Homework Answers
| Walrus Co. | |||
| Absorption Costing Income Statement | |||
| Sales | $54,00,000 | ||
| Cost of Goods sold: | |||
| Opening Inventory | $0 | ||
| +Cost of Goods Manufactured: | |||
| Direct Material | $15,12,000 | ||
| Direct Labour | $13,50,000 | ||
| Manufacturing Overhead | $10,26,000 | =756000+270000 | |
| Cost of Goods available for sale | $38,88,000 | ||
| -Closing Inventory | -$6,48,000 | $32,40,000 | =3888000/108000*(108000-90000) |
| Gross Profit | $21,60,000 | ||
| Less:Selling and Administrative Expense | |||
| Variable | $2,34,000 | ||
| Fixed | $3,96,000 | $6,30,000 | |
| Net Operating Income | $15,30,000 | ||
| Walrus Co. | ||
| Variable Costing Income Statement | ||
| Sales | $54,00,000 | |
| Variable Cost of Goods sold: | ||
| Direct Material | $15,12,000 | |
| Direct Labour | $13,50,000 | |
| Variable Manufacturing Overhead | $7,56,000 | |
| Variable S&A Expense | $2,34,000 | $38,52,000 |
| Contribution | $15,48,000 | |
| Less: Fixed Costs | ||
| Fixed Manufacturing Overhead | $2,70,000 | |
| Fixed S&A Expense | $3,96,000 | $6,66,000 |
| Net Operating Income | $8,82,000 | |
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Summarized data for Walrus Co. for its first year of operations are: $5,400,000 Sales (90,000 units)...
Variable and Absorption Costing Summarized data for 2019 (the first year of operations) for Gorman Products,...
Variable and Absorption Costing Summarized data for 2019 (the first year of operations) for Gorman Products, Inc., are as follows: Sales (70,000 units) $2,800,000 Production costs (80,000 units) 880,000 Direct material Direct labor 720,000 Manufacturing overhead: Variable 544,000 Fixed 320,000 Operating expenses: Variable 175,000 Fixed 240,000 Depreciation on equipment 60,000 Real estate taxes 18,000 Personal property taxes (inventory & equipment) 28,800 Personnel department expenses 30,000 a. Prepare an income statement based on full absorption costing. Only use a negative sign...
Variable and Absorption Costing Summarized data for 2016 (the first year of operations) for Gorman Products,...
Variable and Absorption Costing Summarized data for 2016 (the first year of operations) for Gorman Products, Inc., are as follows: Sales (75,000 units) $4,500,000 Production costs (80,000 units) Direct material 1,320,000 Direct labor 1,080,000 Manufacturing overhead: Variable 816,000 Fixed 480,000 Operating expenses: Variable 252,000 Fixed 360,000 Depreciation on equipment 90,000 Real estate taxes 27,000 Personal property taxes inventory & equipment) 43,200 Personnel department expenses 45,000 a. Prepare an income statement based on full absorption costing, Only use a negative sign...
Variable and Absorption Costing Summarized data for 2016 (the first year of operations) for Gorman Products,...
Variable and Absorption Costing Summarized data for 2016 (the first year of operations) for Gorman Products, Inc., are as follows: Sales (75,000 units) $3,000,000 Production costs (80,000 units) Direct material 880,000 Direct labor 720,000 Manufacturing overhead: Variable 544,000 Fixed 320,000 Operating expenses: Variable 168,000 Fixed 240,000 Depreciation on equipment 60,000 Real estate taxes 18,000 Personal property taxes (inventory & equipment) 28,800 Personnel department expenses 30,000 a. Prepare an income statement based on full absorption costing. Only use a negative sign...
Navaroli Company began operations in January 5, 2018. Cost and sales information for its first two...
Navaroli Company began operations in January 5, 2018. Cost and sales information for its first two calendar years of operations are summarized below: Manufacturing costs Production and sales data Direct Materials $80 per unit Units produced, 2018 200,000 units Direct Labor $120 per unit Units sold, 2018 140,000 units Factory Overhead costs: 2018 ending inventory 60,000 units Variable $30 per unit Units produced, 2019 80,000 units Fixed per year $14,000,000 Units sold, 2019 140,000 units Selling & Administrative...
Fill in the blanks please Variable and Absorption Costing Summarized data for 2016 (the first year...
Fill in the blanks please
Variable and Absorption Costing Summarized data for 2016 (the first year of operations) for Gorman Products, Inc., are as follows: Sales (75,000 units) $4,500,000 Production costs (80,000 units) Direct material 1,320,000 Direct labor 1,080,000 Manufacturing overhead: Variable 816,000 Fixed 480,000 Operating expenses: Variable 252,000 Fixed 360,000 Depreciation on equipment 90.000 Real estate taxes 27,000 Personal property taxes (inventory & equipment) 43,200 Personnel department expenses 45,000 a. Prepare an income statement based on full absorption costing....
Variable and Absorption Costing Summarized data for 2019 (the first year of operations) for Gorman Products,...
Variable and Absorption Costing Summarized data for 2019 (the first year of operations) for Gorman Products, Inc., are as follows: Sales (70,000 units) $2,800,000 Production costs (80,000 units) Direct material 880,000 Direct labor 720,000 Manufacturing overhead: Variable 544,000 Fixed 320,000 Operating expenses: Variable 175,000 Fixed 240,000 Depreciation on equipment 60,000 Real estate taxes 18,000 Personal property taxes (inventory & equipment) 28,800 Personnel department expenses 30,000 a. Prepare an income statement based on full absorption costing. Only use a negative sign...
