Olongapo Sports Corporation distributes two premium golf balls-the Flight Dynami
ID: 2340692 • Letter: O
Question
Olongapo Sports Corporation distributes two premium golf balls-the Flight Dynamic and the Sure Shot. Monthly sales and the contribution margin ratios for the two products follow: Product Shot $330,000 Total $1,000,000 Flight D $670,000 Sales CM ratio 65% 74% Fixed expenses total $596,500 per month. Required 1. Prepare a contribution format income statement for the company as a whole. Round your percentage answers to 2 decimal places (i.e. 1234 is considered as 12.34). Olongapo Sports Corporation Sure Shot Flight Dynamic Total Company Amount Amount AmountExplanation / Answer
Answer
>variable cost % = 100% - CM Ratio
Flight Dynamics
Sure Shot
Total Company
Amount
%
Amount
%
Amount
%
Sales
$ 670,000.00
100.00%
$ 330,000.00
100.00%
$ 1,000,000.00
100.00%
Variable Expenses
$ 234,500.00
35.00%
$ 85,800.00
26.00%
$ 320,300.00
32.03%
Contribution Margin
$ 435,500.00
65.00%
$ 244,200.00
74.00%
$ 679,700.00
67.97%
Fixed Expenses
$ 596,500.00
Net Operating Income
$ 83,200.00
Flight Dynamics
Sure Shot
Total Company
Amount
%
Amount
%
Amount
%
Sales
$ 670,000.00
100.00%
$ 330,000.00
100.00%
$ 1,000,000.00
100.00%
Variable Expenses
$ 234,500.00
35.00%
$ 85,800.00
26.00%
$ 320,300.00
32.03%
Contribution Margin
$ 435,500.00
65.00%
$ 244,200.00
74.00%
$ 679,700.00
67.97%
Fixed Expenses
$ 596,500.00
Net Operating Income
$ 83,200.00
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