Bharat Curry Foods (BCF) prepares and sells frozen curry dinners. The company re

Question

Bharat Curry Foods (BCF) prepares and sells frozen curry dinners. The company reported the following operating results for 20X1, in which there were no inventories of dinners at the beginning and end of the year BHARAT CURRY FOODS Income Statement For the Year Ended December 31, 20X1 Sales Cost of goods sold 5 980,000 554,000 Gross margin Selling and administrative expenses 406,00O 259,000 Operating income 147,000 BCF sells two types of curry foods-chicken and lamb-and operates in Ontario and western Canada Information on sales and costs is as follows: Chicken Total Regional sales percentage of national sales: 33% Ontario Western Canada 22% 24 55% 45 Totsl 54% 48% 100% Costs as percentage of regional sales Variable production costs Variable selling expenses 44% 11% 44% 11% Fixed costs by product Traceable fixed expenses Common fixed costs 5 85.000 5 65,000 130,000 Remainder of total costs The following information is for lamb products only: Ontario Westen Canada Costs as percentage of regional lamb ssles Variable production costs Variable selling expenses 51% 1096 37.58% 12% Fixed costs by region: Tracesble fixed expenses 5 26,000 5 39,000 5 85,000 Required 1. Prepare, in good form, an income statement segmented by product line, showing the corresponding company totals. Use Exhibit 12-3 as a guide. (Round "Percentage" answers to 2 decimal places, (i.e., 0.1234 should be considered as 12.34%). Round your answers to nearest dollar amount.) BHARAT CURRY FOODS Segment Performance Report For the Year Ended 20X1 Chicken Lamb Total Less: Varisble costs Less: Fixed costs

Explanation / Answer

Bharat Curry Foods Segment Performance Report For the year Ended 20X1 Chicken Lamb Total Sales (54%, 46%) $518,400 $441,600 $960,000 Less: Variable Cost Variable prodcution Cost @44% of Sales $228,096 $194,304 $422,400 Variable Selling Expense@11% of Sales $57,024 $48,576 $105,600 Contribution $233,280 $198,720 $432,000 Less: Fixed Cost $65,000 $65,000 $130,000 Net Income $168,280 $133,720 $302,000 Bharat Curry Foods Segment Performance Report For the year Ended 20X1 Ontario Wstern Canada Total Sales (55%, 45%) $528,000 $432,000 $960,000 Less: Variable Cost Variable prodcution Cost (51%, 37.58%) $269,280 $162,346 $431,626 Variable Selling Expense (10%,12%) $52,800 $51,840 $104,640 Contribution $205,920 $217,814 $423,734 Less: Fixed Cost $26,000 $39,000 $65,000 Net Income $179,920 $178,814 $358,734

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