Homework Answers
rate positively ..
| Ans1) | |||||||
| Income statement 1 is based on the variable costing method | |||||||
| Because cost of goods sold under option 1 is lower. | |||||||
| Ans2) | |||||||
| Product was GREATER THAN sales for the month | |||||||
| This is bacause profit under absorption costing is higher. This means production is greater than sales. |
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Exercise 17.32 On your way to a meeting with the board of directors, your assistant provides...
On your way to a meeting with the board of directors, your assistant provides you with...
On your way to a meeting with the board of directors, your assistant provides you with last month's income statements-one based on the variable costing method and one based on the absorption costing method. Unfortunately, your assistant, who is new, has used absorption costing terminology for both income statements. Sales Cost of goods sold Other expenses Net income Income Statement 1 $8,604 $3,013 4,152 7,165 $1,439 Income Statement 2 $8,604 $4,028 3,125 7,153 $1,451 Which income statement is based on...
Exercise 17.31 Inventory data for a manufacturing firm for the month of January follows. One set...
Exercise 17.31 Inventory data for a manufacturing firm for the month of January follows. One set of figures is based on variable costing and the other set is based on absorption costing. Balance Sheet Balance Sheet Inventory, January 1 Inventory, January 31 $18,580 8,240 $36,670 17,170 Which balance sheet is based on the absorption costing method? Balance sheet is based on the absorption costing method. LINK TO TEXT During January, was production equal to, greater than, or less than sales...
Louie's Meals produces frozen meals, which it sells for $8 each. The company uses the FIFO...
Louie's Meals produces frozen meals, which it sells for $8
each. The company uses the FIFO inventory costing method, and it
computes a new monthly fixed manufacturing overhead rate based on
the actual number of meals produced that month. All costs and
production levels are exactly as planned. The following data are
from the company's first two months in business:
(Click the icon to view the data.)
Data Table
January
February
Sales. . . . . . . . ....
Ned's Entrees produces frozen meals, which it sells for $ 10 each. The company uses the...
Ned's Entrees produces frozen meals, which it sells for $ 10 each. The company uses the FIFO inventory costing method, and it computes a new monthly fixed manufacturing overhead rate based on the actual number of meals produced that month. All costs and production levels are exactly as planned. The following data are from the company's first two months in business: LOADING...(Click the icon to view the data.) Requirements 1. Compute the product cost per meal produced under absorption costing...
Mario's Foods produces frozen meals, which it sells for $8 each. The company uses the FIFO...
Mario's Foods produces frozen meals, which it sells for $8 each. The company uses the FIFO inventory costing method, and it computes a new monthly fixed manufacturing overhead rate based on the actual number of meals produced that month. All costs and production levels are exactly as planned. The following data are from the company's first two months in business (Click the icon to view the data.) Requirements 1. Compute the product cost per meal produced under absorption costing and...
Income Statements under Absorption and Variable Costing Shawnee Motors Inc, assembles and sells snowmobile engines. The...
Income Statements under Absorption and Variable Costing Shawnee Motors Inc, assembles and sells snowmobile engines. The company began operations on August 1 and operated at 100% of capacity during the first month. The following data summarize the results for August: $600,000 Sales (2,000 units) Production costs (2,400 units): Direct materials Direct labor $300,000 115,200 43,200 21,600 Variable factory overhead Fixed factory overhead 480,000 Selling and administrative expenses: Variable selling and administrative expenses $50,000 22,000 Fixed selling and administrative expenses 72,000...
Rosetla's Foods produces frozen meals that it sells for S8 each. The company computes a new...
Rosetla's Foods produces frozen meals that it sells for S8 each. The company computes a new monthly fixed manufacturing overhead allocation rate based production levels are exactly as planned. The following data are from Rosetta's Foods's first month in business: the planned number of meals to be produced that month. Assurme all costs and (Click the icon to view the data.) Read the requirements. Requirement 1. Compute the product cost per meal produced under absorption costing and under variable costing....
each. The company uses a fore manufacturing overhead location rate of 55 per game. Assume al...
each. The company uses a fore manufacturing overhead location rate of 55 per game. Assume al cos data are from Game Play's first two months in business during 2018 and production levels are exactly as planned. The Requirements Data Table 2.800 units Compute the product cost per game produced under absorption costing and under variable casting Prepare monthly income statements for October and November, including columns for each month and a column, using these costing methods absorption costing b. variable...
Clarita's Foods produces frozen meals that it sells for $9 each. The company computes a new...
