Homework Answers
The cost of goods sold
answer (b) includes both fixed and variable costs of producing the items included in revenue. (THUMBS UP PLEASE)
The cost of goods sold is that part of total production costs which is sold. A firm may have produced 10000 units but if only 8000 units are sold then, cost of goods sold will be taken of only 800 units. so that's why "b" is correct option.
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The cost of goods sold: Select one: O a. includes all manufacturing costs incurred during the...
Calculator Absorption Statement Absorption costing does not distinguish between variable and fixed costs. All manufacturing costs...
Calculator Absorption Statement Absorption costing does not distinguish between variable and fixed costs. All manufacturing costs are included in the cost of goods sold. Saxon, Inc. Absorption Costing Income Statement For the Year Ended December 31 Sales $1,280,000 $840,000 (168,000) Cost of goods sold: Cost of goods manufactured Ending inventory Total cost of goods sold Gross profit Selling and administrative expenses Operating income (672,000) $608,000 (305,000) $303,000 Variable Statement Under variable costing, the cost of goods manufactured includes only variable...
Freetown Corporation incurred fixed manufacturing costs of 26000 during 2017. Other information f...
Freetown Corporation incurred fixed manufacturing costs of 26000 during 2017. Other information for 2017 The budgeted denominator level is 2600 Units produced total 1500 units Units sold total 1300 Beginning inventor was 0 The company uses absorption costing and the fixed manufacturing cost rate is based on the budgeted denominator level. Manufacturing variances are closed to costs of goods sold. Fixed manufacturing cost expensed on the income statements total 12077 0 22533 26000 Jupiter Corporation incurred fixed manufacturing cots of...
its all one question just matching, thank you!!! Costs that have already incurred Cost of goods...
its
all one question just matching, thank you!!!
Costs that have already incurred Cost of goods available for sale minus ending (finished goods) inventory Selling, general and administrative expenses Triple bottom line 1. Materials used in manufacturing Raw materials inventory 2. Can be traced to a cost object Work in process inventory 3. Total manufacturing costs to account for minus ending work in process inventory Finished goods inventory 4. Value chain 5. Goods that are partway through the manufacturing process,...
Baxtell Company manufactures and sells a single product. The following costs were incurred during the company's...
Baxtell 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 labour Variable manufacturing overhead Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead Fixed selling and administrative expense 276,300 133.000 During the year, the company produced 30,700 units and sold 26,600 units. The selling price of the company's product is $70 per unit. Required: 1. Assume that the company uses...
Which of the following is true of absorption costing? It expenses marketing costs as cost of goods sold. It treats...
Which of the following is true of absorption costing? It expenses marketing costs as cost of goods sold. It treats direct manufacturing costs as a period cost. It includes fixed manufacturing overhead as an inventoriable D) It treats indirect manufacturing costs as a period cost. Answer: 17. Which of the following is true of variable costing? A) It expenses administrative costs as cost of goods sold. B) It treats direct manufacturing costs as a product cost. It includes fixed manufacturing...
A portion of the total fixed manufacturing overhead cost incurred during a period may: A) be...
A portion of the total fixed manufacturing overhead cost incurred during a period may: A) be included below the gross margin line as a period cost under absorption costing. B) be charged as a period cost with the remainder deferred under variable costing. C) be temporarily excluded from cost of goods sold under absorption costing. D) never be excluded from cost of goods sold under variable costing.
Heinrich Corporation incurred fixed manufacturing costs of $6,000 during 2020. Other information for 2020 includes: Units...
Heinrich Corporation incurred fixed manufacturing costs of $6,000 during 2020. Other information for 2020 includes: Units produced total 750 units. Units sold total 600 units. Beginning inventory was zero. The company uses absorption costing. 08. Fixed manufacturing costs expensed on the income statement (excluding adjustments for variances) total: a. $3,600 b. $4,800 c. $6,000 d. 0
Lynch Company manufactures and sells a single product. The following costs were incurred during the company's...
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 $385.000 $295,000 During the year, the company produced 35,000 units and sold 17,000 units. The selling price of the company's product is $58 per unit. Required: 1. Assume that the company uses absorption...
Manufacturing overhead: A. includes all fixed costs. B. includes the costs of shipping finished goods to...
Manufacturing overhead: A. includes all fixed costs. B. includes the costs of shipping finished goods to customers. C. can be either a variable cost or a fixed cost. D. includes all factory labor costs.
AJ Manufacturing Company incurred $54,500 of fixed product cost and $43,600 of variable product cost during...
AJ Manufacturing Company incurred $54,500 of fixed product cost
and $43,600 of variable product cost during its first year of
operation. Also during its first year, AJ incurred $17,350 of fixed
and $13,900 of variable selling and administrative costs. The
company sold all of the units it produced for $178,000.
Required
Prepare an income statement using the format required by
generally accepted accounting Principles (GAAP).
AJ MANUFACTURING COMPANY Income Statement
Calculator Absorption Statement Absorption costing does not distinguish between variable and fixed costs. All manufacturing costs are included in the cost of goods sold. Saxon, Inc. Absorption Costing Income Statement For the Year Ended December 31 Sales $1,280,000 $840,000 (168,000) Cost of goods sold: Cost of goods manufactured Ending inventory Total cost of goods sold Gross profit Selling and administrative expenses Operating income (672,000) $608,000 (305,000) $303,000 Variable Statement Under variable costing, the cost of goods manufactured includes only variable...
its
all one question just matching, thank you!!!
Costs that have already incurred Cost of goods available for sale minus ending (finished goods) inventory Selling, general and administrative expenses Triple bottom line 1. Materials used in manufacturing Raw materials inventory 2. Can be traced to a cost object Work in process inventory 3. Total manufacturing costs to account for minus ending work in process inventory Finished goods inventory 4. Value chain 5. Goods that are partway through the manufacturing process,...
Baxtell 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 labour Variable manufacturing overhead Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead Fixed selling and administrative expense 276,300 133.000 During the year, the company produced 30,700 units and sold 26,600 units. The selling price of the company's product is $70 per unit. Required: 1. Assume that the company uses...
Which of the following is true of absorption costing? It expenses marketing costs as cost of goods sold. It treats direct manufacturing costs as a period cost. It includes fixed manufacturing overhead as an inventoriable D) It treats indirect manufacturing costs as a period cost. Answer: 17. Which of the following is true of variable costing? A) It expenses administrative costs as cost of goods sold. B) It treats direct manufacturing costs as a product cost. It includes fixed manufacturing...
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 $385.000 $295,000 During the year, the company produced 35,000 units and sold 17,000 units. The selling price of the company's product is $58 per unit. Required: 1. Assume that the company uses absorption...
AJ Manufacturing Company incurred $54,500 of fixed product cost
and $43,600 of variable product cost during its first year of
operation. Also during its first year, AJ incurred $17,350 of fixed
and $13,900 of variable selling and administrative costs. The
company sold all of the units it produced for $178,000.
Required
Prepare an income statement using the format required by
generally accepted accounting Principles (GAAP).
AJ MANUFACTURING COMPANY Income Statement
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