Question

Exercise 19-3 (continued) Part 2 ..... 24,500,000 14,000,000 SIMS COMPANY Absorption Costing Income Statement Sales (70,000 u
Exercise 19-3 (25 minutes) Part 1 SIMS COMPANY Variable Costing Income Statement Sales (70,000 units x $350/unit) ..........


Sims Company, a manufacturer of tablet computers, began operations on January 1, 2017. Its cost and sales information for thi
0 0
Add a comment Improve this question Transcribed image text
Answer #1

Answer 1.

SIMS COMPANY Variable Costing Income Statement Sales $ 24,500,000 Less: Variable Expenses Variable Manufacturing Expense $ 9,

Answer 2.

SIMS COMPANY Absorption Costing Income Statement Sales $ 24,500,000 Less: Cost of Goods Sold $ 14,000,000 Gross Profit $ 10,5

Answer 3.

Net income under both methods will be equal if number of units produced and sold are equal.

Add a comment
Know the answer?
Add Answer to:
Exercise 19-3 (continued) Part 2 ..... 24,500,000 14,000,000 SIMS COMPANY Absorption Costing Income Statement Sales (70,000...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • p.1,3 Exercise 19-3 Income reporting under absorption costing and variable costing LO P2 Sims Company, a...

    p.1,3 Exercise 19-3 Income reporting under absorption costing and variable costing LO P2 Sims Company, a manufacturer of tablet computers, began operations on January 1, 2017. Its cost and sales information for this year follows. Nanufacturing costs Direct materials Direct labor Overhead costs for the year 40 per unit 60 per unit Variable overhead $3,000,000 $7,000,000 Fixed overhead Selling and administrative costs for the year Variable Fixed $770,000 $4,250,000 Production and sales for the year Unite produced Units sold Sales...

  • Sims Company, a manufacturer of tablet computers, began operations on January 1, 2017. Its cost and...

    Sims Company, a manufacturer of tablet computers, began operations on January 1, 2017. Its cost and sales information for this year follows. $40 per unit $60 per unit $3,000,000 $7,000,000 Manufacturing costs Direct materials Direct labor. Overhead costs for the year Variable overhead Fixed overhead ... Selling and administrative costs for the year Variable. Fixed Production and sales for the year Units produced Units sold ... Sales price per unit $770,000 $4,250,000 100,000 units 70,000 units $350 per unit 1....

  • 19.3 Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost...

    19.3 Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this year follows. $40 per unit $60 per unit $30 per unit $7,000,000 (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 unit $770,000 $4,250,000 100,000 units 70,000 units $350 per unit 1. Prepare an...

  • 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...

  • 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...

  • Exercise 19-3 Income reporting under absorption costing and variable costing LO P2 Sims Company, a manufacturer...

    Exercise 19-3 Income reporting under absorption costing and variable costing LO P2 Sims Company, a manufacturer of tablet computers, began operations on January 1, 2017. Its cost and sales information for this year follows 35 per unit 55 per unit $3,000,000 $7,000,000 Manufacturing costs Direct materials Direct labor Overhead costs for the year Variable overhead Fixed overhead Selling and administrative costs for the year Variable Fixed Production and sales for the year Units produced Units sold Sales price per unit...

  • 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 $...

  • Exercise 6-3 Income reporting under absorption costing and variable costing LO P2 Sims Company, a manufacturer...

    Exercise 6-3 Income reporting under absorption costing and variable costing LO P2 Sims Company, a manufacturer of tablet computers, began operations on January 1, 2017. Its cost and sales information for this year follows. Manufacturing costs Direct materials $ 40 per unit Direct labor $ 60 per unit Overhead costs for the year Variable overhead $ 2,100,000 Fixed overhead $ 8,400,000 Selling and administrative costs for the year Variable $ 725,000 Fixed $ 4,250,000 Production and sales for the year...

  • Sims company began operations on January 1. Its cost and sales information for this year f

    Sims Company began operations on January 1. Its cost and sales information for this year follow. Direct materials$ 30per unitDirect labor$ 50per unitVariable overhead$ 20per unitFixed overhead$ 8,800,000per yearVariable selling and administrative expenses$ 11per unitFixed selling and administrative expenses$ 4,250,000per yearUnits produced110,000unitsUnits sold80,000unitsSales price$ 360per unit 1. Prepare an income statement for the year using variable costing.2. Prepare an income statement for the year using absorption costing.Sims Company began operations on January 1. Its cost and sales information for this year follow. Direct materials$ 30per...

  • 1.) Need help finding the Contribution Margin and Net Income 2. Prepare an income statement for...

    1.) Need help finding the Contribution Margin and Net Income 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...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT