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