how to prepare an income statement using variable costing
how to prepare an income statement using variable costing
Homework Answers
Sales Revenue = XXXX
Less: Variable Expenses
Variable cost of goods sold = XXX
Variable selling and admin cost = XXX
Total Variable Expenses = (XXXX)
Contribution Margin = XXXX
Less: Fixed Expenses
Fixed Manufacturing Overhead XXX
Fixed selling & Admin Expenses XXX
Total Fixed Expenses = (XXXX)
Net Operating Income (Loss) = XXX
How to prepare an income statement for profit using full costing?
How to prepare an income statement for profit using full costing?
Prepare income statement using variable costing Lynch Company manufactures and sells a single product. The following...
Prepare income statement using variable costing
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 $308,000 $218,000 During the year, the company produced 28,000 units and sold 15,000 units. The selling price of the company's product is $56 per unit. Required: 1....
Requirea: 1. Prepare the company's income statement in the contribution format using variable costing. Whitman Company...
Requirea: 1. Prepare the company's income statement in the contribution format using variable costing. Whitman Company Variable Costing Income Statement Sales $ 875,000 Variable expenses: 875,000 Contribution margin Fixed expenses: Fixed manufacturing overhead Fixed selling and administrative 160,000 210,000 Fixed selling and administrative 370,000 505,000 Net operating income $ 2. Reconcile any difference between the net operating income on your variable costing income statement and the net operating income on the absorption costing income statement. Reconciliation of Variable Costing and...
Instructions Income Statement Tudor Manufacturing Co Income Statement- Variable Costing A. Prepare an absorption costing income...
Instructions Income Statement Tudor Manufacturing Co Income Statement- Variable Costing A. Prepare an absorption costing income statement. Refer to the Labels and Amount Descriptions list provided for the exact wording of For the Month Ended June 30, 2016 the answer choices for text entries. "Less" or "Plus" and colons will automatically appear if it is required. In your computations, round Sales (420,000 units) $8.290,000.00 1 unit costs to two decimal places and round final answers to the nearest dollar. Variable...
2. Prepare an income statement for the year using absorption costing. Sims Company, a manufacturer of...
2. Prepare an income statement for the year
using absorption costing.
Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this year follows. 30 points $ 35 per unit 55 per unit 20 per unit $8,000,000 (per year) Manufacturing costs Direct materials Direct labor Overhead costs Variable Fixed Selling and administrative costs for the year Variable Fixed Production and sales for the year Units produced Units sold Sales price per...
Variable Costing Income Statement: Reconciliation
Whitman Company has just completed its first year of operations. The company's absorption costing income statement for the years below:Sales (35,000 units X $25 per unit)................................$875,000Cost of Goods Sold (35,000 units x $16 per unit)................$560,000Gross margin.........................................................$315,000Selling and administrative expenses..............................$280,000Net Operating Income................................................$35,000The company's selling and administrative expenses consist of $210,000 per year in fixed expenses and $2 per unit sold in variable expenses. The $16 per unit productcost given above is computed as follows:Direct Materials......................................................$5Direct Labor...........................................................6Variable manufacturing overhead..................................1Fixed manufacturing overhead ($160,000...
Required information Exercise 6-9 Income statement under absorption costing and variable costing LO P1, P2 The...
Required information Exercise 6-9 Income statement under absorption costing and variable costing LO P1, P2 The following information applies to the questions displayed below Cool Sky reports the following costing data on its product for its first year of operations. During this first year, the company produced 42,000 units and sold 34,000 units at a price of $140 per unit. Manufacturing costs Direct materials per unit Direct labor per unit Variable overhead per unit Fixed overhead for the year $60...
Testin llc uses variable costing and absorption costing. Using absorption costing income statement, fixed manufacturing overhead...
Testin llc uses variable costing and absorption costing. Using absorption costing income statement, fixed manufacturing overhead is? inevntoriable non inventortiable
Required information Exercise 06-9 Income statement under absorption costing and variable costing LO P1, P2 The...
Required information Exercise 06-9 Income statement under absorption costing and variable costing LO P1, P2 The following information applies to the questions displayed below.) Cool Sky reports the following costing data on its product for its first year of operations. During this first year, the company produced 44,000 units and sold 36,000 units at a price of $130 per unit. $ $ 54 20 Manufacturing costs Direct materials per unit Direct labor per unit Variable overhead per unit Fixed overhead...
Exercise 06-3 Income reporting under absorption costing and variable costing LO P2 Sims Company, a manufacturer...
Exercise 06-3 Income reporting under absorption costing and variable costing LO P2 Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this year follows Manufacturing costs Direct materials Direct labor Overhead costs Variable 30 per unit 50 per unit 40 per unit $6,300,en (per year) Fixed Selling and administrative costs for the year Variable Fixed Production and sales for the year Units produced Units sold Sales price per unit $...
Prepare income statement using variable costing
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 $308,000 $218,000 During the year, the company produced 28,000 units and sold 15,000 units. The selling price of the company's product is $56 per unit. Required: 1....
Requirea: 1. Prepare the company's income statement in the contribution format using variable costing. Whitman Company Variable Costing Income Statement Sales $ 875,000 Variable expenses: 875,000 Contribution margin Fixed expenses: Fixed manufacturing overhead Fixed selling and administrative 160,000 210,000 Fixed selling and administrative 370,000 505,000 Net operating income $ 2. Reconcile any difference between the net operating income on your variable costing income statement and the net operating income on the absorption costing income statement. Reconciliation of Variable Costing and...
Instructions Income Statement Tudor Manufacturing Co Income Statement- Variable Costing A. Prepare an absorption costing income statement. Refer to the Labels and Amount Descriptions list provided for the exact wording of For the Month Ended June 30, 2016 the answer choices for text entries. "Less" or "Plus" and colons will automatically appear if it is required. In your computations, round Sales (420,000 units) $8.290,000.00 1 unit costs to two decimal places and round final answers to the nearest dollar. Variable...
2. Prepare an income statement for the year
using absorption costing.
Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this year follows. 30 points $ 35 per unit 55 per unit 20 per unit $8,000,000 (per year) Manufacturing costs Direct materials Direct labor Overhead costs Variable Fixed Selling and administrative costs for the year Variable Fixed Production and sales for the year Units produced Units sold Sales price per...
Required information Exercise 6-9 Income statement under absorption costing and variable costing LO P1, P2 The following information applies to the questions displayed below Cool Sky reports the following costing data on its product for its first year of operations. During this first year, the company produced 42,000 units and sold 34,000 units at a price of $140 per unit. Manufacturing costs Direct materials per unit Direct labor per unit Variable overhead per unit Fixed overhead for the year $60...
Required information Exercise 06-9 Income statement under absorption costing and variable costing LO P1, P2 The following information applies to the questions displayed below.) Cool Sky reports the following costing data on its product for its first year of operations. During this first year, the company produced 44,000 units and sold 36,000 units at a price of $130 per unit. $ $ 54 20 Manufacturing costs Direct materials per unit Direct labor per unit Variable overhead per unit Fixed overhead...
Exercise 06-3 Income reporting under absorption costing and variable costing LO P2 Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this year follows Manufacturing costs Direct materials Direct labor Overhead costs Variable 30 per unit 50 per unit 40 per unit $6,300,en (per year) Fixed Selling and administrative costs for the year Variable Fixed Production and sales for the year Units produced Units sold Sales price per unit $...
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