Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
1. Piepare a cantribution format incoine statement for the manth based on actual sales data. (Round your onswers to 2 decimal ploces:) 2. Compute the
1. Piepare a cantribution format incoine statement for the manth based on actual sales data. (Round your onswers to 2 decimal ploces:) 2. Compute the breakeven point in sales dollars for the month, based on the actual data. (Round your percentage answers to neerest whole percent. Round other intermediste values and final answer to the nenrest whole doller.) Smithen Company, a wholesale distributor, has been operating for only a few months. The company sells three products-sinks, mirrors, and vanities. Budgeted sales by product and in total for the coming month are shown below based on planned unit sales as follows 3. Calculate the break even point in unit sales for the month, based on the actuol data. (Do not round your intermediote calculations. Round your final answer to the nearest whole number.) Welchted-averageCMperunitTotalFixedexpenses=$155,00$356,700=1,928,11units($212,000.50)+($116.000.25)+($200.000.25) As shown by these data, operating income is budgeted at $13,300 for the month, break-even sales dollars at $578,432,43, and breakeven unit sales at 1,928.11. Assume that actual sales for the month fotal $604,800 (2,100 units), with the CM ratio and per unit amounts the same as budgeted: Actual fixed expenses ate the same as budgeted, $356.700. Actual sales by product are as follows: sinks, $151.200 ( 525 units); mirrors, $252,000 (1,050 units); and vanities, $201,600 ( 525 units). Required: 1. Prepare a contribution format income statement for the month based on actual sales data. (Round your answers to 2 decimal places.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started