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3. Income statements - absorption costing vs direct costing. The Denton Corporation produced 24,000 units (normal...
Income Statements under Absorption Costing and Variable Costing
Income Statements under Absorption Costing and Variable Costing Gallatin County Motors Inc, assembles and sells snowmobile engines. The company began operations on July 1 and operated at 100% of capacity during the first month. The following data summarize the results for July: Sales (4,000 units) $2,600,000 Production costs (4,350 units): Direct materials $1,218,000 Direct labor 522,000 Variable factory overhead 87,000 Fixed factory overhead 130,500 1,957,500 Selling and administrative expenses: Variable selling and administrative expenses $60,000 Fixed selling and administrative expenses 25,000 85,000a....
Income Statements under Absorption Costing and Variable Costing Gallatin County Motors Inc. assembles and sells snowmobile...
Income Statements under Absorption Costing and Variable Costing Gallatin County Motors Inc. assembles and sells snowmobile engines. The company began operations on July 1 and operated at 100% of capacity during the first month. The following data summarize the results for July: Sales (4,000 units) $2,600,000 Production costs (4,350 units): Direct materials $1,218,000 Direct labor 522,000 Variable factory overhead 87,000 Fixed factory overhead 130,500 1,957,500 Selling and administrative expenses: Variable selling and administrative expenses $60,000 Fixed selling and administrative expenses...
Ex 21-2 EX 21-2 Income statements income statements under absorption costing and variable costing Obj. 1...
Ex 21-2
EX 21-2 Income statements income statements under absorption costing and variable costing Obj. 1 Gallatin County Motors Inc. assembles and sells snowmobile engines. The company began operations on July 1 and operated at 100% of capacity during the first month. The following data summarize the results for July: $2,600,000 Sales (4,000 units) ... Production costs (4,350 units): Direct materials Direct labor... Variable factory overhead ..................... Fixed factory overhead................... Selling and administrative expenses: Variable selling and administrative expenses..... Fixed...
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...
Variable vs. Absorption Costing Selling price per unit 50.00 No Video for this worksheet $ Mandturing...
Variable vs. Absorption Costing Selling price per unit 50.00 No Video for this worksheet $ Mandturing cost Variable per unit produced: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead per year 11.00 6.00 REQUIRED: Calculate the unit cost and prepare a traditional Income statements using absorption costing. Calculate the unit cost and prepare a variable costing Income statement. Check your work using the values on the check figure tab. $ 120,000 Selling and administrative expenses Variable per unit...
Complete Absorption Costing vs. Variable Costing Income statements for Randeris Company, Year 1 & Year 2....
Complete Absorption Costing vs. Variable Costing Income
statements for Randeris Company, Year 1 & Year 2.
RANDERIS COMPANY - YEAR ONE 30,000 25,000 30 $ $ 10 Number of units produced Number of units sold Unit sales price Variable costs per unit: Direct materials, direct labor variable mfg. overhead Selling & administrative expenses Fixed costs per year: Manufacturing overhead Selling & administrative expenses $ 3 $ 150,000 $100,000 RANDERIS COMPANY - YEAR TWO 20,000 25,000 5,000 30 $ Number of...
During Denton Company's first two years of operations, the company reported absorption costing net operating income...
During Denton Company's first two years of operations, the company reported absorption costing net operating income as follows: Yon 2 $ 1,200,000 $ 1,890,000 Sales (@ $63 per unit) Cost of goods sold (@ $35 per unit) 700,000 1,050.000 560,000 840,000 Gross margin Selling and administrative expenses 312,000 342,000 Net operating income 248,000 498,000 * 53 per unit variable, 5252,000 fixed each year. The company's $35 unit product cost is computed as follows: 7 Direct materials Direct labor Variable manufacturing...
Denton Company manufactures and sells a single product. Cost data for the product are given: Variable...
Denton Company manufactures and sells a single product. Cost
data for the product are given:
Variable costs per unit:
Direct materials
$
4
Direct labor
10
Variable manufacturing overhead
3
Variable selling and administrative
1
Total variable cost per unit
$
18
Fixed costs per month:
Fixed manufacturing overhead
$
96,000
Fixed selling and administrative
163,000
Total fixed cost per month
$
259,000
The product sells for $53 per unit. Production and sales data
for July and August, the first...
Problem 7-22 Variable Costing Income Statements; Income Reconciliation [LO7-1, LO7-2, LO7-3] Denton Company manufactures and sells...
