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Unit1 Application assignment Problem 1-27 Cost Data for Managerial Purposes (L.O. 3) [The following information applies to the questions displayed below.] B-You is a consulting firm that works with managers to improve their interpersonal skills. Recently, a representative of a high-tech research firm approached B-You's owner with an offer to contract for one year with B-You to improve the interpersonal skills of a newly hired manager. B-You reported the following costs and revenues during the past year. B-YOU Annual Income Statement Sales revenue $ 246,100 Costs Labor 119,000 Equipm ent lease 17,700 Rent 14,900 Supplies 11,700 Officers' salaries 68,000 Other costs 8,800 Total costs $ Operatin g profit $ (loss) 240,100 6,000 If B-You decides to take the contract to help the manager, it will hire a full-time consultant at $81,500. Equipment lease will increase by 5 percent. Supplies will increase by an estimated 10 percent and other costs by 15 percent. The existing building has space for the new consultant. No new offices will be necessary for this work. rev: 03-08-2011 References Section BreakDifficulty: Medium Problem 1-27 Cost Data for Managerial Purposes (L.O. 3)Learning Objective: 01-03 Our Framework for Assessing Cost Accounting Systems 1. value: 10.00 points Required information Problem 1-27 Part a Required: (a)What are the differential costs that would be incurred as a result of taking the contract? (Input all amounts as positive values. Omit the "$" sign in your response.) $ (Click to select) (Click to select) (Click to select) (Click to select) Total differential costs $ rev: 03-08-2011 References eBook & Resources WorksheetDifficulty: Medium Problem 1-27 Part aLearning Objective: 01-03 Our Framework for Assessing Cost Accounting Systems Check my work 2. value: 10.00 points Required information Problem 1-27 Part b (b If the contract will pay $82,500, should B-You accept it? ) rev: 03-08-2011 Yes No Problem 1-27 Part bLearning Objective: 01-03 Our Framework for Assessing Cost Accounting Systems 3. value: 10.00 points Required information Problem 1-27 Part c (c What considerations, other than costs, are necessary before making this ) decision? (Select all that apply.) rev: 03-08-2011 Whether the contract will provide for more revenues in the future. Whether this will enable the company to get into a new, profitable line of business. What other opportunities the company has for expanding. Profitability of the other contracts. Current financial position of the company. References eBook & Resources Check All That ApplyDifficulty: Medium Problem 1-27 Part cLearning Objective: 01-03 Our Framework for Assessing Cost Accounting Systems Exercise 2-31 Prepare Statements for a Manufacturing Company (L.O. 2, 4) The following balances are from the accounts of Secol Machining Company: January 1 (Beginning) Direct materials inventory Work-in-process inventory Finished goods inventory December 31 (Ending) $ 99,300 $108,500 107,50 0 108,000 45,900 44,800 Direct materials purchased during the year amount to $513,700, and the cost of goods sold for the year was $1,865,000. Required: Prepare a cost of goods sold statement. (Input all amounts as positive values. Omit the "$" sign in your response.) Secol Machining Company Cost of Goods Sold Statement For the Year Ended December 31 $ (Click to select) Manufacturing costs: Direct materials: $ (Click to select) (Click to select) (Click to select) (Click to select) $ (Click to select) (Click to select) Total manufacturing costs Total costs of work in process $ (Click to select) $ (Click to select) (Click to select) $ (Click to select) (Click to select) $ (Click to select) Exercise 2-38 Components of Full Costs (L.O. 6) Larcker Manufacturing's cost accountant has provided you with the following information for January operations: Direct materials $ Fixed manufacturing overhead costs $ Sales price Variable manufacturing overhead Direct labor $ $ $ Fixed marketing and administrative costs $ Units produced and sold Variable marketing and administrative costs $ 34 per unit 210,00 0 190 per unit 22 per unit 33 per unit 200,00 0 6,000 8 per unit Requirement 1: Determine the variable cost per unit. (Round your answer to 2 decimal places. Omit the "$" sign in your response.) Variable cost per unit $ Requirement 2: Determine the variable manufacturing cost per unit. (Round your answer to 2 decimal places. Omit the "$" sign in your response.) Variable manufacturing cost per unit $ Requirement 3: Determine the full absorption cost per unit. (Round your answer to 2 decimal places. Omit the "$" sign in your response.) $ Full absorption cost per unit Requirement 4: Determine the full cost per unit. (Round your answer to 2 decimal places. Omit the "$" sign in your response.) Full cost per unit $ Requirement 5: Determine the profit margin per unit. (Round your answer to 2 decimal places. Omit the "$" sign in your response.) Profit margin per unit $ Requirement 6: Determine the gross margin per unit. (Round your answer to 2 decimal places. Omit the "$" sign in your response.) $ Gross margin per unit Requirement 7: Determine the contribution margin per unit. (Round your answer to 2 decimal places. Omit the "$" sign in your response.) Contribution margin per unit $ Exercise 2-39 Gross Margin and Contribution Margin Income Statements (L.O.5) Larcker Manufacturing's cost accountant has provided you with the following information for January operations: Direct materials $ Fixed manufacturing overhead costs $ Sales price Variable manufacturing overhead Direct labor $ $ $ Fixed marketing and administrative costs $ Units produced and sold Variable marketing and administrative costs $ 36 per unit 221,00 0 205 per unit 21 per unit 26 per unit 198,00 0 5,300 8 per unit Required: (a A gross margin income statement. (Input all amounts as positive values. Omit ) the "$" sign in your response.) Gross Margin Income Statement $ (Click to select) $ (Click to select) $ (Click to select) (b A contribution margin income statement. (Input all amounts as positive values. ) Omit the "$" sign in your response.) Contribution Margin Income Statement $ (Click to select) $ (Click to select) $ (Click to select) Exercise 3-22 Basic CVP Analysis (L.O. 1) The manager of Kima's Food Mart estimates operating costs for the year will include $790,000 in fixed costs. Required: (a Find the break-even point in sales dollars with a contribution margin ratio of 37 ) percent.(Round your answer to the nearest dollar amount. Omit the "$" sign in your response.) Break even point in sales dollars $ (b Find the break-even point in sales dollars with a contribution margin ratio of 26 ) percent.(Round your answer to the nearest dollar amount. Omit the "$" sign in your response.) Break even point in sales dollars $ (c Find the sales dollars required to generate a profit of $280,000 for the year ) assuming a contribution margin ratio of 37 percent. (Round your answer to the nearest dollar amount. Omit the "$" sign in your response.) Sales required $ Exercise 3-34 Multiproduct CVP Analysis (L.O. 4) Rio Coffee Shoppe sells two coffee drinks, a regular coffee and a latte. The two drinks have the following prices and cost characteristics: Sales price (per cup) Variable costs (per cup) Regular coffee $1.80 0.70 Latte $2.60 1.30 The monthly fixed costs at Rio are $8,040. Based on experience, the manager at Rio knows that the store sells 50 percent regular coffee and 50 percent lattes. Requirement 1: How many cups of regular coffee must Rio sell every month to break even? (Do not round intermediate calculations.) Number of cups Requirement 2: How many cups of lattes must Rio sell every month to break even? (Do not round intermediate calculations.) Number of cups