited, list the three products in the order in which management should produce and meet demand. Bix $ 211.59 152.00 Product Contribution Margin Order in which management should produce and meet demand: Kin Ike BixChip Company produces three products, Kin, Ike, and Bix. Each product uses the same direct material. Kin uses 3.9 pounds of the material, Ike uses 3.1 pounds of the material, and Bix uses 5.5 pounds of the material. Selling price per unit and variable costs per unit of each product follow. Kin Ike Bix Selling price per unit $ 152.67 $ 118.66 $ 207.55 Variable costs per unit 93.00 92.00 141.00 (a) Compute contribution margin per pound of material for each product. (b) If demand is limited, lisChip Company produces three products, Kin, Ike, and Bix. Each product uses the same direct material. Kin uses 4 pounds of the material, Ike uses 3 pounds of the material, and Bix uses 6 pounds of the material. Selling price per unit and variable costs per unit of each product follow. Selling price per unit Variable costs per unit Kin $ 160 96 Contribution margin per pound Ike $ 112 85 Bix $ 210 144 (a) Compute contribution margin per pound of material for each product. (b) If demand is limited, list the three products in the order in which management should produce and meet demand. Product Contribution Margin Order in which management should produce and meet demand: Kin Ike Bix
- Jamison Company uses the total cost method of applying the cost-plus approach to product pricing. Jamison produces and sells Product X at a total cost of $1,500 per unit, of which $1020 is product cost and $480 is selling and administrative expenses. In addition, the total cost of $1,500 is made up of $850 variable cost and $650 fixed cost. The desired profit is $210 per unit. Determine the markup percentage on total cost. %the Chip Company produces three products, Kin, Ike, and Bix. Each product uses the same direct material. Kin uses 4.9 pounds of material, Ike uses 2.9 pounds of the material, and Bix uses 5.5 pounds of the material. Selling price per unit and variable costs per unit of each product follow. Selling price per unit Variable costs per unit Kin $ 173.48 99.00 Total production hours available Variable costs Contribution margin per pound Ike $ 99.36 75.00 (a) Compute contribution margin per pound of material for each product. (b) If demand is limited, list the three products in the order in which management should produce and meet demand. Bix $ 205.85 147.00 Product Contribution Margin Order in which management should produce and meet demand: $ $ Kin 173.48 $ 99.00 74.48 $ First Ike Third 99.36 $ 75.00 24.36 $ Bix 205.85 147.00 58.85 SecondJamison Company uses the total cost method of applying the cost-plus approach to product pricing. Jamison produces and sells Product X at a total cost of $1,200 per unit, of which $820 is product cost and $380 is selling and administrative expenses. In addition, the total cost of $1,200 is made up of $680 variable cost and $520 fixed cost. The desired profit is $180 per unit. Determine the markup percentage on total cost.fill in the blank 1 %