Accounting question
1. For Turgo Company, variable costs are 63% of sales, and fixed costs are $177,300. Management’s net income goal is $78,740.
Compute the required sales in dollars needed to achieve management’s target net income of $78,740.
2. For Kozy Company, actual sales are $1,138,000 and break-even sales are $773,840.
Compute the margin of safety in dollars and the margin of safety ratio.
3.Montana Company produces basketballs. It incurred the following costs during the year.
What are the total product costs for the company under variable costing?
4.
| Direct materials | $14,709 | |
| Direct labor | $25,321 | |
| Fixed manufacturing overhead | $9,748 | |
| Variable manufacturing overhead | $32,344 | |
| Selling costs | $20,870 |
What are the total product costs for the company under variable costing?
| Total product costs | $ |
For the quarter ended March 31, 2012, Maris Company accumulates the following sales data for its product, Garden-Tools: $310,800 budget; $339,100 actual.
Prepare a static budget report for the quarter.
Prepare a static budget report for the quarter.
MARIS COMPANY Sales Budget Report For the Quarter Ended March 31, 2012 | |||||||
| Product Line | Budget | Actual | Difference | ||||
Garden-Tools | $ | $ | $ | ||||
| Margin of safety | $ | ||
| Margin of safety ratio | % |
5. Gundy Company expects to produce 1,227,600 units of Product XX in 2012. Monthly production is expected to range from 84,500 to 130,920 units. Budgeted variable manufacturing costs per unit are: direct materials $4, direct labor $6, and overhead $9. Budgeted fixed manufacturing costs per unit for depreciation are $6 and for supervision are $2. Prepare a flexible manufacturing budget for the relevant range value using 23,210 unit increments. (List variable costs before fixed costs.)
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