Glass by Jo Inc. is a small business located in the heart of Ontario. The company...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Glass by Jo Inc. is a small business located in the heart of Ontario. The company is owned by the skilled glass designer who uses the technique of glass fusing to create beautiful jewelries, wall decors and omaments. For the fiscal year ended December 31, 2020 the company produced and sold 148,320 units of product and presented the following additional information about its products: Sales price S37.00 per unit Fixed cost of goods sold $45 Variable cost of goods sold $17.40 per unit Fixed selling expense S63 Variable selling expense 26% of sales price Fixed administrative expense $78 Variable administrative expense $8.20 per unit Instructions (a) Prepare a cost-volume-profit income statement using the contribution margin format for Glass by Jo Inc. for the fiscal 2020. (6 marks) (b) By using the contribution margin technique, compute the company's break-even point in units in fiscal 2020. (4 marks) (c) Compute the company's margin of safety in dollars in fiscal 2020? (2 marks) Glass by Jo Inc. is a small business located in the heart of Ontario. The company is owned by the skilled glass designer who uses the technique of glass fusing to create beautiful jewelries, wall decors and omaments. For the fiscal year ended December 31, 2020 the company produced and sold 148,320 units of product and presented the following additional information about its products: Sales price S37.00 per unit Fixed cost of goods sold $45 Variable cost of goods sold $17.40 per unit Fixed selling expense S63 Variable selling expense 26% of sales price Fixed administrative expense $78 Variable administrative expense $8.20 per unit Instructions (a) Prepare a cost-volume-profit income statement using the contribution margin format for Glass by Jo Inc. for the fiscal 2020. (6 marks) (b) By using the contribution margin technique, compute the company's break-even point in units in fiscal 2020. (4 marks) (c) Compute the company's margin of safety in dollars in fiscal 2020? (2 marks)
Expert Answer:
Answer rating: 100% (QA)
answers GLASS BY JO INC CONTRIBUTION MARGIN INCOME STATEMENT FOR ... View the full answer
Related Book For
Business Statistics a decision making approach
ISBN: 978-0133021844
9th edition
Authors: David F. Groebner, Patrick W. Shannon, Phillip C. Fry
Posted Date:
Students also viewed these accounting questions
-
Fishy Farm is a small business located in the mountains of southwestern Virginia. The business is actually a commercial fish hatchery dedicated to raising the finest freshwater sport fish in the area...
-
For the fiscal year ended December 31, 2018, Ross land Ltd. (Rossland) has income before taxes of $650,000. Rossland's tax return shows taxable income of $550,000 for the year. The accounting basis...
-
The Starlight, Inc. financial statements for the fiscal year ended June 30, 2013, are presented below. The firm's sales are projected to grow at a rate of 20 percent next year, and all financial...
-
A cell uses 90 kg of a certain material each day. The material is transported in vats that hold 54 kg each. Cycle time for a kanban is about two hours. The manager has assigned a safety factor of...
-
Hamlin Orange manufactures orange juice. Last months total manufacturing costs for the Jacksonville operation included: Direct materials.........$ 600,000 Direct labor............ 32,000...
-
How could a nation protect its own corporations from cyber espionage by foreign governments?
-
Explain the role of polymorphism in the user interface.
-
Casas Modernas of Juarez, Mexico, is contemplating a major change in its cost structure. Currently, all of its drafting work is performed by skilled draftsmen. Rafael Jiminez, Casas' owner, is...
-
Instructions Assuming that the directors decide to declare total dividends in the amount of $366,000, determine how much each class of stock should receive under each of the conditions stated below....
-
Newlyweds Jamie Lee and Ross have had several milestones in the past year. They are newly married, recently purchased their first home, and now have twins on the way! Jamie Lee and Ross have to...
-
While most can agree that there are some commonalities in the general human experience, those commonalities tend to begin to fray when the discussion turns to common morality, values, and sometimes...
-
WHAT ARE CONCEPTUAL FRAMEWORKS AND THEEORIES ON COMPASSION OF HILDEGARD?
-
Expats can face both health and security issues when overseas. Identify and discuss 3 major issues that might impact the safety of expatriates living abroad in Turkey. As a Global HR manager, what...
-
what is the company inventory valuation method? and what is the company inventory reserve?
-
Can you elucidate the integration of advanced remote sensing technologies and real-time data analytics in facilitating situational awareness and enhancing the efficiency of recovery operations in...
-
Provide an additional play-centered game to help develop letter awareness game and oral language.
-
How do you feel about conflict in general? How do you approach conflict or disagreement - in life and/or on your team?
-
State whether each of the following will increase or decrease the power of a one-way between-subjects ANOVA. (a) The effect size increases. (b) Mean square error decreases. (c) Mean square between...
-
Airfare prices were collected for a round trip from Los Angeles (LAX) to Salt Lake City (SLC). Airfare prices were also collected for a round trip from Los Angeles (LAX) to Barcelona, Spain (BCN)....
-
TOMRA Systems ASA is a Norwegian company that manufactures reverse vending machines (RVMs). In most cases, RVMs are used in markets that have deposits on beverage containers, offering an efficient...
-
Consider the following model: a. Provide an interpretation of the coefficient of x1. b. Is the interpretation provided in part a true regardless of the value of x2? Explain. c. Now consider the model...
-
Identify the primary purposes of an initial client interview.
-
Define unbundled legal services.
-
Identify the kinds of resources included in a basic family law library.
Study smarter with the SolutionInn App