1The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the information shown below for the quarended March 31;SalesSelling price per pair of skisVariable selling expense per pair of skisVariable administrative expense per pair of skisTotal fixed selling expenseTotal fixed administrative expenseBeginning merchandise inventoryEnding merchandise inventoryMerchandise purchasesRequired:Amount$1,394,000$ 410$ 47$ 181. Prepare a traditional income statement for the quarter ended March 31.$ 140,000$ 105,000$ 70,000$ 100,000$ 285,0002. Prepare a contribution format income statement for the quarter ended March 31.3. What was the contribution margin per unit?Complete this question by entering your answers in the tabs below.Required 1Required 2Required 3

Step 1: Sales = $1,394,000 Selling price per pair of skis = $410 Number of units sold = Sales /…

Answered: 1 The Alpine House, Incorporated, is a…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter16: Financial Statements And Closing Entries For A Corporation

Section16.1: Preparing An Income Statement

Problem 1OYO

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Cherokee Incorporated is a merchandiser that provided the following information: Amount 12,000 $ 17 $2 $2 Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional income statement. Cherokee, Incorporated Traditional Income Statement $ 19,000 $ 14,000 $9,000 $ 23,000 $ 86,000 Selling and administrative expenses:
Cherokee Incorporated is a merchandiser that provided the following information: Amount 11,000 $ 17 $1 $1 Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional income statement. Cherokee, Incorporated Traditional Income Statement Selling and administrative expenses: $ 18,000 $ 14,000 $ 8,000 $ 25,000 $ 85,000
S The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled th quarter ended March 31: Sales Selling price per pair of skis Variable selling expense per pair of skis Variable administrative expense per pair of skis Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Amount $ 1,176,000 $420 $ 47 $17 $ 150,000 $ 105,000 $ 70,000 $ 100,000 $ 295,000 Required: 1. Prepare a traditional income statement for the quarter ended March 31. 2. Prepare a contribution format income statement for the quarter ended March 31. 3. What was the contribution margin per unit?
1 The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: Sales Selling price per pair of ski Variable selling expense per pair of skin Variable administrative expense per pair of skis Total fixed selling expense Total fixed administrative expense Beginning nerchandise inventory Ending merchandise inventory Harchandise purchases Amount $1,125,000 $450 $48 $19 160,000 $125,000 $70,000 $ 110,000 $285,000 Required: 1. Prepare a traditional income statement for the quarter ended March 31. 2. Prepare a contribution format income statement for the quarter ended March 31. 3. What was the contribution margin per unit? Answer is not complete. Complete this question by entering your answers in the tabs below.
ces The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: Sales Selling price per pair of skis Variable selling expense per pair of skis Variable administrative expense per pair of skis Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Amount $ 1,305,000 $ 450 $45 $ 17 $ 160,000 $ 120,000 $ 60,000 $ 110,000 $ 290,000 Required: 1. Prepare a traditional income statement for the quarter ended March 31. 2. Prepare a contribution format income statement for the quarter ended March 31. 3. What was the contribution margin per unit? Complete this question by entering your answers in the tabs below.
Cherokee Incorporated is a merchandiser that provided the following information: Amount 10,000 $ 17 Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Required 1 Required 2 Prepare a traditional income statement. Complete this question by entering your answers in the tabs below. Cherokee, Incorporated Traditional Income Statement Selling and administrative expenses: $1 $2
2. Use the information below to determine the sales revenue, cost of goods sold and gross profit that would be reported for the company related to the March 16 sale Date January 1 February 5 March 16 Activities Purchase Purchase Sale Units Acquired at Cost 100 units @ $10 = $1,000 60 units @ $12= $720 Units Sold at Retail 40 units @ $16
2 The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: ook int ences Sales. Selling price per pair of skis Variable selling expense per pair of skis Variable administrative expense per pair of skis Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Required 1 Required 2 Required: 1. Prepare a traditional income statement for the quarter ended March 31. 2. Prepare a contribution format income statement for the quarter ended March 31. 3. What was the contribution margin per unit? Complete this question by entering your answers in the tabs below. Required 3 Prepare a traditional income statement for the quarter ended March 31. The Alpine House, Incorporated Traditional Income Statement Sales Cost of goods sold
Cherokee Incorporated is a merchandiser that provided the following information: Amount 13,000 $ 18 $2 $2 Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Required 1 Required 2 Prepare a traditional income statement. Cherokee, Incorporated Traditional Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Required 1 Required 2 Variable expenses: Fixed expenses: ✓ ✔ *********---------- ✓$ • 45,000 $ 19,000 $ 16,000 $ 10,000 $ 25,000 $ 87,000 $ 234,000 Prepare a contribution format income statement. Cherokee, Incorporated Contribution Format Income Statement 26,000 x 208,000 x 45,000 0 0
eBook Applying the Cost of Goods Sold Model Hempstead Company has the following data: Item Units Cost Inventory, January 1 990 $10,890 Purchases 4,510 49,610 Inventory, December 31 720 7,360 Required: 1. How many uits were sold? units 2. Using the cost of goods sold model, determine the cost of goods sold. Check My Work
Journalize the following transactions of a merchandising business. 1) Purchased made on account from Pen Co., list price $10,000, trade discount 15%, terms FOB shipping point, 2/10, n/30, with prepaid transportation costs of $650 added to the invoice. 2) Purchased merchandise on account from Corner Co., $6,000, terms FOB destination, 1/10, n/30. 3) Sold merchandise on account to Pizza Co., $7,000, terms 2/10, n/30. The cost of the merchandise sold was $4,000. 4) Returned $1,000 of merchandise
Piint item Cost Flow Methods The following three identical units of Item Alpha are purchased during April: Item Alpha Units Cost Apr. 2. Purchase $76 14 Purchase 81 28 Purchase 83 Total 3 $240 Average cost per unit $80 ($240 + 3 units) Accume that one unit ie cold on Anril 30 for $122 the assumption that the costs of merchandise sold should be charged against revenue in the order in which the costs were incurred. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) %24 c. Weighted average cost 12:58 AM (? A D a 4 10/24/2020 TAYENEEs ort sc stelete home AIYD Sn 6d 80 -backspace FUm Sock PI thOme enter paUSe MI ctrl

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