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Crane Corp. had total variable costs of $281,400, total �xed costs of $130,350, and total revenues of $420,000.
Compute the required sales dollars to break even.
Required sales $
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(a)
Sunland provides environmentally friendly lawn services for homeowners. Its operating costs are as follows.
Depreciation (straight-line) $1,400 per month
Advertising $300 per month
Insurance $4,930 per month
Weed and feed materials $21 per lawn
Direct labor $11 per lawn
Fuel $2 per lawn
Sunland charges $85 per treatment for the average single-family lawn. For the month ended July 31, 2022, the company had total
sales of $12,750.
221 Exam 3 Ch 22-25
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(b)
Prepare a CVP income statement for the month ended July 31, 2022.
SUNLAND
CVP Income Statement
Total Per Unit Percent of Sales
$ $
%
%
$ %
$
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Bramble Company has 1,920 pounds of raw materials in its December 31, 2021, ending inventory. Required production for
January and February of 2022 are 3,840 and 4,800 units, respectively. Two pounds of raw materials are needed for each unit, and
the estimated cost per pound is $8. Management desires an ending inventory equal to 25% of next month’s materials
requirements.
Prepare the direct materials budget for January.
BRAMBLE COMPANY
Direct Materials Budget
:
221 Exam 3 Ch 22-25
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$
$
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Crane Company makes three models of tasers. Information on the three products is given below.
Tingler Shocker Stunner
Sales $296,000 $504,000 $200,000
Variable expenses 155,000 191,900 135,700
Contribution margin 141,000 312,100 64,300
Fixed expenses 116,024 227,276 92,800
Net income $24,976 $84,824 $(28,500)
Fixed expenses consist of $294,000 of common costs allocated to the three products based on relative sales, as well as direct �xed
expenses unique to each model of $29,000 (Tingler), $79,100 (Shocker), and $34,000 (Stunner). The common costs will be
incurred regardless of how many models are produced. The direct �xed expenses would be eliminated if that model is phased out.
James Watt, an executive with the company, feels the Stunner line should be discontinued to increase the company’s net income.
(a)
221 Exam 3 Ch 22-25
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Compute current net income for Crane Company.
Net income $
(b)
Compute net income by product line and in total for Crane Company if the company discontinues the Stunner product line. (Hint:
Allocate the $294,000 common costs to the two remaining product lines based on their relative sales.)
Tingler Net Income $
Shocker Net Income $
Total Net Income $
(c)
Should Crane eliminate the Stunner product line?
Why or why not?
Net income would from $ to $ .
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Sunland Company has completed all of its operating budgets. The sales budget for the year shows 60,000 units and total sales of
$2,700,000. The total cost of producing one unit is $25. Selling and administrative expenses are expected to be $360,000. Interest
is estimated to be $12,000. Income taxes are estimated to be $240,000.
Prepare a budgeted multiple-step income statement for the year ending December 31, 2022.
SUNLAND COMPANY
Budgeted Income Statement
$
221 Exam 3 Ch 22-25
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$
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Lily Company estimates that 2022 sales will be $44,000 in quarter 1, $52,800 in quarter 2, and $63,800 in quarter 3. Cost of
goods sold is 50% of sales. Management desires to have ending merchandise inventory equal to 10% of the next quarter’s
expected cost of goods sold.
Prepare a merchandise purchases budget by quarter for the �rst 6 months of 2022.
LILY COMPANY
Merchandise Purchases Budget
Quarter
1 2 Six Months
$ $
:
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(a2)
If Cullumber Company expects to sell 1,400 units of its product at $16 per unit, and break-even sales for the product are $17,920,
what is the margin of safety ratio?
Margin of safety ratio %
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(a)
Skysong Corporation had sales of $3,080,000 for the year ended December 31, 2022. The unit selling price was $14. In making
the sales, the company incurred the following costs and expenses.
Variable Fixed
Cost of goods sold $548,000 $800,000
Selling expenses 117,000 54,000
Administrative expenses 259,000 78,000
Prepare a GAAP income statement.
SKYSONG CORPORATION
GAAP Income Statement
221 Exam 3 Ch 22-25
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(b)
$
:
$
$
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221 Exam 3 Ch 22-25
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Coronado Company expects to have a cash balance of $53,100 on January 1, 2022. Relevant monthly budget data for the �rst 2
months of 2022 are as follows.
