September 2023 The management team at Stirling Company decided that it would be more informative if their costs
2024 The management team at Stirling Company decided that it would be more informative if their costs were separated into fixed… Assignment Help
The management team at Stirling Company decided that it would be more informative if their costs 2023
The management team at Stirling Company decided that it would be more informative if their costs were separated into fixed and variable categories. Accordingly, the accounting department has made the following analysis: COST COST FORMULA Fixed Variable or Mixed? Cost of goods sold $40 per unit Advertising $70,000 per year Sales commissions 8.5% of sales revenue Administrative salaries $160,000 per year Clerical expense ? Mixed (see below) Depreciation $24,500 per year Insurance $18,000 per year The accounting department believes that clerical expense is a mixed cost , containing both fixed and variable cost elements. A tabulation has been made of clerical expense and sales over the last several years, as follows: [Activity] [Total (Mixed Cost] Year Units Sold Clerical Expense $ 2009 10,000 $125,000 2010 7,000 $100,000 2011 8,000 $105,000 2012 11,000 $140,000 2013 9,000 $120,000 2014 15,000 $160,000 The president of Stirling Company would like a cost formula developed for clerical expenses so that a contribution-type income statement can be prepared for management’s use. Stirling Company plans to sell 12,000 units during 2015 at a selling price of $100 per unit . Prepare a budgeted income statement for the year using the contribution format . (10 points) BIG HINT: Your Net Income should equal $208,000 J
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