Problem 7-22 Variable Costing Income Statements; Income Reconciliation [LO7-1, LO7-2, LO7-3] Denton Company manufactures and sells a single product. Cost data for the product are given: Variable costs per unit: Direct materials $ 7 Direct labor 10 Variable manufacturing overhead 5 Variable selling and administrative 3 Total variable cost per unit $ 25 Fixed costs per month: Fixed manufacturing overhead $ 315,000 Fixed selling and administrative 245,000 Total fixed cost per month $ 560,000 The product sells for $60 per...
Income Statements under Absorption and Variable Costing Shawnee Motors Inc. assembles and sells MP3 players. The...
Income Statements under Absorption and Variable Costing Shawnee Motors Inc. assembles and sells MP3 players. The company began operations on August 1 and operated at 100% of capacity during the first month. The following data summarize the results for August: Sales (16,500 units) $1,485,000 Production costs (21,000 units): Direct materials $699,300 Direct labor 336,000 Variable factory overhead 168,000 Fixed factory overhead 111,300 1,314,600 Selling and administrative expenses: Variable selling and administrative expenses $203,800 Fixed selling and administrative expenses 78,900 282,700...
Income Statements under Absorption Costing and Variable Costing Gallatin County Motors Inc, assembles and sells snowmobile engines. The company began operations on July 1 and operated at 100% of capacity during the first month. The following data summarize the results for July: Sales (4,000 units) $2,600,000 Production costs (4,350 units): Direct materials $1,218,000 Direct labor 522,000 Variable factory overhead 87,000 Fixed factory overhead 130,500 1,957,500 Selling and administrative expenses: Variable selling and administrative expenses $60,000 Fixed selling and administrative expenses 25,000 85,000a....
Income Statements under Absorption Costing and Variable Costing Gallatin County Motors Inc. assembles and sells snowmobile engines. The company began operations on July 1 and operated at 100% of capacity during the first month. The following data summarize the results for July: Sales (4,000 units) $2,600,000 Production costs (4,350 units): Direct materials $1,218,000 Direct labor 522,000 Variable factory overhead 87,000 Fixed factory overhead 130,500 1,957,500 Selling and administrative expenses: Variable selling and administrative expenses $60,000 Fixed selling and administrative expenses...
Ex 21-2
EX 21-2 Income statements income statements under absorption costing and variable costing Obj. 1 Gallatin County Motors Inc. assembles and sells snowmobile engines. The company began operations on July 1 and operated at 100% of capacity during the first month. The following data summarize the results for July: $2,600,000 Sales (4,000 units) ... Production costs (4,350 units): Direct materials Direct labor... Variable factory overhead ..................... Fixed factory overhead................... Selling and administrative expenses: Variable selling and administrative expenses..... Fixed...
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...
Variable vs. Absorption Costing Selling price per unit 50.00 No Video for this worksheet $ Mandturing cost Variable per unit produced: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead per year 11.00 6.00 REQUIRED: Calculate the unit cost and prepare a traditional Income statements using absorption costing. Calculate the unit cost and prepare a variable costing Income statement. Check your work using the values on the check figure tab. $ 120,000 Selling and administrative expenses Variable per unit...
Complete Absorption Costing vs. Variable Costing Income
statements for Randeris Company, Year 1 & Year 2.
RANDERIS COMPANY - YEAR ONE 30,000 25,000 30 $ $ 10 Number of units produced Number of units sold Unit sales price Variable costs per unit: Direct materials, direct labor variable mfg. overhead Selling & administrative expenses Fixed costs per year: Manufacturing overhead Selling & administrative expenses $ 3 $ 150,000 $100,000 RANDERIS COMPANY - YEAR TWO 20,000 25,000 5,000 30 $ Number of...
During Denton Company's first two years of operations, the company reported absorption costing net operating income as follows: Yon 2 $ 1,200,000 $ 1,890,000 Sales (@ $63 per unit) Cost of goods sold (@ $35 per unit) 700,000 1,050.000 560,000 840,000 Gross margin Selling and administrative expenses 312,000 342,000 Net operating income 248,000 498,000 * 53 per unit variable, 5252,000 fixed each year. The company's $35 unit product cost is computed as follows: 7 Direct materials Direct labor Variable manufacturing...
Denton Company manufactures and sells a single product. Cost
data for the product are given:
Variable costs per unit:
Direct materials
$
4
Direct labor
10
Variable manufacturing overhead
3
Variable selling and administrative
1
Total variable cost per unit
$
18
Fixed costs per month:
Fixed manufacturing overhead
$
96,000
Fixed selling and administrative
163,000
Total fixed cost per month
$
259,000
The product sells for $53 per unit. Production and sales data
for July and August, the first...
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