Collections from customers: January $100,300, February $177,000.
Payments for direct materials: January $59,000, February $88,500.
Direct labor: January $35,400, February $53,100. Wages are paid in the month they are incurred.
Manufacturing overhead: January $24,780, February $29,500. These costs include depreciation of $1,770 per month. All other
overhead costs are paid as incurred.
Selling and administrative expenses: January $17,700, February $23,600. These costs are exclusive of depreciation. They are
paid as incurred.
Sales of marketable securities in January are expected to realize $14,160 in cash. Coronado Company has a line of credit at a local
bank that enables it to borrow up to $29,500. The company wants to maintain a minimum monthly cash balance of $23,600.
Prepare a cash budget for January and February.
221 Exam 3 Ch 22-25
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CORONADO COMPANY
Cash Budget
January February
$ $
:
:
221 Exam 3 Ch 22-25
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:
$ $
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Waterway Company makes and sells artistic frames for pictures. The controller is responsible for preparing the master budget
and has accumulated the following information for 2022.
January February March April May
Estimated unit sales 15,360 17,920 16,640 14,080 14,080
Unit selling price $60 $57.5 $57.5 $57.5 $57.5
Direct labor hours per unit 2.0 2.0 1.5 1.5 1.5
Direct labor cost per hour $6.0 $6.0 $6.0 $7.0 $7.0
Waterway has a labor contract that calls for a wage increase to $7.0 per hour on April 1. New labor-saving machinery has been
installed and will be fully operational by March 1.
Waterway expects to begin the year with 22,528 frames on hand and has a policy of carrying an end-of-month inventory of 100%
of the following month’s sales, plus 40% of the second following month’s sales.
221 Exam 3 Ch 22-25
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(a)
Prepare a production budget for Waterway Company by month and for the �rst quarter of the year.
WATERWAY COMPANY
Production Budget
Jan Feb Mar Total
:
:
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The GAAP income statement for Ivanhoe Company for the year ended December 31, 2022, shows sales $1,000,000, cost of goods
sold $650,000, and operating expenses $180,000. Assuming all costs and expenses are 60% variable and 40% �xed, prepare a
CVP income statement through contribution margin.
PACE COMPANY
CVP Income Statement
$
$
$
221 Exam 3 Ch 22-25
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(a)
Sheridan Inc. produces three separate products from a common process costing $100,100. Each of the products can be sold at the
split-off point or can be processed further and then sold for a higher price. Shown below are cost and selling price data for a
recent period.
Sales Value
at Split-Off
Point
Cost to
Process
Further
Sales Value
after Further
Processing
Product 10 $61,000 $101,000 $189,700
Product 12 15,200 29,600 34,700
Product 14 54,800 149,700 214,900
Determine total net income if all products are sold at the split-off point.
221 Exam 3 Ch 22-25
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(b)
The parts of this question must be completed in order. This part will be available when you complete the part above.
(c)
The parts of this question must be completed in order. This part will be available when you complete the part above.
(d)
The parts of this question must be completed in order. This part will be available when you complete the part above.
Net income $
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Carla Vista Industries produces and sells a cell phone-operated home security control systems. Information regarding the costs
and sales during May 2022 is as follows.
Unit selling price $45.00
Unit variable costs $27.00
Total monthly �xed costs $135,000
Units sold 8,500
Prepare a CVP income statement for Carla Vista Industries for the month of May. (Round per unit answers to 2 decimal places, e.g.
15.25.)
Carla Vista Industries
CVP Income Statement
Total Per Unit Percent of Sales
$ $
%
221 Exam 3 Ch 22-25
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%
$ %
$
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Sunland Corporation manufactures several types of accessories. For the year, the gloves and mittens line had sales of $488,000,
variable expenses of $369,000, and �xed expenses of $149,000. Therefore, the gloves and mittens line had a net loss of $30,000.
If Sunland eliminates the line, $42,000 of �xed costs will remain. Prepare an analysis showing whether the company should
eliminate the gloves and mittens line. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses
e.g. (45).)
Continue Eliminate
Net Income
Increase (Decrease)
Sales $ $ $
Variable costs
Contribution margin
Fixed costs
Net income / (Loss) $ $ $
221 Exam 3 Ch 22-25
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The analysis indicates that Sunland should the gloves and mittens line.
