[Solved] Assignment 219137

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Would like to know cost of this assignment, plus there will be quizzes and exams…Parker Company manufactures and sells a single product.Required:1.A partially completed schedule of the company’s total and per unit costs over a relevant range of 67,000 to 107,000 units produced and sold each year is given below. Complete the schedule of the company’s total and unit costs. (Round the “Cost per unit” to 2 decimal places. Omit the “$” sign in your response.)Units Produced and Sold67,00087,000107,000Total costs:Variable costs$247,900$$Fixed costs390,000Total costs$637,900$$Cost per unit:Variable cost$$$Fixed costTotal cost per unit$$$2.Assume that the company produces and sells 97,000 units during the year at the selling price of $9.18 per unit. Prepare a contribution format income statement for the year.(Input all amounts as positive values except losses which should be indicated by a minus sign. Omit the “$” sign in your response.)Parker Company
Contribution Format Income Statement$$*****************************Speedy Parcel Service operates a fleet of delivery trucks in a large metropolitan area. A careful study by the company’s cost analyst has determined that if a truck is driven 144,000 miles during a year, the average operating cost is 12.2 cents per mile. If a truck is driven only 96,000 miles during a year, the average operating cost increases to 14.8 cents per mile.Required:1.Using the high-low method, estimate the variable and fixed cost elements of the annual cost of truck operation. (Round the “Variable cost per mile” to 3 decimal places and the “Fixed cost” to the nearest dollar amount. Omit the “$” sign in your response.)Variable cost$per mileFixed cost$per year2.Express the variable and fixed costs in the form Y = a + bX. (Round the “Variable cost per mile” to 3 decimal places and the “Fixed cost” to the nearest dollar amount. Omit the “$” sign in your response.)Y =$+$X3.If a truck were driven 120,000 miles during a year, what total cost would you expect to be incurred? (Round the “Variable cost per mile” to 3 decimal places. Round your intermediate and final answers to the nearest dollar amount. Omit the “$” sign in your response.)Total annual cost$****************************************Frankel Ltd., a British merchandising company, is the exclusive distributor of a product that is gaining rapid market acceptance. The company’s revenues and expenses (in British pounds) for the last three months are given below:Frankel Ltd.
Comparative Income Statements
For the Three Months Ended June 30AprilMayJuneSales in units1,6003,5005,250Sales revenue£ 276,800£ 605,500£ 908,250Cost of goods sold105,600231,000346,500Gross margin171,200374,500561,750Selling and administrative expenses:Shipping expense41,80068,40092,900Advertising expense70,90070,90070,900Salaries and commissions98,700174,700244,700Insurance expense8,1008,1008,100Depreciation expense42,30042,30042,300Total selling and administrative expenses261,800364,400458,900Net operating income (loss)£ (90,600)£ 10,100£ 102,850(Note: Frankel Ltd.’s income statement has been recast in the functional format common in the United States. The British currency is the pound, denoted by £.)Required:1.Identify each of the company’s expenses (including cost of goods sold) as either variable, fixed, or mixed.ExpensesClassificationCost of goods soldShipping expenseAdvertising expenseSalaries and commissionsInsurance expenseDepreciation expense2.Using the high-low method, separate each mixed expense into variable and fixed elements. State the cost formula for each mixed expense.(Omit the “£” sign in your response.)Variable CostFixed CostFormula£per unit£Y = £+£ X£per unit£Y = £+£ X3.Redo the company’s income statement at the 5,250-unit level of activity using the contribution format. (Input all amounts as positive values except losses which should be indicated by a minus sign. Omit the “£” sign in your response.)Frankel Ltd.
Income Statement
For the Month Ended June 30£Variable expenses:£Contribution marginFixed expenses:£***********************************Alden Company has decided to use a contribution format income statement for internal planning purposes. The company has analyzed its expenses and has developed the following cost formulas:CostCost FormulaCost of goods sold$34 per unit soldAdvertising expense$190,000 per quarterSales commissions7% of salesAdministrative salaries$100,000 per quarterShipping expense?Depreciation expense$70,000 per quarterManagement has concluded that shipping expense is a mixed cost, containing both variable and fixed cost elements. Units sold and the related shipping expense over the last eight quarters are given below:QuarterUnits SoldShipping
ExpenseYear 1:First36,000$180,000Second38,000$195,000Third43,000$237,000Fourth39,000$200,000Year 2:First37,000$190,000Second40,000$205,000Third54,000$252,000Fourth51,000$228,000

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