Hello! I would like help on these 3 questions as soon as possible! I am lost!!! Please use attached file thank you!!!

X-Ray Manufacturing has the following revenues and costs:

Sales Fixed overhead Direct labor Direct materials Selling expenses Administrative expenses Variable overhead Interest expense Income tax

$4,340,000 $1,020,000 $458,000 $620,000 $365,000 $489,000 $224,000 $118,000 $366,000

Prepare a contribution margin income statement with both dollars and percentages of sales displayed.

Problem 2

Presented below are selected budget data items for Globe Corporation for a three-month period:

Sales Direct materials Direct labor Variable overhead Fixed overhead Selling and admin. costs Fixed loan payments

OCTOBER $960,000 $123,000 $90,000 $65,600 $140,000 $312,000 $140,000

NOVEMBER $870,000 $119,000 $85,000 $62,400 $140,000 $310,000 $140,000

DECEMBER $850,000 $125,000 $96,000 $68,000 $140,000 $315,000 $140,000

Sales were $770,000 in August and $840,000 in September. Material usage was $115,000 in August and $118,000 in September. All sales are on account, and accounts receivable is historically collected 15% in the month of sale, 65% in the month following sales, and the remainder two months after the sale. Materials are paid for 40% in the month used and 60% the following month. All other expenses are paid in the month incurred. The cash balance was $35,000 at the beginning of October, and management wants to determine if the company will have enough cash to pay a year-end bonus.

Prepare a three-month cash budget, including a schedule for cash collections and material payments.

Problem 3

Olympic Products Inc. manufactures and distributes barbecue grills. The company normally sells 1,000 of these grills each month for a price of $140 each. The material cost for a grill is $44 and the direct labor is $22. The variable overhead cost is $13 per grill, and the fixed overhead cost is $30,000 per month. A contract manufacturer has approached the company and offered to supply the grills ready to sell for $85 each. The company management believes that if it accepts this offer, Olympic Products will be able to lease unused factory space for $10,000 per month.

Perform a make-versus-buy analysis.

ACCT 221 Quiz 3 Student Name: ACCT 221 Quiz # 3 ANSWER SHEET FOR PROBLEMS 1, 2, AND 3. Problem 1 X-Ray Manufacturing Contribution Margin Income Statement ACCT 221 Quiz 3 Student Name: Problem 2 Globe Corporation Cash Collections: Materials Payments: Cash Budget: OCTOBER NOVEMBER DECEMBER ACCT 221 Quiz 3 Student Name: PROBLEM 3 Olympic Products Make vs. Buy Decision