Question
Crane Industries produces and sells a cell phone-operated home security control. Information regarding the costs and sales of security controls during May 2020 are provided
Crane Industries produces and sells a cell phone-operated home security control. Information regarding the costs and sales of security controls during May 2020 are provided below.
| Unit selling price of security control | $45 | |
| Unit variable costs | $25 | |
| Total monthly fixed costs | $124,000 | |
| Units sold | 8,400 |
Prepare a CVP income statement for Crane Industries for the month of May. Provide per unit values and total values.
| Crane Industries CVP Income Statement For the Month Ended May 31, 2020 | ||||
| Total | Per Unit | |||
| Administrative ExpensesContribution MarginCost of Goods SoldFixed CostsGross ProfitNet Income/(Loss)SalesSelling ExpensesVariable Costs | $ | $ | ||
| Administrative ExpensesContribution MarginCost of Goods SoldFixed CostsGross ProfitNet Income/(Loss)SalesSelling ExpensesVariable Costs | ||||
| Administrative ExpensesContribution MarginCost of Goods SoldFixed CostsGross ProfitNet Income/(Loss)SalesSelling ExpensesVariable Costs | $ | |||
| Administrative ExpensesContribution MarginCost of Goods SoldFixed CostsGross ProfitNet Income/(Loss)SalesSelling ExpensesVariable Costs | ||||
| Administrative ExpensesContribution MarginCost of Goods SoldFixed CostsGross ProfitNet Income/(Loss)SalesSelling ExpensesVariable Costs | $ | |||
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Financial and Managerial Accounting Information for Decisions
Authors: John Wild, Ken Shaw, Barbara Chiappetta
5th edition
978-1259347641
