Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

TSC Company sold 2,000 units during July 2020 for $15 each and generated a net income of $9,600. During the month, the following costs occurred:

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

TSC Company sold 2,000 units during July 2020 for $15 each and generated a net income of $9,600. During the month, the following costs occurred: Cost of Goods Sold Insurance Ixpense Delivery Expense Depreciation Expense Shipping Expense $5 per unit s100 per month $3 per unit $100 per month $200 per month + $??? per unit Determine the amounts of: Variable element of the shipping expense Your answer Total variable expense per unit * Your answer Total fixed expense * During August, the company sold 1,200 units, determine the total amounts of the contribution format income statement's accounts: Sales revenue * Your answer Variable expenses Your answer Contribution margin Your answer Fixed expenses Net income* Your answer Mark opened his clothes factory on June 2020. To start the production; material of $5,000 were purchased from which70% were used in production. Of the material put into production during June, 50% were completed and transferred to the company's storage lot. Forty percent of the completed clothes were sold by June 30. Determine the balance that would appear in each of the following accounts at June 30, 2020. Raw Materials Your answer Work in process * Your answer Finished Goods * Cost of Goods Sold * Your

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Operational Guidelines For Postmortem Examinations And Auditing

Authors: O.P. Murty, O.P Murty

1st Edition

8123924437, 978-8123924434

More Books

Students also viewed these Accounting questions

Question

Describe new developments in the design of pay structures. page 475

Answered: 1 week ago