Homework Answers
| a. Income Statement using format required by GAAP:- | ||||
| AJ MANUFACTURING COMPANY | ||||
| Income Statement | ||||
| Revenue | $ 186,000 | |||
| Cost of Goods sold (56500+45200) | $ 101,700 | |||
| Gross Margin | $ 84,300 | |||
| Selling and administrative expenses (17950+14300) | $ 32,250 | |||
| Net Income | $ 52,050 | |||
| b. Income Statement using contribution margin approach:- | ||||
| AJ MANUFACTURING COMPANY | ||||
| Income Statement | ||||
| Revenue | $ 186,000 | |||
| Variable Cost (45200+14300) | $ 59,500 | |||
| Contribution Margin | $ 126,500 | |||
| Fixed Cost (56500+17950) | $ 74,450 | |||
| Net Income | $ 52,050 | |||
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AJ Manufacturing Company incurred $56,500 of fixed product cost and $45,200 of variable product cost during...
Exercise 11-13 Prepare an income statement using the contribution margin approach LO 11-3 AJ Manufacturing Company...
Exercise 11-13 Prepare an income statement using the contribution margin approach LO 11-3 AJ Manufacturing Company incurred $56,500 of fixed product cost and $45,200 of variable product cost during its first year of operation. Also during its first year, AJ incurred $17,950 of fixed and $14,300 of variable selling and administrative costs. The company sold all of the units it produced for $186,000. Required a. Prepare an income statement using the format required by generally accepted accounting Principles (GAAP). AJ...
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AJ Manufacturing Company incurred $54,500 of fixed product cost and $43,600 of variable product cost during...
AJ Manufacturing Company incurred $54,500 of fixed product cost
and $43,600 of variable product cost during its first year of
operation. Also during its first year, AJ incurred $17,350 of fixed
and $13,900 of variable selling and administrative costs. The
company sold all of the units it produced for $178,000.
Required
Prepare an income statement using the format required by
generally accepted accounting Principles (GAAP).
AJ MANUFACTURING COMPANY Income Statement
AJ Manufacturing Company incurred $57,500 of fixed product cost and $46,000 of variable product cost during...
AJ Manufacturing Company incurred $57,500 of fixed product cost and $46,000 of variable product cost during its first year of operation. Also during its first year, AJ incurred $18.250 of fixed and $14,500 of variable selling and administrative costs. The company sold all of the units it produced for $190,000 Required a. Prepare an income statement using the format required by generally accepted accounting Principles (GAAP). AJ MANUFACTURING COMPANY Income Statement b. Prepare an income statement using the contribution margin...
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Check my w AJ Manufacturing Company incurred $50,000 of fixed product cost and $40,000.of variable product cost during its first year of operation. Also during its first year, AJ incurred $16,000 of fixed and $13,000 of variable selling and administrative costs. The company sold all of the units it produced for $160,000. Required a. Prepare an income statement using the format required by generally accepted accounting Principles (GAAP). AJ MANUFACTURING COMPANY Income Statement points b. Prepare an income statement using...
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AJ Manufacturing Company incurred $56,000 of fixed product cost and $44,800 of variable product cost during its first year of operation. Also during its first year, AJ incurred $17,800 of fixed and $14,200 of variable selling and administrative costs. The company sold all of the units it produced for $184.000 Required a. Prepare an income statement using the format required by generally accepted accounting Principles (GAAP) AJ MANUFACTURING COMPANY Income Statement b. Prepare an income statement using the contribution margin...
AJ Manufacturing Company incurred $51,000 of fixed product cost and $40,800 of variable product cost during its first year of operation. Also during its first year, AJ incurred $16,300 of fixed and $13,200 of variable selling and administrative costs. The company sold all of the units it produced for $164,000. Required a. Prepare an income statement using the format required by generally accepted accounting Principles (GAAP). AJ MANUFACTURING COMPANY Income Statement b. Prepare an income statement using the contribution margin...
AJ Manufacturing Company incurred $54,500 of fixed product cost
and $43,600 of variable product cost during its first year of
operation. Also during its first year, AJ incurred $17,350 of fixed
and $13,900 of variable selling and administrative costs. The
company sold all of the units it produced for $178,000.
Required
Prepare an income statement using the format required by
generally accepted accounting Principles (GAAP).
AJ MANUFACTURING COMPANY Income Statement
AJ Manufacturing Company incurred $57,500 of fixed product cost and $46,000 of variable product cost during its first year of operation. Also during its first year, AJ incurred $18.250 of fixed and $14,500 of variable selling and administrative costs. The company sold all of the units it produced for $190,000 Required a. Prepare an income statement using the format required by generally accepted accounting Principles (GAAP). AJ MANUFACTURING COMPANY Income Statement b. Prepare an income statement using the contribution margin...
Check my w AJ Manufacturing Company incurred $50,000 of fixed product cost and $40,000.of variable product cost during its first year of operation. Also during its first year, AJ incurred $16,000 of fixed and $13,000 of variable selling and administrative costs. The company sold all of the units it produced for $160,000. Required a. Prepare an income statement using the format required by generally accepted accounting Principles (GAAP). AJ MANUFACTURING COMPANY Income Statement points b. Prepare an income statement using...
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Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: Variable costs per unit: Manufacturing: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead Fixed selling and administrative $ 15 $ 5 $ 1 $ 1 $ 286,000 $ 196,000 During the year, the company produced 26,000 units and sold 22,000 units. The selling price of the company's product is $46...
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