Answered step by step
Verified Expert Solution
Question
1 Approved Answer
5-8 Riverside Inc. makes one model of wooden canoe. Partial information for it follows: Number of Canoes Produced and Sold 455 605 755 Total costs
5-8
Riverside Inc. makes one model of wooden canoe. Partial information for it follows: Number of Canoes Produced and Sold 455 605 755 Total costs Variable costs $ 64,610 2 2 Fixed costs 149,300 2 2 Total costs $213, 910 ? ? Cost per unit Variable cost per unit ? ? ? Fixed cost per unit ? 2 2 Total cost per unit 2 2 Required: 1. Complete the table. 3. Suppose Riverside sells its canoes for $507 each. Calculate the contribution margin per canoe and the contribution margin ratio. 4. Next year Riverside expects to sell 805 canoes. Complete the contribution margin income statement for the company. Complete this question by entering your answers in the tabs below. Required 1 Required 3 Required 4 Complete the table. (Round your cost per unit answers to 2 decimal places.) Number of Canoes Produced and Sold 605 455 755 Total Costs Variable Costs $ Fixed Costs 64,610 149,300 213,910 $ Total Costs Cost per Unit Variable Cost per Unit Fixed Cost per Unit Total Cost per Unit Required 1 Required 3 Required 4 Suppose Riverside sells its canoes for $507 each. Calculate the contribution margin per canoe and the contribution margin ratio. (Round your contribution margin to the nearest whole dollar and your contribution margin ratio to the nearest whole percent.) per canoe Unit Contribution Margin Contribution Margin Ratio Required 1 Required 3 Required 4 Next year Riverside expects to sell 805 canoes. Complete the contribution margin income statement for the company. (Round your contribution margin to 2 decimal places.) RIVERSIDE INC. Contribution Margin Income Statement For the Next Year Contribution Margin Net Operating IncomeStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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