Clarita's Foods produces frozen meals that it sells for $9 each. The company computes a new monthly fixed manufacturing overhead allocation rate based on the planned number of meals to be produced that month. Assume all costs and production levels are exactly as planned. The following data are from Clarita's Foods's first month in business: January 2018 Units produced and sold: Sales 1,000 meals 1,200 meals Production Variable manufacturing cost per meal Sales commission cost per meal Total fixed manufacturing...
Game Source manufactures video games that it sells for $43 each. The company uses a fixed...
Game Source manufactures video games that it sells for $43 each. The company uses a fixed manufacturing overhead allocation rate of $6 per game. Assume all costs and production levels are exactly as planned. The following data are from Game Source's first two months in business during 2018: (Click the icon to view the data.) Read the requirements. Requirement 1. Compute the product cost per game produced under absorption costing and under variable costing. October 2018 November 2018 Variable Absorption...
On your way to a meeting with the board of directors, your assistant provides you with last month's income statements-one based on the variable costing method and one based on the absorption costing method. Unfortunately, your assistant, who is new, has used absorption costing terminology for both income statements. Sales Cost of goods sold Other expenses Net income Income Statement 1 $8,604 $3,013 4,152 7,165 $1,439 Income Statement 2 $8,604 $4,028 3,125 7,153 $1,451 Which income statement is based on...
Exercise 17.31 Inventory data for a manufacturing firm for the month of January follows. One set of figures is based on variable costing and the other set is based on absorption costing. Balance Sheet Balance Sheet Inventory, January 1 Inventory, January 31 $18,580 8,240 $36,670 17,170 Which balance sheet is based on the absorption costing method? Balance sheet is based on the absorption costing method. LINK TO TEXT During January, was production equal to, greater than, or less than sales...
Louie's Meals produces frozen meals, which it sells for $8
each. The company uses the FIFO inventory costing method, and it
computes a new monthly fixed manufacturing overhead rate based on
the actual number of meals produced that month. All costs and
production levels are exactly as planned. The following data are
from the company's first two months in business:
(Click the icon to view the data.)
Data Table
January
February
Sales. . . . . . . . ....
Mario's Foods produces frozen meals, which it sells for $8 each. The company uses the FIFO inventory costing method, and it computes a new monthly fixed manufacturing overhead rate based on the actual number of meals produced that month. All costs and production levels are exactly as planned. The following data are from the company's first two months in business (Click the icon to view the data.) Requirements 1. Compute the product cost per meal produced under absorption costing and...
Income Statements under Absorption and Variable Costing Shawnee Motors Inc, assembles and sells snowmobile engines. The company began operations on August 1 and operated at 100% of capacity during the first month. The following data summarize the results for August: $600,000 Sales (2,000 units) Production costs (2,400 units): Direct materials Direct labor $300,000 115,200 43,200 21,600 Variable factory overhead Fixed factory overhead 480,000 Selling and administrative expenses: Variable selling and administrative expenses $50,000 22,000 Fixed selling and administrative expenses 72,000...
Rosetla's Foods produces frozen meals that it sells for S8 each. The company computes a new monthly fixed manufacturing overhead allocation rate based production levels are exactly as planned. The following data are from Rosetta's Foods's first month in business: the planned number of meals to be produced that month. Assurme all costs and (Click the icon to view the data.) Read the requirements. Requirement 1. Compute the product cost per meal produced under absorption costing and under variable costing....
each. The company uses a fore manufacturing overhead location rate of 55 per game. Assume al cos data are from Game Play's first two months in business during 2018 and production levels are exactly as planned. The Requirements Data Table 2.800 units Compute the product cost per game produced under absorption costing and under variable casting Prepare monthly income statements for October and November, including columns for each month and a column, using these costing methods absorption costing b. variable...
Clarita's Foods produces frozen meals that it sells for $9 each. The company computes a new monthly fixed manufacturing overhead allocation rate based on the planned number of meals to be produced that month. Assume all costs and production levels are exactly as planned. The following data are from Clarita's Foods's first month in business: January 2018 Units produced and sold: Sales 1,000 meals 1,200 meals Production Variable manufacturing cost per meal Sales commission cost per meal Total fixed manufacturing...
Game Source manufactures video games that it sells for $43 each. The company uses a fixed manufacturing overhead allocation rate of $6 per game. Assume all costs and production levels are exactly as planned. The following data are from Game Source's first two months in business during 2018: (Click the icon to view the data.) Read the requirements. Requirement 1. Compute the product cost per game produced under absorption costing and under variable costing. October 2018 November 2018 Variable Absorption...
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