Problem 1:
The Peace Company has the following functional (traditional) income statement for the priormonth.
| Sales | ($50 * 100,000 units) | $5,000,000 | |
| Cost of goods sold | |||
| Direct materials | $1,200,000 | ||
| Direct labor | $950,000 | ||
| Variable factory overhead | $600,000 | ||
| Fixed factory overhead | $850,000 | $3,600,000 | |
| Gross profit | $1,400,000 | ||
| Selling and administrative expense | |||
| Variable | $250,000 | ||
| Fixed | $120,000 | $370,000 | |
| Operating income | $1,030,000 | ||
| There were no beginning and ending inventories. |
Required:
Problem 2:
Suzy Manufacturing has estimated monthly sales of 18,000 units for $48 per unit. Variable costs include manufacturing costs of $27 and distribution costs of $9 per unit. Fixed costs are $60,000 per month.
Required:
Determine each of the following values.
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