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Jorge company bottles and distributes

07/12/2021 Client: muhammad11 Deadline: 2 Day

Problem P5-2A
Name:
Course:
Date:
P5-2A – Prepare a CVP income statement, compute break-even point, contribution margin ratio, margin of safety ratio, and sales for target net income.
Managerial Accounting, 6th Edition, by Weygandt, Kieso, and Kimmel
Primer on Using Microsoft Excel in Accounting by Rex A Schildhouse
Problem P5-2A Jorge Company bottles and distributes B-Lite, a diet soft drink. The beverage is sold for
$0.50 per 16-ounce bottle to retailers, who charge customers $0.75 per bottle. For the
year 2014, management estimates the following revenues and costs:
Net sales $1,800,000 Selling expenses - Variable $70,000
Direct materials 430,000 Selling expenses - Fixed 65,000
Direct labor 360,000 Administrative expenses - Variable 20,000
Manufacturing overhead - Variable 380,000 Administrative expenses - Fixed 60,000
Manufacturing overhead - Fixed 280,000
Instructions:
(a) Prepare a CVP income statement for 2014 based on management's estimates.
JORGE COMPANY
CVP Income Statement (Estimated)
For the Year Ending December 31, 2014
Net sales Amount
Variable expenses
Title Amount (1)
Title Amount
Title Amount
Total variable expenses Formula
Contribution margin Formula
Fixed expenses
Title Amount
Title Amount
Title Amount
Total fixed expenses Formula
Net income Formula
(1) Computation of cost of goods sold
Title Amount
Title Amount
Title Amount
Title Formula
(b) Compute the break-even point in (1) units and (2) dollars.
(1) Net sales Amount
Total variable expenses Amount
Contributions Formula
Variable costs as percentage of sales Formula
Variable costs per bottle Formula
Contributions per bottle Formula
Total fixed costs Amount
Break-even in units Formula
(2) Break-even in units Quantity
Title Amount
Title Formula
(c) Compute the contribution margin ratio and the margin of safety ratio.
Contribution margin ratio = Amount ÷ Amount = Formula rounded
Margin of safety ratio Amount ÷ Amount = Formula rounded
(d) Determine the sales dollars required to earn a net income of $180,000
Required sales = Amount = Formula
Percentage
Problem P6-8A
Name:
Course:
Date:
P6-8A – Prepare absorption and variable costing income statements and reconcile differences between absorption and variable costing income statements when sales level and production level change. Discuss relative usefulness of absorption costing versus variable costing.
Managerial Accounting, 6th Edition, by Weygandt, Kieso, and Kimmel
Primer on Using Microsoft Excel in Accounting by Rex A Schildhouse
Problem P6-8A Dilithium Batteries is a division of Enterprise Corporation. The division manufactures and sells a long-life
battery used in a wide variety of applications. During the coming year it expects to sell 60,000 units for $30.00
per unit. Nyota Uthura is the division manager. She is considering producing either 60,000 or 90,000
units during the period. Other information is presented in the schedule.
Division Information for 2014
Beginning inventory 0
Expected sales in units 60,000
Selling price per unit $30.00
Variable manufacturing costs per unit $12.00
Fixed manufacturing overhead costs (total) $540,000
Fixed manufacturing overhead costs per unit:
Based on 60,000 units ($540,000 ÷ 60,000 units) $9.00
Based on 90,000 units ($540,000 ÷ 90,000 units) $6.00
Manufacturing cost per unit:
Based on 60,000 units ($12.00 variable + $9.00 fixed) $21.00
Based on 90,000 units ($12.00 variable + $6.00 fixed) $18.00
Variable selling and administrative expenses $2.00
Fixed selling and administrative expenses (total) $50,000
Instructions:
(a) Prepare an absorption costing income statement, with one column showing the results if 60,000 units are produced and
one column showing the results if 90,000 units are produced.
DILITHIUM BATTERIES DIVISION
Income Statement
For the Year Ended December 31, 2014
Absorption Costing
60,000_x000D_Produced 90,000_x000D_Produced
Sales Formula Formula
Cost of goods sold Formula
Formula
Title Formula Formula
Title
Formula Formula
Title Amount Amount
Net income Formula Formula
(b) Prepare a variable costing income statement, with one column showing the results if 60,000 units are produced and
one column showing the results if 90,000 units are produced.
DILITHIUM BATTERIES DIVISION
Income Statement
For the Year Ended December 31, 2014
Variable Costing
60,000_x000D_Produced 90,000_x000D_Produced
Sales Formula Formula
Title Formula Formula
Title Formula Formula
Title
Formula Formula
Title Formula Formula
Title Amount Amount
Title Amount Amount
Net income Formula Formula
(c) Reconcile the difference in net incomes under the two approaches and explain what accounts for this difference.
Enter text answer here.
Net income under absorption costing Amount
Less Amount
Title Formula
(d) Discuss the relative usefulness of the variable costing income statements versus the absorption costing income statements for decision making and for evaluating the manager’s performance.
Enter text answer here.

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