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1. Elliots Escargots sells commercial and home snail extraction

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1. Elliot’s Escargots sells commercial and home snail extraction tools and serving pieces. Currently, the snail extraction line of products takes up approximately 50% of the company’s retail floor space. The CEO of Elliot’s wants to decide if the company should continue offering snail extraction tools or focus only on serving pieces. If the snail extraction tools are dropped, salaries and other direct fixed costs can be avoided and serving piece sales would increase by 13%. Allocated fixed costs are assigned based on relative sales.
Snail Extraction Serving
Tools Pieces Total
Sales $1,200,000 $800,000 $2,000,000
Less cost of goods sold 500,000 700,000 1,200,000
Contribution margin 700,000 100,000 800,000
Less direct fixed costs:
Salaries 175,000 175,000 350,000
Other 60,000 60,000 120,000
Less allocated fixed costs:
Rent 14,118 9,882 24,000
Insurance 3,529 2,471 6,000
Cleaning 4,117 2,883 7,000
Executive salary 76,470 53,530 130,000
Other 7,058 4,942 12,000
Total costs 340,292 308,708 649,000
Net income ($159,708) ($208,708) $151,000

Prepare an incremental analysis in good form to determine the incremental effect on profit of discontinuing the snail extraction tool line.


5. The following information relates to Vice Versa Ventures for calendar year 20XX, the company’s first year of operations.

Units produced 20,000
Units sold 17,000
Selling price per unit $30
Direct material per unit $5
Direct labor per unit $5
Variable manufacturing overhead per unit $2
Variable selling cost per unit $3
Annual fixed manufacturing overhead $160,000
Annual fixed selling and administrative expense $80,000

(a) Prepare an income statement using full costing.
(b) Prepare an income statement using variable costing.
Submitted: 1 year ago.
Category: Multiple Problems
Expert:  DanielleCPA replied 1 year ago.
Welcome and thanks for your question!

I am currently working on your answer and will be post shortly.
Customer: replied 1 year ago.

i need the answer within 20 minutes.... i´m in the middle of an exam

Customer: replied 1 year ago.

please the time is running! i need the answer asap

Expert:  DanielleCPA replied 1 year ago.
I'm sorry. That deadline just is not feasible. The questions are about 30 minutes worth of work and I just can't complete in the 20 minute time frame.
Customer: replied 1 year ago.

i have 18 more minutes can you finish in that time?

Expert:  DanielleCPA replied 1 year ago.
Ok - I have the first half finished so should be able to have the second finished by then.
Customer: replied 1 year ago.

perfect , send me the first answer thanks

Customer: replied 1 year ago.

please send me the first part so i can start posting it

Expert:  DanielleCPA replied 1 year ago.
Please click the link for both answer parts.

Answer

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DanielleCPA, CPA
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