Question
The following totals are used to create a CVP Income Statement for Frederick Company for FY2018: Frederick Company Selected Financial Figures For the Year Ended
The following totals are used to create a CVP Income Statement for Frederick Company for FY2018:
Frederick Company | ||
Selected Financial Figures | ||
For the Year Ended 12/31/18 | ||
Sales (100 units) |
| $10,000 |
Variable Costs: |
|
|
Direct Labor | $1,100 |
|
Direct Materials | 1,150 |
|
Factory Overhead (variable) | 2,000 |
|
Selling Expenses (variable) | 600 |
|
Administrative Expenses (variable) | 500 |
|
Fixed Costs: |
|
|
Factory Overhead (fixed) | $500 |
|
Selling Expenses (fixed) | 1,000 |
|
Administrative Expenses (fixed) | 1,000 |
|
Frederick Company utilizes a JIT production system and there are no Raw Materials, Work-in-Process or Finished Goods inventories. Use this information to determine FY 2018 Contribution Margin Percentage. Enter percentage to one decimal place. (example enter 35.5% as 35.5)
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