Variable and Absorption Costing Pyne Company produces a single product. The company has 85,000 units in...
Variable and Absorption Costing
Pyne Company produces a single product. The company has 85,000 units in its ending inventory. Pyne's variable production costs during the year were $10 per unit and fixed manufacturing overhead costs were applied at $25 per unit ( which was the same as last year). The company's net operating income is $155,000 higher under variable costing than it is under absorption costing; and the company uses FIFO and closes any over- or under-applied overhead directly to cost of goods sold. Given these facts, what was the number of units of product in beginning inventory?
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Variable and Absorption Costing
Pyne Company produces a single product. The company has 85,000
units in...
Variable and Absorption Costing Pyne Company produces a single product. The company has 45,000 units in...
Variable and Absorption Costing Pyne Company produces a single product. The company has 45,000 units in its ending inventory. Pyne's variable production costs during the year were $10 per unit and foed manufacturing overhead costs were applied at $25 per unit (which was the same as last year). The company's net operating income is $115,000 higher under variable costing than it is under absorption costing and the company uses FIFO and closes any over. or under applied overhead directly to...
Question 4 Incorrect Mark 0.00 out of 1.00 P Flag question Variable and Absorption Costing Pyne...
Question 4 Incorrect Mark 0.00 out of 1.00 P Flag question Variable and Absorption Costing Pyne Company produces a single product. The company has 60,000 units in its ending inventory. Pyne's variable production costs during the year were $10 per unit and fixed manufacturing overhead costs were applied at $25 per unit (which was the same as last year). The company's net operating income is $135,000 higher under variable costing than it is under absorption costing and the company uses...
Problem 7. Hanks Corporation produces a single product. Operating data for the company and its absorption...
Problem 7. Hanks Corporation produces a single product. Operating data for the company and its absorption costing income statements for the last two years are presented below Units in beginning inventory Units produced Units sold Year Year 2 0 1,000 9,0009,000 8,000 10,000 YearYear 2 $80,000 $100,000 48,000 60,000 32,000 40,000 Selling and administrative expenses 28,000 30,000 S4,000 $10,000 Sales Cost of goods sold Gross margin Net operating income Variable manufacturing costs are $4 per unit. Fixed manufacturing overhead was...
Review Problem 1: Contrasting Variable and Absorption Costing Dexter Corporation produces and sells a single product,...
Review Problem 1: Contrasting Variable and Absorption Costing Dexter Corporation produces and sells a single product, a wooden hand loom for weaving small items such as scarves Selected cost and operating data relating to the product for two years are given below: Selling price per unit. $50 Manufacturing costs: Variable per unit produced: Direct materials. $11 Direct labor .......... Variable manufacturing overhead... Fixed manufacturing overhead per year ........ $120,000 Selling and administrative expenses: Variable per unit sold....... $4 Fixed per...
CO D) Topple Company produces a single product. Operating data for the company and its absorption...
CO D) Topple Company produces a single product. Operating data for the company and its absorption costing income statement for the last year are presented below. Units in beginning inventory 0 Units produced 9,000 Units sold 7,000 Sales $100,000 Less cost of goods sold: Beginning inventory 0 Add cost of goods manufactured 54,000 Goods available for sale 54,000 Less ending inventory 12,000 Cost of goods sold 42,000 Gross margin 58,000 Less selling and admin. expenses 28,000 Net operating income $30,000...
Variable-Costing and Absorption-Costing Income Borques Company produces and sells wooden pallets that are used for moving...
Variable-Costing and Absorption-Costing Income Borques Company produces and sells wooden pallets that are used for moving and stacking materials. The operating costs for the past year were as follows: Variable costs per unit: Direct materials 9 Direct labor 2.85 $ 1.92 1.60 9 Variable overhead Variable selling $ 0.90 Fixed costs per year: $180,000 Fixed overhead Selling and administrative $ 96,000 During the year, Borques produced 200,000 wooden pallets and sold 204,300 at $9 each. Borques had 8,200 pallets in...
Variable-Costing and Absorption-Costing Income Borques Company produces and sells wooden pallets that are used for moving...
Variable-Costing and Absorption-Costing Income
Borques Company produces and sells wooden pallets that are used
for moving and stacking materials. The operating costs for the past
year were as follows:
Variable costs per unit:
Direct materials
$ 2.85
Direct labor
$ 1.92
Variable overhead
$ 1.60
Variable selling
$ 0.90
Fixed costs per year:
Fixed overhead
$180,000
Selling and administrative
$ 96,000
During the year, Borques produced 200,000 wooden pallets and
sold 204,300 at $9 each. Borques had 8,200 pallets in...
Dodner Company uses an absorption costing system in accounting for the single product it manufactures. The...
Dodner Company uses an absorption costing system in accounting for the single product it manufactures. The following selected data are for the year 2020: Sales (20,000 $720,000 units) Direct materials $259,200 used Direct labor $86,400 costs Variable manufacturing $25,920 overhead Fixed manufacturing $34,560 overhead Variable selling and $43,200 administrative expenses Fixed selling and $144,000 administrative expenses The company produced 24,000 units and sold 20,000 units in 2020. Direct materials and direct labor are variable costs. One unit of direct material...
Krepps Corporation produces a single product. Last year, Krepps manufactured 35,040 units and sold 29,600 units....
Krepps Corporation produces a single product. Last year, Krepps manufactured 35,040 units and sold 29,600 units. Production costs for the year were as follows: Direct materials $ 266,304 Direct labor $ 157,680 Variable manufacturing overhead $ 297,840 Fixed manufacturing overhead $ 385,440 Sales totaled $1,450,400 for the year, variable selling and administrative expenses totaled $156,880, and fixed selling and administrative expenses totaled $255,792. There was no beginning inventory. Assume that direct labor is a variable cost. Under variable costing, the...
Krepps Corporation produces a single product. Last year, Krepps manufactured 30,030 units and sold 24,700 units....
Krepps Corporation produces a single product. Last year, Krepps manufactured 30,030 units and sold 24,700 units. Production costs for the year were as follows: Direct materials $ 243,243 Direct labor $ 126,126 Variable manufacturing overhead $ 237,237 Fixed manufacturing overhead $ 420,420 Sales totaled $1,272,050 for the year, variable selling and administrative expenses totaled $133,380, and fixed selling and administrative expenses totaled $195,195. There was no beginning inventory. Assume that direct labor is a variable cost. Under variable costing, the...
Variable and Absorption Costing Pyne Company produces a single product. The company has 45,000 units in its ending inventory. Pyne's variable production costs during the year were $10 per unit and foed manufacturing overhead costs were applied at $25 per unit (which was the same as last year). The company's net operating income is $115,000 higher under variable costing than it is under absorption costing and the company uses FIFO and closes any over. or under applied overhead directly to...
Question 4 Incorrect Mark 0.00 out of 1.00 P Flag question Variable and Absorption Costing Pyne Company produces a single product. The company has 60,000 units in its ending inventory. Pyne's variable production costs during the year were $10 per unit and fixed manufacturing overhead costs were applied at $25 per unit (which was the same as last year). The company's net operating income is $135,000 higher under variable costing than it is under absorption costing and the company uses...
Problem 7. Hanks Corporation produces a single product. Operating data for the company and its absorption costing income statements for the last two years are presented below Units in beginning inventory Units produced Units sold Year Year 2 0 1,000 9,0009,000 8,000 10,000 YearYear 2 $80,000 $100,000 48,000 60,000 32,000 40,000 Selling and administrative expenses 28,000 30,000 S4,000 $10,000 Sales Cost of goods sold Gross margin Net operating income Variable manufacturing costs are $4 per unit. Fixed manufacturing overhead was...
Review Problem 1: Contrasting Variable and Absorption Costing Dexter Corporation produces and sells a single product, a wooden hand loom for weaving small items such as scarves Selected cost and operating data relating to the product for two years are given below: Selling price per unit. $50 Manufacturing costs: Variable per unit produced: Direct materials. $11 Direct labor .......... Variable manufacturing overhead... Fixed manufacturing overhead per year ........ $120,000 Selling and administrative expenses: Variable per unit sold....... $4 Fixed per...
Variable-Costing and Absorption-Costing Income Borques Company produces and sells wooden pallets that are used for moving and stacking materials. The operating costs for the past year were as follows: Variable costs per unit: Direct materials 9 Direct labor 2.85 $ 1.92 1.60 9 Variable overhead Variable selling $ 0.90 Fixed costs per year: $180,000 Fixed overhead Selling and administrative $ 96,000 During the year, Borques produced 200,000 wooden pallets and sold 204,300 at $9 each. Borques had 8,200 pallets in...
Variable-Costing and Absorption-Costing Income
Borques Company produces and sells wooden pallets that are used
for moving and stacking materials. The operating costs for the past
year were as follows:
Variable costs per unit:
Direct materials
$ 2.85
Direct labor
$ 1.92
Variable overhead
$ 1.60
Variable selling
$ 0.90
Fixed costs per year:
Fixed overhead
$180,000
Selling and administrative
$ 96,000
During the year, Borques produced 200,000 wooden pallets and
sold 204,300 at $9 each. Borques had 8,200 pallets in...
Dodner Company uses an absorption costing system in accounting for the single product it manufactures. The following selected data are for the year 2020: Sales (20,000 $720,000 units) Direct materials $259,200 used Direct labor $86,400 costs Variable manufacturing $25,920 overhead Fixed manufacturing $34,560 overhead Variable selling and $43,200 administrative expenses Fixed selling and $144,000 administrative expenses The company produced 24,000 units and sold 20,000 units in 2020. Direct materials and direct labor are variable costs. One unit of direct material...
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