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Yakvenalex [24]
3 years ago
13

Cherokee Manufacturing Company established the following standard price and cost data: Sales price $ 12.00 per unit Variable man

ufacturing cost $ 7.20 per unit Fixed manufacturing cost $ 3,600 total Fixed selling and administrative cost $ 1,200 total Cherokee planned to produce and sell 2,000 units. Actual production and sales amounted to 2,200 units. Required Prepare the pro forma income statement in contribution format that would appear in a master budget. Prepare the pro forma income statement in contribution format that would appear in a flexible budget.
Business
1 answer:
blagie [28]3 years ago
4 0

Answer:

<u>Pro forma income statement in contribution format</u>

Sales ( 2,200 units × $ 12.00)                                        26,400

Less Variable Costs :

Variable manufacturing cost ( 2,200 units × $ 7.20)   (15,840)

Contribution                                                                    10,560

Less Expenses :

Fixed manufacturing cost                                              (3,600)

Fixed selling and administrative cost                            (1,200)

Net Income                                                                      5,760

Explanation:

A flexed budget shows the Budgeted Costs and Revenues at Actual level of production rather than the Budgeted level of production.

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It is argued that LIFO should not be allowed to compute net income because a. it does not match costs to revenues, especially wh
Bogdan [553]

Answer:

d. it causes profits to be understated when prices are rising and allows a company to dodge taxes.

Explanation:

The LIFO method should not be permitted to determine the net income as in this case the profits would be understated at the time when price is increased due to this it permits the company to dodge taxes as the inventory consumed in the production process also the high inventory value would be involved in the cost of sales that represent the high cost, this result in lower profits and taxes

Hence, the option d is correct

8 0
3 years ago
Suppose the price of salt increases by 25 percent​ and, as a​ result, the quantity of pepper demanded​ (holding the price of pep
Lisa [10]

Answer:

Option (C)

Explanation:

As per the data given in the question,

Price of salt increases by = 25%

Quantity of pepper demanded increases by = 4%

Cross price elasticity = Quantity of demand increases ÷ Price of salt increases

= 4% ÷ 25%

=0.16  

Hence Cross-price elasticity of demand between salt and pepper would be positive.

So option (C) is answer

8 0
3 years ago
How do I make ice cream
dedylja [7]
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8 0
3 years ago
Read 2 more answers
Individuals who want to work, but have given up searching for a job because of limited prospects, are known as.
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Individuals who want to work, but have given up searching for a job because of limited prospects, are known as discouraged workers.

<h3>Who are discouraged workers?</h3>

Discouraged workers are labour who are above 18 years and below 60 years but have given up on ever finding a job and thus are not actively searching for a job.

Discouraged workers are not counted as part of the labour force and they are not considered to be unemployed.

To learn more about unemployment, please check: brainly.com/question/10940465

6 0
2 years ago
The following events took place at a manufacturing company for the current year:(1) Purchased $95,000 in direct materials.(2) In
Rom4ik [11]

Answer:

D $88410

Explanation:

Work in progress includes all the raw materials, direct labour and conversion costs incurred so far excluding cost of goods sold .

WIP= Intial WIP +Manufacturing costs incurred- Cost of goods sold.

The WIP inventory at the begining of the period is given as nil.

WIP during the period = (95000*80%)+56000+13600+107000

=252600(but it was given that 65% of the Process was completedi.e., finished goodswhich are not the part of the WIP inventory ; hence the remaining 35% is the Work in process inventory)

=$ 88410.

Further the remaining raw material 20% = 95000*20% shall not comprise a part of the WIP as it has not been brought into process itself , it shall lie in raw materials inventory itself.It shall be counted into the WIP once it is brought into the manufacturing assembly line.

3 0
3 years ago
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