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Jennifer’s Stuffed Animals reported the following: Revenues $2,000 Variable manufacturing costs $ 600 Variable nonmanufacturing costs $ 460 Fixed manufacturing costs $ 300 Fixed nonmanufacturing costs $ 280 Required: a. Compute contribution margin. b. Compute gross margin. c. Compute operating income. Explain the difference between a static budget and a flexible budget. Explain what is meant by a static budget variance and a flexible budget variance. The textbook discusses a five-step decision process. Briefly explain each of the five steps. Jerry’s TV and Appliance Store is a small company that has hired you to perform some management advisory services. The following information pertains to 2011 operations. Sales (1,000 televisions) $ 900,000 Cost of goods sold 400,000 Store manager’s salary per year 70,000 Operating costs per year 157,000 Advertising and promotion per year 15,000 Commissions (4% of sales) 36,000 What was the variable cost per unit sold for 2011? Bicker, Inc., is in the process of evaluating a new product using the following information: · A new transformer has two production runs each year, each with $10,000 in setup costs. · The new transformer incurred $30,000 in development costs and is expected to be produced over the next three years. · Direct costs of producing the transformers are $40,000 per run of 5,000 transformers each. · Indirect manufacturing costs charged to each run are $45,000. · Destination charges for each transformer average $1.00. · Customer service expenses average $0.20 per transformer. · The transformers are selling for $25 the first year and will increase by $3 each year thereafter. · Sales units equal production units each year. What are estimated life-cycle revenues?