I am very lost... I am not understanding this chapter and associated homework. Can you please provide formulas for answers? Thank you. :)

Homework - Chapter 5 1. The 4 x 4 Shop is a large retailer of equipment for pickup trucks. An income statement for the company's bed liner department for the most recent quarter is presented below: The 4 x 4 Shop Income Statement--Liner Department For First Quarter of Current Year Sales $ 963,900 Cost of goods 332,100 sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Net operating income 631,800 $ 194,000 143,000 337,000 $ 294,800 The liners sell, on average, for $357 each. The department's variable selling expenses are $32 per liner sold. The remaining selling expenses are fixed. The administrative expenses are 31% variable and 69% fixed. The company purchases its liners from a supplier at a cost of $123 per liner. Required: Prepare an income statement for the quarter, using the contribution approach. (Input all amounts as positive values. Omit the "$" sign in your response.) The 4 x 4 Shop Income Statement (Contribution Format) For the First Quarter of the Current Year $ Variable expenses: $ Fixed expenses: $ 2. A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations: Unit in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs: Fixed manufacturing overhead Fixed selling and administrative 5 6,510 6,310 205 $ $ 27 56 $ 7 $ 8 $ 136,710 $ 75,720 What is the absorption costing unit product cost for the month? $111 $119 $98 $90 The management of Harlow Corporation, a manufacturing company, would like your help in contrasting the traditional and contribution approaches to the income statement. The company has provided the following financial data for January: Sales Variable production expense Fixed production expense Variable selling expense Fixed selling expense Variable administrative expense Fixed administrative expense The company had no beginning or ending inventories. 3. The gross margin for January was: $82,000 $236,000 $21,000 $29,000 $14,000 $28,000 $12,000 $50,000 $203,000 $186,000 $144,000 4. The contribution margin for January was: $192,500 $172,000 $189,000 $82,000 5. Given the cost formula Y = $13,000 + $10X, total cost at an activity level of 7,700 units would be: $20,700 $90,000 $13,000 $77,000 6. Callaham 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 $160.00 per unit. Sales volume (units) Cost of sales Selling and administrative costs 3,200 $281,600 $88,900 4,200 $369,600 $104,900 The best estimate of the total contribution margin when 4,200 units are sold is: $235,200 $433,860 $209,400 $214,560 Notes: Guess 7. A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations: Unit in beginning inventory Units produced Units sold Units in ending inventory 5 6,860 6,460 405 Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs: Fixed manufacturing overhead Fixed selling and administrative $ $ 21 47 $ 9 $ 9 $ 192,080 $ 51,680 What is the variable costing unit product cost for the month? $86 $77 $114 $105 8. At a sales level of $460,000, James Company's gross margin is $15,200 less than its contribution margin, its net operating income is $54,000, and its selling and administrative expenses total $118,000. At this sales level, its contribution margin would be: $156,800 $187,200 $172,000 $406,000 9. Krouse Corporation reports that at an activity level of 8,300 units, its total variable cost is $519,829 and its total fixed cost is $198,400. What would be the total cost, both fixed and variable, at an activity level of 8,600 units? Assume that this level of activity is within the relevant range. (Do not round the variable cost per unit.) $735,213 $737,018 $538,618 $718,229 10. Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: Variable costs per unit: Manufacturing: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead Fixed selling and administrative $19 $9 $3 $4 $202,400 $65,000 During the year, the company produced 18,400 units and sold 15,200 units. The selling price of the company's product is $65 per unit. Requirement 1: Assume that the company uses absorption costing: (a) Compute the unit product cost. (Omit the "$" sign in your response.) Unit product cost $ (b) Prepare an income statement for the year.(Input all amounts as positive values. Omit the "$" sign in your response.) $ $ Requirement 2: Assume that the company uses variable costing: (a) Compute the unit product cost. (Omit the "$" sign in your response.) Unit product cost $ (b) Prepare an income statement for the year.(Input all amounts as positive values. Omit the "$" sign in your response.) $ Variable expenses: $ Fixed expenses: $ 11. At an activity level of 9,700 units, variable costs totaled $29,100 and fixed costs totaled $22,650. If 15,100 units are produced and this activity is within the relevant range, then: Fixed cost per unit would equal $4.26. Total costs would equal $51,750. Total cost would equal $87,009. Total unit cost would equal $4.50