Variable and Absorption Costing Summarized data for 2016 (the first year of operations) for Gorman Products,...
Variable and Absorption Costing Summarized data for 2016 (the first year of operations) for Gorman Products, Inc., are as follows: Sales (75,000 units) $7,500,000 Production costs (80,000 units) Direct material 2,200,000 Direct labor 1,800,000 Manufacturing overhead: Variable 1,360,000 Fixed 800,000 Operating expenses: Variable 420,000 Fixed 600,000 Depreciation on equipment 150,000 Real estate taxes 45,000 Personal property taxes (inventory & equipment) 72,000 Personnel department expenses 75,000 a. Prepare an income statement based on full absorption costing. Only use a negative sign...
P7-2A. Variable and Absorption Costing Summarized data for 2016 (the first year of operations) for Gorman...
P7-2A. Variable and Absorption Costing Summarized data for 2016 (the first year of operations) for Gorman Products, Inc., are as follows: Sales (75,000 units) ....................................... $3,000,000 Production costs (80,000 units): Direct material.......................................... 880,000 Direct labor ............................................ 720,000 Manufacturing overhead: Variable ............................................... 544,000 Fixed ................................................. 320,000 Operating expenses: Variable ............................................... 168,000 Fixed ................................................. 240,000 Depreciation on equipment ................................. 60,000 Real estate taxes ......................................... 18,000 Personal property taxes (on inventory and equipment) ............ 28,800 Personnel department expenses . . . . ....
Trez Company began operations this year. During this first year, the company produced 100,000 units and...
Trez Company began operations this year. During this first year,
the company produced 100,000 units and sold 80,000 units. The
absorption costing income statement for this year follows.
Sales (80,000 units × $40 per unit)
$
3,200,000
Cost of goods sold
Beginning inventory
$
0
Cost of goods manufactured (100,000 units × $20 per unit)
2,000,000
Cost of goods available for sale
2,000,000
Ending inventory (20,000 × $20)
400,000
Cost of goods sold
1,600,000
Gross margin
1,600,000
Selling and administrative...
Trez Company began operations this year. During this first year, the company produced 100,000 units and...
Trez Company began operations this year. During this first year, the company produced 100,000 units and sold 80.000 units. The absorption costing Income statement for this year follows Sales (80,000 units 550 per unit) $4,000,000 Cost of goods sold Beginning inventory $ e Cost of goods manufactured (100,000 units * $38 per unit) 3, eee,eee Cost of goods available for sale 3,600,000 Ending inventory (20,000 $30) 600,000 Cost of goods sold 2,480,ce Gross margin 1,680,000 Selling and administrative expenses 560,...
Variable and Absorption Costing Summarized data for 2019 (the first year of operations) for Gorman Products, Inc., are as follows: Sales (70,000 units) $2,800,000 Production costs (80,000 units) 880,000 Direct material Direct labor 720,000 Manufacturing overhead: Variable 544,000 Fixed 320,000 Operating expenses: Variable 175,000 Fixed 240,000 Depreciation on equipment 60,000 Real estate taxes 18,000 Personal property taxes (inventory & equipment) 28,800 Personnel department expenses 30,000 a. Prepare an income statement based on full absorption costing. Only use a negative sign...
Variable and Absorption Costing Summarized data for 2016 (the first year of operations) for Gorman Products, Inc., are as follows: Sales (75,000 units) $4,500,000 Production costs (80,000 units) Direct material 1,320,000 Direct labor 1,080,000 Manufacturing overhead: Variable 816,000 Fixed 480,000 Operating expenses: Variable 252,000 Fixed 360,000 Depreciation on equipment 90,000 Real estate taxes 27,000 Personal property taxes inventory & equipment) 43,200 Personnel department expenses 45,000 a. Prepare an income statement based on full absorption costing, Only use a negative sign...
Fill in the blanks please
Variable and Absorption Costing Summarized data for 2016 (the first year of operations) for Gorman Products, Inc., are as follows: Sales (75,000 units) $4,500,000 Production costs (80,000 units) Direct material 1,320,000 Direct labor 1,080,000 Manufacturing overhead: Variable 816,000 Fixed 480,000 Operating expenses: Variable 252,000 Fixed 360,000 Depreciation on equipment 90.000 Real estate taxes 27,000 Personal property taxes (inventory & equipment) 43,200 Personnel department expenses 45,000 a. Prepare an income statement based on full absorption costing....
Trez Company began operations this year. During this first year,
the company produced 100,000 units and sold 80,000 units. The
absorption costing income statement for this year follows.
Sales (80,000 units × $40 per unit)
$
3,200,000
Cost of goods sold
Beginning inventory
$
0
Cost of goods manufactured (100,000 units × $20 per unit)
2,000,000
Cost of goods available for sale
2,000,000
Ending inventory (20,000 × $20)
400,000
Cost of goods sold
1,600,000
Gross margin
1,600,000
Selling and administrative...
Trez Company began operations this year. During this first year, the company produced 100,000 units and sold 80.000 units. The absorption costing Income statement for this year follows Sales (80,000 units 550 per unit) $4,000,000 Cost of goods sold Beginning inventory $ e Cost of goods manufactured (100,000 units * $38 per unit) 3, eee,eee Cost of goods available for sale 3,600,000 Ending inventory (20,000 $30) 600,000 Cost of goods sold 2,480,ce Gross margin 1,680,000 Selling and administrative expenses 560,...
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