Hello, please help me with an assignment "The Mahela Company specializes in producing sets of wooden patio furniture consisting of a table and four chairs"

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Concept Review Assignment (Worth 2% of your final grade) Instructions The purpose of this assignment is to give you an opportunity to complete extra practice problems before the midterm. This assignment is to be completed individually and not in groups. You will need to complete this assignment in either Microsoft Word or Microsoft Excel. This assignment will then need to be submitted into the dropbox on Slate by Wednesday June 15th at 10:59am. There will be no extensions granted under any condition as these questions will be taken up in our June 15th class. Please bring a copy of your completed assignment to class. Question 1: Cost Classification The Mahela Company specializes in producing sets of wooden patio furniture consisting of a table and four chairs. The company has ample orders to keep production going at its full capacity of 2,000 sets per quarter. Quarterly cost data at full capacity follow: Required: Prepare an answer sheet with the column headings shown below. Enter each cost item on your answer sheet, placing the dollar amount under the appropriate headings. As examples, this has been done already for the first two items in the preceding list. Note that each cost item is classified in two ways: first, as variable or fixed, with respect to the number of units produced and sold, and, second, as a selling and administrative cost or a product cost. (If the item is a product cost, it should also be classified as being either direct or indirect, as shown.) *To units of product. Question 2: Cost of Goods Manufactured Fisher Limited is a manufacturer that produces a single product. The following information has been taken from the company's production, sales, and cost records for the just-completed year: The finished goods inventory is being carried at the average unit production cost for the year. The selling price of the product is $25 per unit. Required: 1. Prepare a schedule of cost of goods manufactured for the year. 2. Compute the following: 1. The number of units in the finished goods inventory at the end of the year. 2. The cost of the units in the finished goods inventory at the end of the year. 3. Prepare an income statement for the year. Question 3: Cost Behaviour and Contribution Statements Milden Company has an exclusive franchise to purchase a product from the manufacturer and distribute it on the retail level. As an aid in planning, the company has decided to start using a contribution format income statement. To have data to prepare such a statement, the company has analyzed its expenses and has developed the following cost formulas: Management has concluded that shipping expense is a mixed cost, containing both variable and fixed cost elements. Units sold and the related shipping expense over the last eight quarters follow: Milden Company's president would like a cost formula derived for shipping expense so that a budgeted contribution format income statement can be prepared for the next quarter. Required: 1. Using the high-low method, estimate a cost formula for shipping expense. 2. In the first quarter of Year 3, the company plans to sell 12,000 units at a selling price of $100 per unit. Prepare a contribution format income statement for the quarter. Question 4: CVP Concepts Hewins Inc's projected contribution-format income statement for the upcoming year is shown below: Sales (10,000 units) Variable expenses Contribution margin Fixed expenses Net operating income $2,000,000 1,400,000 600,000 500,000 $100,000 Required: a.) Compute the breakeven point in units. b.) Compute the breakeven point in dollars. c.) If the company wishes to earn a target profit of $300,000, how many units must be sold? d.) Compute the company's margin of safety. State your answer in both dollar and percentage terms. e.) The company's manager thinks that increasing advertising by $150,000 will increase sales by $250,000. If he is correct, what will be the net dollar advantage or disadvantage of making this change? f.) Refer to the original data, the company's manager believes that using a slightly cheaper direct material will decrease variable expenses (per unit) by 10% will reduce units sold by 5%. If he is correct, what will be the net dollar advantage or disadvantage of making this change? g.) Refer to the original data, the company's direct labour workforce received a raise that will increase variable expenses by $10 per unit. The manager wishes to maintain the exact same contribution margin ratio as the original data. What sales price will need to be charged to maintain the same contribution margin ratio? Question 5: Multi-Product Break-Even Analysis Awesome Axes sells electric guitars. The company sells three models of guitar: Enthusiast, Jammer and Pro. Information relating to next year's budget for the three models follows: Expected sales (units) Sales price Variable cost Enthusiast 600 $200 $120 Jammer 350 $500 $200 Pro 50 $3,000 $800 The company has annual fixed costs of $200,000 and a tax rate of 25%. Required: a.) Compute the company's expected profit (net income) for the upcoming fiscal period. b.) Compute the company's sales mix. c.) Assuming a consistent sales mix, how many units of each product type must the company sell to break even? d.) Assuming a consistent sales mix, if the company wishes to earn net income of $300,000, how many units of each product type must be sold? e.) Compute the margin of safety in both dollar and percentage terms