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Please ascertain that you prepare properly labelled Statements where specific statements or schedules are required. Improperly classified and labelled statements will result in significant loss of points. No short cuts-prepare professional statements that are required. Please TYPE and submit your work with Microsoft Word and not by Acrobat or pdf. Instructions not followed will result in a loss of 5%, if your paper is graded at all. QUESTIONS FOLLOW: 1. Prepare (a) a manufacturing schedule and (b) an income statement using the cost data of James Jones during the month of June, 2015. James Jones data are provided below. 2. Given the following cost and activity observations for Bounty Company's utilities, use the highlow method to calculate Bounty' variable utilities costs per machine hour. 3. Given the following cost and activity observations for Smithson Company's utilities, use the high-low method to calculate Smithson's fixed costs per month. Do not round your intermediate calculations. 4. The following information was obtained from Jack Johnson, LLC, which is a manufacturing company. Sales $600,000 (selling price per unit is $20 ); Variable cost percentage is 30% of sales; fixed cost $60,000. equired: a) What is the contribution margin ratio? b) What is the Sales in dollar value at the break-even point? b) What is the number of units of sales at the break-even point? c) What is the margin of safety? an income of $500,000 ? e) What is the degree of operating leverage based on the total sales you calculated in ite (d) above. f) If the percentage of sales change by 30% during the next accounting period, using the solution you obtained in item (e) above, what will be the percentage change in income, and what will be the operating income during that next accounting period

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