cost Accounting
Variable costing is similar to absorption costing in that
A-Both recognize fixed costs as period costs.
B-Standard costs may be used with either method.
C-Both may be used for tax purposes.
D-They produce the same amount of pretax net income.
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Lehighton Chalk Company manufactures sidewalk chalk, which it sells online by the box at $25 per...
Lehighton Chalk
Company manufactures sidewalk chalk, which it sells online by the
box at $25 per unit. Lehighton uses an actual costing system, which
means that the actual costs of direct material, direct labor, and
manufacturing overhead are entered into work-in-process inventory.
The actual application rate for manufacturing overhead is computed
each year; actual manufacturing overhead is divided by actual
production (in units) to compute the application rate. Information
for Lehighton’s first two years of operation is as follows:
Year...
cost accounting
A. Midsem Ltd produces a single product. The management currently uses marginal costing but is considering using absorption costing in the future. The budgeted fixed production overheads for the period are 500000. The budgeted output for the period is 2000 units. There were 800 units of opening inventory at the beginning of the period and 500 units of closing inventory at the end of the period. Calculate the difference in the profits between the absorption costing profit and the marginal...
[The following information applies to the questions displayed below.) Huron Chalk Company manufactures sidewalk chalk which...
[The following information applies to the questions displayed below.) Huron Chalk Company manufactures sidewalk chalk which it sells online by the box at $26 per unit. Huron uses an actual costing system, which means that the actual costs of direct material, direct labor, and manufacturing overhead are entered into work-in- process inventory. The actual application rate for manufacturing overhead is computed each year, actual manufacturing overhead is divided by actual production (in units) to compute the application rate. Information for...
Which of the following is true of absorption costing? It expenses marketing costs as cost of...
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...
please help awnser these questions. Describe what a fixed cost is, compared to a curvilinear cost,...
please help awnser these questions. Describe what a fixed cost is, compared to a curvilinear cost, variable cost, stepwise cost, etc. Describe what a variable cost is and what it is not, when compared to other costs. Describe in detail what a curvilinear cost is and what it is not, when compared to other costs. Describe what a step-wise cost is, and what it is not, when compared to other costs. Describe what a mixed cost is, and what it...
having trouble with numbers 26-28 in question? A) S1,900.000 B) $2.800.000 $1,300,000 D1 31.100,000 E) $1,700,000...
having trouble with numbers 26-28
in question? A) S1,900.000 B) $2.800.000 $1,300,000 D1 31.100,000 E) $1,700,000 - Henderson Co. has fixed costs of $16,000 and a contribution margin ratio of 247 expected sales are $200,000, what is the margin of safety as a percent of sales A) 6%. 000 - 50,000 25%. C) 3396 - 200000 D) 50% sovo - 25% E) 759 700,000 25) Gladstone Co. has expected sales of $326,000 for the upcoming month and its monthly break...
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...
Absorption costing net income will be the same as variable costing net income if: a) selling and admin expenses are the...
Absorption costing net income will be the same as variable costing net income if: a) selling and admin expenses are the same b) there is no beginning or ending inventory c) there are no variable overhead costs d) sales revenues are the same as the previous reporting period
1. Use the income statements on the Absorption Statement and Variable Statement to complete the following...
1. Use the income statements on the Absorption Statement and Variable Statement to complete the following table for the original production level. Then prepare similar income statements at a production level 10,000 units higher and add that information to the table. Assume that total fixed costs, unit variable costs, unit sales price, and the sales levels are the same at both production levels. Operating Income Original Production Level-Absorption Original Production Level-Variable Additional 10,000 Units-Absorption Additional 10,000 Units-Variable $310,000 $250,000 $...
RefreshAde produced 11,000 cases of powdered drink mix and sold 9,000 cases in April 2018. The...
RefreshAde produced 11,000 cases of powdered drink mix and sold 9,000 cases in April 2018. The sales price was $22, variable costs were $8 per case ($6 manufacturing and $2 selling and administrative), and total fixed costs were $75,000 ($55,000 manufacturing overhead and $20,000 selling and administrative). The company had no beginning Finished Goods Inventory. RefreshAde calculated the cost per unit and the total cost of the 2,000 cases in Finished Goods Inventory as of April 30 using both the...
Lehighton Chalk
Company manufactures sidewalk chalk, which it sells online by the
box at $25 per unit. Lehighton uses an actual costing system, which
means that the actual costs of direct material, direct labor, and
manufacturing overhead are entered into work-in-process inventory.
The actual application rate for manufacturing overhead is computed
each year; actual manufacturing overhead is divided by actual
production (in units) to compute the application rate. Information
for Lehighton’s first two years of operation is as follows:
Year...
[The following information applies to the questions displayed below.) Huron Chalk Company manufactures sidewalk chalk which it sells online by the box at $26 per unit. Huron uses an actual costing system, which means that the actual costs of direct material, direct labor, and manufacturing overhead are entered into work-in- process inventory. The actual application rate for manufacturing overhead is computed each year, actual manufacturing overhead is divided by actual production (in units) to compute the application rate. Information for...
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...
having trouble with numbers 26-28
in question? A) S1,900.000 B) $2.800.000 $1,300,000 D1 31.100,000 E) $1,700,000 - Henderson Co. has fixed costs of $16,000 and a contribution margin ratio of 247 expected sales are $200,000, what is the margin of safety as a percent of sales A) 6%. 000 - 50,000 25%. C) 3396 - 200000 D) 50% sovo - 25% E) 759 700,000 25) Gladstone Co. has expected sales of $326,000 for the upcoming month and its monthly break...
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...
RefreshAde produced 11,000 cases of powdered drink mix and sold 9,000 cases in April 2018. The sales price was $22, variable costs were $8 per case ($6 manufacturing and $2 selling and administrative), and total fixed costs were $75,000 ($55,000 manufacturing overhead and $20,000 selling and administrative). The company had no beginning Finished Goods Inventory. RefreshAde calculated the cost per unit and the total cost of the 2,000 cases in Finished Goods Inventory as of April 30 using both the...
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