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III Canvas Chapter 21 HW # 2 Assignment o Contribution Margin, Break-Even Sales, Cost-Volume-Profit Chart, Margin of Safety, and Operating Leverage Belmain Co. expects to maintain the same inventories at the end of 2017 as at the beginning of the year. The total of all production costs for the year is therefore assumed to be equal to the cost of goods sold. With this in mind, the various department heads were asked to submit estimates of the costs for their departments during Canvas o Chapter 21 HW # 2 Assignment goods sold. With this in mind, the various department heads were asked to submit estimates of the costs for their departments during the year. A summary report of these estimates is as follows: Estimated Variable Cost Estimated (per Fixed sold) unit Cost Production costs: Canvas @ $15 10 $572,000 8 Chapter 21 HW # 2 Assignment Production costs: Direct materials Direct labor Factory overhead Selling expenses: Sales salaries and commissions Advertising Travel Miscellaneous selling expense Administrative evnence 3 118,900 40,200 8,900 9,800 3 Canvas Chapter 21 HW # 2 Assignment @ 1 2 $42 Administrative expenses: Office and officers' salaries 116,200 Supplies 14,300 Miscellaneous administrative expense 13,460 Total $893,760 It is expected that 9,120 units will be sold at a price of $210 a unit. Maximum sales within the relevant range are 11,000 units. Required: Canvas Chapter 21 HW # 2 Assignment 1. Prepare an estimated income statement for 2017. Belmain Co. Estimated Income Statement For the Year Ended December 31, 2017 Cost of goods sold: III Canvas Chapter 21 HW # 2 Assignment Cost of goods sold Gross profit Expenses: Selling expenses: Total selling expenses Canvas Chapter 21 HW # 2 Assignment Administrative expenses: Total administrative expenses Total expenses Income from operations 2. What is the expected contribution margin ratio? Round to the Canvas Chapter 21 HW # 2 Assignment % @ Units 3. Determine the break-even sales in units and dollars. units Dollars units 4. Construct a cost-volume-profit chart on your own paper. What is the break-even sales? $ Canvas 4. Construct a cost-volume-profit chart on your own paper. What is the break-even sales? $ 5. What is the expected margin of safety in dollars and as a percentage of sales? Dollars: Percentage: (Round to the nearest whole percent.) % Canvas percent.) 6. Determine the operating leverage. Round to one decimal place. Check My Work 1 more Check My Work uses remaining. Assignment Score: 0.0% Save and Exit Submit Assignment for Grading