Homework Answers
Solution
| ACES INC. | ||
| Income statement (Contribution margin format) | ||
| Sales revenue | $ 558,600 | |
| Variable cost of goods sold | $ 147,060* | |
| Variable selling and administrative expenses | $ 15,960 | |
| Total variable costs | $ 163,020 | |
| Contribution margin | $ 395,580 | |
| Fixed cost of goods sold | $ 93,840 | |
| Fixed selling and administrative expenses | $ 66,000 | |
| Total fixed costs | $ 159,840 | |
| Operating income | $ 235,740 | |
*5700 x 28.50
Cost for 5700 units will be recorded only. Although fixed cost will be recorded in full no matter how many units are sold.
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QS 18-19B Variable costing income statement LO P5 Aces Inc., a manufacturer of tennis rackets, began...
Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 6,800 rackets...
Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 6,800 rackets and sold 5,700. Each racket was sold at a price of $98. Fixed overhead costs are $93,840, and fixed selling and administrative costs are $66,000. The company also reports the following per unit variable costs for the year: Variable product costs Variable selling and administrative expenses $ 25.80 $ 2.80 Prepare an income statement under variable costing. ACES INC. Variable Costing Income Statement Net...
QS 18-20B Absorption costing income statement LO P5 Aces Inc., a manufacturer of tennis rackets, began...
QS 18-20B Absorption costing income statement LO P5 Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 5,000 rackets and sold 3,900. Each racket was sold at a price of $80. Fixed overhead costs are $60,000, and fixed selling and administrative costs are $64,200. The company also reports the following per unit costs for the year: Variable production costs Variable selling and administrative expenses $24.00 $ 1.00 Required: Prepare an income statement under absorption costing....
Help Seve&Exit Submit Check my work QS 21-19B Variable costing income statement LO P5 Aces Inc.,...
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Aces Inc. a manufacturer of tennis rackets began operations this year. The company produced 5.800 rackets...
Aces Inc. a manufacturer of tennis rackets began operations this year. The company produced 5.800 rackets and sold 4.700. Each racket was sold at a price of $88. Fixed overhead costs are $74240, and fixed selling and administrative costs are $65.000. The company also reports the following per unit variable costs for the year Variable product costs Variable selling and administrative expenses Prepare an income statement under variable costing. ACES INC Variable Costing Income Statement Netcomes)
Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 5,500 rackets...
Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 5,500 rackets and sold 4,400. Each racket was sold at a price of $85. Fixed overhead costs are $68,750, and fixed selling and administrative costs are $64.700. The company also reports the following per unit variable costs for the year. Variable product costs Variable selling and administrative expenses $ 24.50 $ 1.50 Prepare an income statement under variable costing ACES INC. Variable Costing Income Statement Net...
Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 5,900 rackets...
Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 5,900 rackets and sold 4,800. Each racket was sold at a price of $89. Fixed overhead costs are $76.110, and fixed selling and administrative costs are $65,100. The company also reports the following per unit costs for the year eBook Variable production costs Variable selling and administrative expenses $ 24.90 $ 1.90 Hint Print Required: Prepare an income statement under variable costing. References ACES INC. Variable...
Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 5,600 rackets...
Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 5,600 rackets and sold 4,500. Each racket was sold at a price of $86. Fixed overhead costs are $70,560, and fixed selling and administrative costs are $64,800. The company also reports the following per unit variable costs for the year: Variable product costs Variable selling and administrative expenses $24.60 $ 1.60 Prepare an income statement under absorption costing. ACES INC. Absorption Costing Income Statement Selling general...
Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 6,700 rackets...
Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 6,700 rackets and sold 5,600. Each racket was sold at a price of $97. Fixed overhead costs are $91,790, and fixed selling and administrative costs are $65,900. The company also reports the following per unit costs for the year: Variable production costs Variable selling and administrative expenses $25.70 2.70 Required Prepare an income statement under absorption costing. ACES INC. Absorption Costing Income Statement Cost of goods...
Check my work QS 19-3 Variable costing income statement LO P2 125 points Aces Inc., a...
Check my work QS 19-3 Variable costing income statement LO P2 125 points Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 6,600 rackets and sold 5,500. Each racket was sold at a price of $96. Fixed overhead costs are $89,760 and fixed selling and administrative costs are $65,800. The company also reports the following per unit costs for the year eBook Variable product conta Variable selling and administrative expenses $ 25.60 $ 2.60 Hint...
Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 5,600 rackets...
