Homework Answers
Answer:
(1)
|
Scott company |
||
|
Net income Under absorption costing |
||
|
Sales(9100x50) |
455000 |
|
|
Less: cost of goods sold |
||
|
Direct material(9100x6) |
54600 |
|
|
Direct Labor(9100x2) |
18200 |
|
|
Variable manufacturing OH(9100x1.5) |
13650 |
|
|
Fixed manufacturing OH(40,000/10,000)*9100 |
36,400 |
122850 |
|
gross margin |
332150 |
|
|
Less: |
||
|
Variable Selling and admin(9100x3) |
27300 |
|
|
Fixed Selling and admin |
50,000 |
77,300 |
|
Net income Under variable costing |
254,850 |
|
(2)
|
Scott company |
||
|
Net income Under variable costing |
||
|
Sales(9100x50) |
455000 |
|
|
Less: variable cost |
||
|
Direct material(9100x6) |
54600 |
|
|
Direct Labor(9100x2) |
18200 |
|
|
Variable manufacturing OH(9100x1.5) |
13650 |
|
|
Variable Selling and admin(9100x3) |
27300 |
|
|
Total Variable cost |
113750 |
|
|
Contribution margin |
341250 |
|
|
Less: Fixed cost |
||
|
Fixed manufacturing OH |
40,000 |
|
|
Fixed Selling and admin |
50,000 |
|
|
Total Fixed cost |
90,000 |
|
|
Net income Under variable costing |
251,250 |
|
Add Answer to:
Chapter 2 P2: Chapter 2 P2: Seott Company has the following information from last year. Scott...
Chapter 2 P2: Scott Company has the following information from last year. Scott Company produced 10,000...
Chapter 2 P2: Scott Company has the following information from last year. Scott Company produced 10,000 units, out of which 9,100 were sold for $50 each. Direct materials Direct labor Variable manufacturing overhead$1.50 per unit Variable selling and administrative costs Fixed manufacturing overhead $6.00 per unit $2.00 per unit $3.00 per unit $40,000 Fixed selling and administrative costs$50,000 1. 2. Determine the net income under absorption (full) costing. Determine the net income under variable (direct) costing.
Chapter 2 Pl: Murdock Company has the following information from last yea Costs Incurred Raw materials...
Chapter 2 Pl: Murdock Company has the following information from last yea Costs Incurred Raw materials purchased Direct labor Indirect labor Equipment Maintenance Insurance on Factory Rent on factory Equipment depreciation Factory supplies Advertising expenses Selling and administrative expenses Dollars 125,000 75,000 40,000 10,000 12,000 30,000 20,000 11,000 15,000 21,000 Ending Inventories Raw materials Work in process Finished goods Beginning Balance($ 10,000 20,000 30,000 Balance($) 17,000 31,000 25,000 1. 2. Determine the cost of goods manufactured. Determine the cost of...
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 40,000 units and sold 32,000 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 Selling...
Variable vs. Absorption Costing $ 50.00 No Video for this worksheet Selling price per unit Manufacturing...
Variable vs. Absorption Costing $ 50.00 No Video for this worksheet Selling price per unit Manufacturing costs Variable per unit produced: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead per year $ 11.00 REQUIRED: Calculate the unit cost and prepare a traditional 6.00 $ 3.00 120,000 Selling and administrative expenses Variable per unit sold Fixed per year $ 4.00 70,000 Year 1 Units in beginning inventory Units produced during the year Units sold during the year Units in...
Required Information Exercise 19-9 Income statement under absorption costing and variable costing LO P1, P2 (The...
Required Information Exercise 19-9 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 46,000 units and sold 38.000 units at a price of $140 per unit. $ 60 22 000 Manufacturing costs Direct materials per unit Direct labor per unit Variable overhead per unit Fixed overhead...
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...
Required Information Exercise 19-9 Income statement under absorption costing and variable costing LO P1, P2 [The...
Required Information Exercise 19-9 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 46,000 units and sold 38.000 units at a price of $140 per unit. 60 5552.000 Manufacturing costs Direct materials per unit 60 Direct labor per unit 22 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 $...
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 ata price of $140 per unit. Manufacturing costs Direct materials per unit Direct labor per unit Variable overhead per unit Fixed overhead for the year Selling and...
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
$
30
per unit
Direct labor
$
50
per unit
Overhead costs
Variable
$
20
per unit
Fixed
$
8,400,000
(per year)
Selling and administrative costs for the year
Variable
$
725,000
Fixed
$
4,250,000
Production and sales for the year
Units...
Chapter 2 P2: Scott Company has the following information from last year. Scott Company produced 10,000 units, out of which 9,100 were sold for $50 each. Direct materials Direct labor Variable manufacturing overhead$1.50 per unit Variable selling and administrative costs Fixed manufacturing overhead $6.00 per unit $2.00 per unit $3.00 per unit $40,000 Fixed selling and administrative costs$50,000 1. 2. Determine the net income under absorption (full) costing. Determine the net income under variable (direct) costing.
Chapter 2 Pl: Murdock Company has the following information from last yea Costs Incurred Raw materials purchased Direct labor Indirect labor Equipment Maintenance Insurance on Factory Rent on factory Equipment depreciation Factory supplies Advertising expenses Selling and administrative expenses Dollars 125,000 75,000 40,000 10,000 12,000 30,000 20,000 11,000 15,000 21,000 Ending Inventories Raw materials Work in process Finished goods Beginning Balance($ 10,000 20,000 30,000 Balance($) 17,000 31,000 25,000 1. 2. Determine the cost of goods manufactured. Determine the cost of...
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 40,000 units and sold 32,000 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 Selling...
Variable vs. Absorption Costing $ 50.00 No Video for this worksheet Selling price per unit Manufacturing costs Variable per unit produced: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead per year $ 11.00 REQUIRED: Calculate the unit cost and prepare a traditional 6.00 $ 3.00 120,000 Selling and administrative expenses Variable per unit sold Fixed per year $ 4.00 70,000 Year 1 Units in beginning inventory Units produced during the year Units sold during the year Units in...
Required Information Exercise 19-9 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 46,000 units and sold 38.000 units at a price of $140 per unit. $ 60 22 000 Manufacturing costs Direct materials per unit Direct labor per unit Variable overhead per unit Fixed overhead...
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 19-9 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 46,000 units and sold 38.000 units at a price of $140 per unit. 60 5552.000 Manufacturing costs Direct materials per unit 60 Direct labor per unit 22 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 $...
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 ata price of $140 per unit. Manufacturing costs Direct materials per unit Direct labor per unit Variable overhead per unit Fixed overhead for the year Selling and...
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
$
30
per unit
Direct labor
$
50
per unit
Overhead costs
Variable
$
20
per unit
Fixed
$
8,400,000
(per year)
Selling and administrative costs for the year
Variable
$
725,000
Fixed
$
4,250,000
Production and sales for the year
Units...
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