Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 25 Jul 2017 My Price 9.00

Utah Utility Trailers

In its first year of operations, Utah Utility Trailers incurred the following costs:
Variable production cost …………………………. $2,800 per unit
Variable selling and administrative cost …………. 200 per unit
Fixed production cost ……………………………..$200,000
Fixed selling and administrative cost…………….. 80,000
For the year, the company reported the following results:
Sales ($5,000 per unit) ……………………$500,000
Cost of Goods Sold ……………………..(400,000)
Gross Margin …………………………….$100,000
Selling and Administrative Cost …………(100,000)
Operating Income ………………………. $0
a. Using the contribution margin ratio approach, compute the break-even point for this company.
b. How many units did the firm produce in its first year of operations?
c. Provide an explanation that reconciles your result in (a) to the income statement provided above.
d. Prepare a variable costing income statement for sales of 100 units.
e. Assume that Utah Utility Trailers is in need of a bank loan. Would it be unethical to use the income statement above, rather than the income statement compiled in (d), to present to the loan officer? Explain.

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Jul 2017 12:07 AM My Price 9.00

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