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Below are departmental Income statements for a guitar manufacturer. The manufacturer is considering eliminating its electric guitar department since it has a net loss. The company classifies advertising, rent, and utilities expenses as Indirect. Electric $83,600 46,750 36,850 WHOLESALE GUITARS Departmental Income Statements For Year Ended December 31, 2019 Acoustic Sales $102,000 Cost of goods sold 45,275 Gross profit 56.725 Operating expenses Advertising expense 4,985 Depreciation expense-Equipment 10,130 Salaries expense 19,700 Supplies expense 1,940 Rent expense 7,095 Utilities expense 2,985 Total operating expenses 46,835 Net income (loss) 9,890 4,350 8,580 17,800 1,720 6,010 2.630 41,090 $14,240) 1. Prepare a departmental contribution report that shows each department's contribution to overhead. 2. Based on contribution to overhead, should the electric guitar department be eliminated? Complete this question by entering your answers in the tabs below Required 1 8 Required 2 Prepare a departmental contribution report that shows each department's contribution to overhead. WHOLESALE GUITARS Income Statement Showing Departmental Contribution to Overhead For Year Ended December 31, 2019 Acoustic Dept. Electric Dept. Combined Total direct expenses Departmental contributions to overhead Indirect expenses Total Indirect expenses Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Based on contribution to overhead, should the electric guitar department be eliminated? Based on contribution to overhead, should the electric guitar department be eliminated? Required 1 Heart & Home Properties is developing a subdivision that includes 360 home lots. The 180 lots in the Canyon section are below a ridge and do not have views of the neighboring canyons and hills; the 180 lots in the Hilltop section offer unobstructed views. The expected selling price for each Canyon lot is $46,000 and for each Hilltop lot is $94,000. The developer acquired the land for $1,900,000 and spent another $1,600,000 on street and utilities improvements. Assign the joint land and improvement costs to the lots using the value basis of allocation and determine the average cost per lot. (Do not round your intermediate calculations.) Market Value Cost to Allocate Allocated Cost Quantity of Lots Average Lot Cost Percent of Market Value Numerator Denominator of Mkt Value Canyon section Hop section Totals Below are departmental Income statements for a guitar manufacturer. The manufacturer is considering eliminating its electric guitar department since it has a net loss. The company classifies advertising, rent, and utilities expenses as Indirect. Electric $83,600 46,750 36,850 WHOLESALE GUITARS Departmental Income Statements For Year Ended December 31, 2019 Acoustic Sales $102,000 Cost of goods sold 45,275 Gross profit 56.725 Operating expenses Advertising expense 4,985 Depreciation expense-Equipment 10,130 Salaries expense 19,700 Supplies expense 1,940 Rent expense 7,095 Utilities expense 2,985 Total operating expenses 46,835 Net income (loss) 9,890 4,350 8,580 17,800 1,720 6,010 2.630 41,090 $14,240) 1. Prepare a departmental contribution report that shows each department's contribution to overhead. 2. Based on contribution to overhead, should the electric guitar department be eliminated? Complete this question by entering your answers in the tabs below Required 1 8 Required 2 Prepare a departmental contribution report that shows each department's contribution to overhead. WHOLESALE GUITARS Income Statement Showing Departmental Contribution to Overhead For Year Ended December 31, 2019 Acoustic Dept. Electric Dept. Combined Total direct expenses Departmental contributions to overhead Indirect expenses Total Indirect expenses Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Based on contribution to overhead, should the electric guitar department be eliminated? Based on contribution to overhead, should the electric guitar department be eliminated? Required 1 Heart & Home Properties is developing a subdivision that includes 360 home lots. The 180 lots in the Canyon section are below a ridge and do not have views of the neighboring canyons and hills; the 180 lots in the Hilltop section offer unobstructed views. The expected selling price for each Canyon lot is $46,000 and for each Hilltop lot is $94,000. The developer acquired the land for $1,900,000 and spent another $1,600,000 on street and utilities improvements. Assign the joint land and improvement costs to the lots using the value basis of allocation and determine the average cost per lot. (Do not round your intermediate calculations.) Market Value Cost to Allocate Allocated Cost Quantity of Lots Average Lot Cost Percent of Market Value Numerator Denominator of Mkt Value Canyon section Hop section Totals