Aces Inc., a manufacturer of tennis rackets, began operations
this year. The company produced 5,600 rackets and sold 4,500. Each
racket was sold at a price of $86. Fixed overhead costs are
$70,560, and fixed selling and administrative costs are $64,800.
The company also reports the following per unit costs for the
year:
Variable production costs
$
24.60
Variable selling and
administrative expenses
$
1.60
Required:
Prepare an income statement under variable costing.
ACES INC Variable Costing Income Statement Sales...
Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 6,800 rackets and sold 5,700. Each racket was sold at a price of $98. Fixed overhead costs are $93,840, and fixed selling and administrative costs are $66,000. The company also reports the following per unit variable costs for the year: Variable product costs Variable selling and administrative expenses $ 25.80 $ 2.80 Prepare an income statement under variable costing. ACES INC. Variable Costing Income Statement Net...
QS 18-20B Absorption costing income statement LO P5 Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 5,000 rackets and sold 3,900. Each racket was sold at a price of $80. Fixed overhead costs are $60,000, and fixed selling and administrative costs are $64,200. The company also reports the following per unit costs for the year: Variable production costs Variable selling and administrative expenses $24.00 $ 1.00 Required: Prepare an income statement under absorption costing....
Help Seve&Exit Submit Check my work QS 21-19B Variable costing income statement LO P5 Aces Inc., a manufacturer of t ennis rackets, began operations this year. The company produced 6.200 rackets and sold 5,100 Each racket was sold at a price of $92. Fixed overhead costs are $81,840, and fixed selling and administrative costs are $65,400. The company also reports the following per unit costs for the year Variable production costs Variable selling and administrative expenses $25.20 s2.20 Required: Prepare...
Aces Inc. a manufacturer of tennis rackets began operations this year. The company produced 5.800 rackets and sold 4.700. Each racket was sold at a price of $88. Fixed overhead costs are $74240, and fixed selling and administrative costs are $65.000. The company also reports the following per unit variable costs for the year Variable product costs Variable selling and administrative expenses Prepare an income statement under variable costing. ACES INC Variable Costing Income Statement Netcomes)
Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 5,500 rackets and sold 4,400. Each racket was sold at a price of $85. Fixed overhead costs are $68,750, and fixed selling and administrative costs are $64.700. The company also reports the following per unit variable costs for the year. Variable product costs Variable selling and administrative expenses $ 24.50 $ 1.50 Prepare an income statement under variable costing ACES INC. Variable Costing Income Statement Net...
Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 5,900 rackets and sold 4,800. Each racket was sold at a price of $89. Fixed overhead costs are $76.110, and fixed selling and administrative costs are $65,100. The company also reports the following per unit costs for the year eBook Variable production costs Variable selling and administrative expenses $ 24.90 $ 1.90 Hint Print Required: Prepare an income statement under variable costing. References ACES INC. Variable...
Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 5,600 rackets and sold 4,500. Each racket was sold at a price of $86. Fixed overhead costs are $70,560, and fixed selling and administrative costs are $64,800. The company also reports the following per unit variable costs for the year: Variable product costs Variable selling and administrative expenses $24.60 $ 1.60 Prepare an income statement under absorption costing. ACES INC. Absorption Costing Income Statement Selling general...
Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 6,700 rackets and sold 5,600. Each racket was sold at a price of $97. Fixed overhead costs are $91,790, and fixed selling and administrative costs are $65,900. The company also reports the following per unit costs for the year: Variable production costs Variable selling and administrative expenses $25.70 2.70 Required Prepare an income statement under absorption costing. ACES INC. Absorption Costing Income Statement Cost of goods...
Check my work QS 19-3 Variable costing income statement LO P2 125 points Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 6,600 rackets and sold 5,500. Each racket was sold at a price of $96. Fixed overhead costs are $89,760 and fixed selling and administrative costs are $65,800. The company also reports the following per unit costs for the year eBook Variable product conta Variable selling and administrative expenses $ 25.60 $ 2.60 Hint...
Aces Inc., a manufacturer of tennis rackets, began operations
this year. The company produced 5,600 rackets and sold 4,500. Each
racket was sold at a price of $86. Fixed overhead costs are
$70,560, and fixed selling and administrative costs are $64,800.
The company also reports the following per unit costs for the
year:
Variable production costs
$
24.60
Variable selling and
administrative expenses
$
1.60
Required:
Prepare an income statement under variable costing.
ACES INC Variable Costing Income Statement Sales...
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