Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. please help with the answers asap. need the same t

PLEASE HELP WITH THE ANSWERS ASAP. NEED THE SAME TO PRESENT IT TO THE TEAM...

90.2K

Verified Solution

Question

Accounting

PLEASE HELP WITH THE ANSWERS ASAP. NEED THE SAME TO PRESENT IT TO THE TEAM MATESimageimage

Gallop Corporation prepared the following report for the first quarter of this year Sales (@$2,800 per unit) Less: Cost of goods sold Gross margin $7,000,000 3,175,000 3,825,000 Selling expenses Administrative expenses Income $1,075,000 1,110,000 2,185,000 $1,640,000 Gallop's controller, Nancy Johnstone, studied the costs in detail, particularly focusing on cost behaviour. Her analysis revealed the following: . Fixed portion of the cost of goods sold for the quarter amounted to $1.075.000. Of the selling expenses, 20% was variable with respect to the number of units. . All of the administrative expenses were fixed. Required: 1. Express the cost of goods sold and the selling expenses in terms of cost equations. (Round the "Variable cost" to 2 decimal places.) Y= IX Cost of goods sold Selling expenses per quarter per quarter Y= + IX 2. Redo the above income statement using a contribution margin approach. (Do not round Intermediate calculations) GALLOP CORPORATION Income Statement For the First Quarter of this Year Less Vanable costs Less Fixed expenses

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

What is the radius of the circle x + y - y - 30 =...

Geometry
Q

Consider data regarding a response y and an explanatory variable x, both numeric x y 1 2.8 0.7 2 2.6 1.3 3 6.8 -1.1 4 3.0 0.2 5 4.7 1.1 6 5.0 -0.1 7 5.0 0.9 8 2.9 1.0 9 7.0 -0.2 10 3.7 0.8 The null hypothesis that...

Statistics
Q

Sally conducts an experiment measuring plant growth. She finds that after two weeks, a plant...

Biology
Q

A radioactive sample decays by simultaneous emission of two particles with respective half lives E...

Physics
Q

If Leah wants to earn interest of 3 481 55 on his 11 000 00...

Basic Math
Q

Write the following set as an interval using interval notation x 12 x 9

Basic Math
Q

You may need to use the appropriate appendix table or technology to answer this question...

Statistics
Q

Bubbas Western Wear is a western hat retailer in Lubbock, Texas. Although Bubbas carries numerous...

Accounting
Q

Shine Bright Company has three product lines-D, E, and F. The following information is available:...

Accounting
Q

Anderson Publishing has two divisions: Book Publishing and Magazine Publishing. The Magazine division has been...

Accounting
Q

Required information [The following information applies to the questions displayed below.] A company began January...

Accounting
Q

Technoid inc sells compoter systems. Technoid leases computers to Lone Star Company on January 1,2021...

Accounting