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Ivanhoe Company incurs a cost of $35 per unit, of which $21 is variable, to make a product that normally sells for $57. A foreign
wholesaler offers to buy 5,600 units at $31 each. Ivanhoe will incur additional costs of $3 per unit to imprint a logo and to pay for
shipping. Compute the increase or decrease in net income Ivanhoe will realize by accepting the special order, assuming Ivanhoe
has suf�cient excess operating capacity. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or
parentheses e.g. (45).)
Reject Accept
Net Income
Increase (Decrease)
Revenues $ $ $
Costs
Net income $ $ $
Should Ivanhoe Company accept the special order?
Ivanhoe company should the special order.
221 Exam 3 Ch 22-25
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(a)
Sheridan Company must decide whether to make or buy some of its components. The costs of producing 62,600 switches for its
generators are as follows.
Direct materials $30,200 Variable overhead $44,800
Direct labor $31,844 Fixed overhead $77,200
Instead of making the switches at an average cost of $2.94 ($184,044 ÷ 62,600), the company has an opportunity to buy the
switches at $2.73 per unit. If the company purchases the switches, all the variable costs and one-fourth of the �xed costs will be
eliminated.
Prepare an incremental analysis showing whether the company should make or buy the switches. (Enter negative amounts
using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Make Buy
Net Income
Increase (Decrease)
221 Exam 3 Ch 22-25
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(b)
The parts of this question must be completed in order. This part will be available when you complete the part above.
Direct materials $ $ $
Direct labor
Variable manufacturing costs
Fixed manufacturing costs
Purchase price
Total cost $ $ $
Wilma Company will incur $ of additional costs if it the switches.
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The Sarasota Division operates as a pro�t center. It reports the following for the year ending December 31, 2022.
Budgeted Actual
Sales $2,160,000 $2,041,200
Variable costs 864,000 820,800
Controllable �xed costs 454,000 454,000
Noncontrollable �xed costs 270,000 270,000
Prepare a responsibility report for the Sarasota Division at December 31, 2022.
SARASOTA DIVISION
Responsibility Report
Difference
221 Exam 3 Ch 22-25
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Budget Actual
Favorable
Unfavorable
Neither Favorable
nor Unfavorable
$ $ $
$ $ $
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Swifty Company expects to produce 1,464,000 units of Product XX in 2022. Monthly production is expected to range
from 97,600 to 146,400 units. Budgeted variable manufacturing costs per unit are direct materials $5, direct labor $6, and
overhead $8. Budgeted �xed manufacturing costs per unit for depreciation are $2 and for supervision are $1.
In March 2022, the company incurs the following costs in producing 122,000 units: direct materials $634,400, direct labor
$727,120, and variable overhead $982,100. Actual �xed costs were equal to budgeted �xed costs.
Prepare a �exible budget report for March. (List variable costs before �xed costs.)
SWIFTY COMPANY
Manufacturing Flexible Budget Report
Difference
Budget Actual
Favorable
Unfavorable
Neither Favorable
nor Unfavorable
221 Exam 3 Ch 22-25
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$ $ $
$ $ $
Were costs controlled?
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221 Exam 3 Ch 22-25
Question 18 of 20 – / 7.5
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For the quarter ended March 31, 2022, Shef�eld Company accumulates the following sales data for its newest guitar, The Edge:
$346,500 budget; $335,500 actual.
In the second quarter, budgeted sales were $418,000, and actual sales were $422,400.
Prepare a static budget report for the second quarter and for the year to date.
SHEFFIELD COMPANY
Sales Budget Report
Second Quarter
Product Line Budget Actual Difference
Guitar: The Edge $ $ $ $
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221 Exam 3 Ch 22-25
Question 17 of 20 – / 7.5
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Shef�eld Company has prepared a graph of �exible budget data. At zero direct labor hours, the total budgeted cost line intersects
the vertical axis at $25,300. At 11,000 direct labor hours, the line drawn from the total budgeted cost line intersects the vertical
axis at $93,500. How may the �xed and variable costs be expressed? (Round variable cost per direct labor hour to 2 decimal places, e.g.
1.25.)
Total budgeted costs are $ �xed plus $ per direct labor hour.
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221 Exam 3 Ch 22-25
Question 20 of 20 – / 7.5
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