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AC 204 Short Project 1 SUM 2016 Name Problem 1 Haram Corporation is a wholesaler that sells a single product. Management has provided the following cost data for two levels of monthly sales volume. The company sells the product for $182.10 per unit. Year 1 Sales volume (units) Sales Cost of Sales Rent Expense Selling and Administrative Expenses Net Operating Income 4,000 $728,400 (385,200) ( 50,000) (286,400) $ 6,800 Year 2 5,000 $910,500 (481,500) ( 50,000) (310,500) $68,500 Required A: Explain whether each cost is a Variable, Fixed or Mixed Cost. Provide support for your answer. Cost of Sales:______________________________________________________________ Rent Expense______________________________________________________________ Selling and Administrative Expenses Required B: Break out each Year 1 cost item into its VARIABLE and FIXED cost amounts. Total Cost of Sales Rent Expense (385,200) ( 50,000) Selling and Administrative Expenses (286,400) Variable Cost Fixed Cost Required B: Break out each Year 2 cost item into its VARIABLE and FIXED cost amounts. Total Cost of Sales Rent Expense (481,500) ( 50,000) Selling and Administrative Expenses (310,500) Variable Cost Fixed Cost Requirement C: Prepare a Year 1 Contribution Margin Income Statement. Properly label all items to receive full credit. PROBLEM 2 Assume X Co began operations at the beginning of the year and present you with the following transactions. #1 #2 #3 #4 #5 #6 Account Cash Capital Stock Amount 22,000 Account Accounts Receivable Revenues Amount 100,000 Account Inventory Accounts Payable Amount 70,000 Account Cash Accounts Receivable Amount 10,000 Account Accounts Payable Cash Amount 43,000 Account Expense Accounts Payable Amount 6,000 Amount 22,000 Amount 100,000 Amount 70,000 Amount 10,000 Amount 43,000 Amount 6,000 Prepare T-Accounts for each of the Accounts shown above in each of the six journal entries. Post the journal entry transactions to the T-Accounts, summarize and determine the ending balances in each TAccount. Accounts which should have T-Accounts are: CASH, ACCOUNTS RECEIVABLE, INVENTORY, ACCOUNTS PAYABLE, CAPITAL STOCK, REVENUES AND EXPENSES. Assume the beginning balance in all accounts is zero