Beginning finished goods inventory in units 0 Units produced 4,800 Units sold 4,000 Sales $ 400,000...
| Beginning finished goods inventory in units | 0 | ||
| Units produced | 4,800 | ||
| Units sold | 4,000 | ||
| Sales | $ | 400,000 | |
| Materials cost | $ | 96,000 | |
| Variable conversion cost used | $ | 48,000 | |
| Fixed manufacturing cost | $ | 72,000 | |
| Indirect operating costs (fixed) | $ | 80,000 | |
Cost of goods sold using variable costing is:
Homework Answers
|
Product cost per unit under variable costing = (Direct materials+Variable conversion cost) /Units sold = (96,000+48,000)/4,800 = 30 Cost of Goods Sold = 30*4,000 = 120,000 |
|
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Beginning finished goods inventory in units
0
Units produced
4,800
Units sold
4,000
Sales
$
400,000...
The following information is available for Barnes Company for the fiscal year ended December 31: Beginning...
The following information is available for Barnes Company for the fiscal year ended December 31: Beginning finished goods inventory in units 0 Units produced 4,800 Units sold 4,000 Sales $400,000 Materials cost $96,000 Variable conversion cost used $48,000 Fixed manufacturing cost $72,000 Indirect operating costs (fixed)$80,000 The absorption costing ending inventory is:
2. Haigwood Company has 120 units in Finished Goods Inventory at the beginning of the accounting...
2. Haigwood Company has 120 units in Finished Goods Inventory at the beginning of the accounting period. During the accounting period, Haigwood produced 190 units and sold 310 units for $180 each. All units incurred $90 in variable manufacturing costs and $16 in fixed manufacturing costs. Haigwood also incurred $7,400 in Selling and Administrative Costs, all fixed. Calculate the operating income for the year using absorption costing and variable costing. Calculate the total product cost per unit produced under absorption...
McIntosh, Inc. reports the following information: Beginning Finished Goods Inventory 6060 units Units produced 510510 units...
McIntosh, Inc. reports the following information: Beginning Finished Goods Inventory 6060 units Units produced 510510 units Units sold 570570 units Sales price $ 160$160 per unit Direct materials $ 31$31 per unit Direct labor $ 19$19 per unit Variable manufacturing overhead $ 13$13 per unit Fixed manufacturing overhead $ 11 comma 100$11,100 per year Variable selling and administrative costs $ 7$7 per unit Fixed selling and administrative costs $ 12 comma 500$12,500 per year What is the unit product cost...
The following information is available for Barnes Company for the fiscal year ended December 31: Beginning...
The following information is available for Barnes Company for the fiscal year ended December 31: Beginning finished goods inventory in units Units produced Units sold Sales Materials cost Variable conversion cost used Fixed manufacturing cost Indirect operating costs (fixed) 5,600 4,400 $ 1,056,000 $ 112,000 $ 56,000 $ 196,000 $ 82,000 The variable costing operating income is:
The following information is available for Barnes Company for the fiscal year ended December 31 Beginning...
The following information is available for Barnes Company for the fiscal year ended December 31 Beginning finished goods inventory in units Units produced Units sold Sales Materials cost Variable conversion cost used Fixed manufacturing cost Indirect operating costs (fixed) 7,400 5,300 $ 689,000 $ 148,000 $ 74,000 $ 592,000 $ 106,000 The variable costing ending inventory is:
The following information is available for Barnes Company for the fiscal year ended December 31: Beginning...
The following information is available for Barnes Company for the fiscal year ended December 31: Beginning finished goods inventory in units 0 Units produced 7,000 Units sold 5,100 Sales $ 663,000 Materials cost $ 140,000 Variable conversion cost used $ 70,000 Fixed manufacturing cost $ 490,000 Indirect operating costs (fixed) $ 102,000 The variable costing ending inventory is:
Fixed Manufacturing overhead Fixed Selling and administrative expense sales Units in Beginning inventory Units produced Units...
Fixed Manufacturing overhead
Fixed Selling and administrative expense
sales
Units in Beginning inventory
Units produced
Units Sold
Variable Cost of Goods Sold
variable selling and administrative expense
Ida Sidha Karya Company is a family-owned company located on the Island of Ball In Indonesia. The company produces a handcrafted Balinese musical Instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $880. Selected data for the company's operations last year follow: 3.07 points Skipped 246 40...
Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials...
Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 1,115,000 36,000 51,600 67,500 158,200 235,000 22, 200 45,000 5,250 57,000 90,000 141,000 48,300 42,400 74,500 DELRAY MFG. Schedule of Cost of Goods Manufactured For Year Ended...
Saved The following information is available for Barnes Company for the fiscal year ended December 31:...
Saved The following information is available for Barnes Company for the fiscal year ended December 31: Beginning finished goods inventory in units Units produced Units sold Sales Materials cost Variable conversion cost used Fixed manufacturing cost Indirect operating costs (fixed) 7,800 5,500 $ 1,320,000 $ 156,000 $ 78,000 $ 702,000 $ 87,500 The variable costing operating income is:
3,000 2,500 350 $ Number of units produced Number of units sold Unit sales price Direct...
3,000 2,500 350 $ Number of units produced Number of units sold Unit sales price Direct materials per unit Direct labor per unit Variable manufacturing overhead per unit Fixed manufacturing overhead per unit ($225,000 - 3,000 units) Total variable selling expenses ($15 per unit sold) Total fixed general and administrative expenses 80 60 10 75 37,500 65,000 Required: Prepare Crystal Cold's full absorption costing income statement and variable costing income statement for the year. CRYSTAL COLD COOLERS INC. Full Absorption...
2. Haigwood Company has 120 units in Finished Goods Inventory at the beginning of the accounting period. During the accounting period, Haigwood produced 190 units and sold 310 units for $180 each. All units incurred $90 in variable manufacturing costs and $16 in fixed manufacturing costs. Haigwood also incurred $7,400 in Selling and Administrative Costs, all fixed. Calculate the operating income for the year using absorption costing and variable costing. Calculate the total product cost per unit produced under absorption...
The following information is available for Barnes Company for the fiscal year ended December 31: Beginning finished goods inventory in units Units produced Units sold Sales Materials cost Variable conversion cost used Fixed manufacturing cost Indirect operating costs (fixed) 5,600 4,400 $ 1,056,000 $ 112,000 $ 56,000 $ 196,000 $ 82,000 The variable costing operating income is:
The following information is available for Barnes Company for the fiscal year ended December 31 Beginning finished goods inventory in units Units produced Units sold Sales Materials cost Variable conversion cost used Fixed manufacturing cost Indirect operating costs (fixed) 7,400 5,300 $ 689,000 $ 148,000 $ 74,000 $ 592,000 $ 106,000 The variable costing ending inventory is:
Fixed Manufacturing overhead
Fixed Selling and administrative expense
sales
Units in Beginning inventory
Units produced
Units Sold
Variable Cost of Goods Sold
variable selling and administrative expense
Ida Sidha Karya Company is a family-owned company located on the Island of Ball In Indonesia. The company produces a handcrafted Balinese musical Instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $880. Selected data for the company's operations last year follow: 3.07 points Skipped 246 40...
Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 1,115,000 36,000 51,600 67,500 158,200 235,000 22, 200 45,000 5,250 57,000 90,000 141,000 48,300 42,400 74,500 DELRAY MFG. Schedule of Cost of Goods Manufactured For Year Ended...
Saved The following information is available for Barnes Company for the fiscal year ended December 31: Beginning finished goods inventory in units Units produced Units sold Sales Materials cost Variable conversion cost used Fixed manufacturing cost Indirect operating costs (fixed) 7,800 5,500 $ 1,320,000 $ 156,000 $ 78,000 $ 702,000 $ 87,500 The variable costing operating income is:
3,000 2,500 350 $ Number of units produced Number of units sold Unit sales price Direct materials per unit Direct labor per unit Variable manufacturing overhead per unit Fixed manufacturing overhead per unit ($225,000 - 3,000 units) Total variable selling expenses ($15 per unit sold) Total fixed general and administrative expenses 80 60 10 75 37,500 65,000 Required: Prepare Crystal Cold's full absorption costing income statement and variable costing income statement for the year. CRYSTAL COLD COOLERS INC. Full Absorption...
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