90.2K

Verified Solution

Link Copied!

Please show Calculations for the table I'll give you a bunch of thumbs up

Carryit, Inc. Carryit, Inc. sells specialty purses, backpacks and messenger bags. The company began operations in January 2021 with one store location and one administrative (service) office location. Its departmental income statement for 2021 follows. Carryit, Inc. For the Year Ended December 31, 2021 Departmental Income Statement: Purses Backpacks Messenger Bags Combined Sales $212,635 $158,240 $123.625 $494,500 Cost of goods sold. 110,103 92,876 54,000 256,979 Gross profit 102,532 65,364 69,625 237,521 Direct expenses Sales salaries 30,000 22,000 20,000 72,000 Advertising 1,100 770 950 2,820 Store supplies used 803 428 350 1,581 Depreciation of equipment 3,000 1,500 250 4,750 Total direct expenses 34,903 24,698 21,550 81,151 Rent expense $15,000 Utilities expense $5,500 Insurance expense $32,000 Administrative office costs $70,000 Square Footage Insured Assets Purses 2,700 $500,000 Backpacks 750 $180,000 Messenger Bags 1,550 $ 320,000 Total 5,000 $1,000,000 The company allocates rent and utilities expenses based on square feet occupied. Insurance expense is allocated based on the value of insured assets. The administrative office department is allocated based on sales. Expenses to Be Allocated: Other Information: Required: Calculate the allocated expenses and complete the departmental allocation below. Enter NUMBERS ONLY. DO NOT enter dollar signs ($) or special characters. Allocation: Purses Backpacks Messenger Bags Combined Allocated expenses: Rent expense Utilities expense Insurance expense Share of office dept. expenses

Answer & Explanation Solved by verified expert

See Answer