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Practice Question 26-1 Assume absorption costing net income is $100,000, ending inventory consists of 500 units,...
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...
homilate completion.. Return to question QS 19-14 Converting variable costing income to absorption costing income LO...
homilate completion.. Return to question QS 19-14 Converting variable costing income to absorption costing income LO P3 Hong Co. had net income of $386,100 under variable costing. Beginning and ending inventories were 2,600 units and 3,900 units, respectively. Fixed overhead cost was $4.00 per unit for both the beginning and ending inventory. What is net income under absorption costing? ® Answer is complete but not entirely correct. When the number of units produced exceeds the number of units sold, net...
1. Compute the value of Outback Corporation’s 20x1 ending finished-goods inventory under absorption costing. (Do not...
1. Compute the value of Outback Corporation’s 20x1 ending
finished-goods inventory under absorption costing. (Do not round
intermediate calculations.)
2. Compute the value of Outback Corporation’s 20x1 ending
finished-goods inventory under variable costing. (Do not round
intermediate calculations.)
3. Compute the difference between Outback Corporation’s 20x1
reported operating income calculated under absorption costing and
calculated under variable costing. (Do not round intermediate
calculations.)
Outback Corporation manufactures tactical LED flashlights in Brisbane, Australia. The firm uses an absorption costing system for...
Jeter Corporation had net income of $215,000 based on variable costing. Beginning and ending inventories were...
Jeter Corporation had net income of $215,000 based on variable costing. Beginning and ending inventories were 6,300 units and 10,600 units, respectively. Assume the fixed overhead per unit was $5 for both the beginning and ending inventory. What is net income under absorption costing?
19 Problem 19-2A Variable costing income statement and conversion to absorption costing income LO P2, P3...
19
Problem 19-2A Variable costing income statement and conversion to absorption costing income LO P2, P3 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. $4,000,000 Sales (80,000 units * $50 per unit) Cost of goods sold Beginning inventory Cost of goods manufactured (100,000 units X $30 per unit) Cost of good available for sale Ending inventory (20,000 $30) Coat of...
Reliable Inc. uses absorption costing in a FIFO inventory system.Reliable had opening inventory of 150 units...
Reliable Inc. uses absorption costing in a FIFO inventory system.Reliable had opening inventory of 150 units at a cost of $35 per unit. Ending inventory is 110 units. During 2017 Reliable sold 1,500 units at $55 each. The following costs apply to Reliable's operations for the year ended December 31, 2017. Direct material used in production $ 14 per unit Direct labour incurred 6 per unit Fixed manufacturing overhead $ 16,050 Variable manufacturing overhead $ 6 per unit Selling costs...
Variable and Absorption Costing Pyne Company produces a single product. The company has 85,000 units in...
Variable and Absorption Costing Pyne Company produces a single product. The company has 85,000 units in its ending inventory. Pyne's variable production costs during the year were $10 per unit and fixed manufacturing overhead costs were applied at $25 per unit ( which was the same as last year). The company's net operating income is $155,000 higher under variable costing than it is under absorption costing; and the company uses FIFO and closes any over- or under-applied overhead directly to...
Absorption Costing, Value of Ending Inventory, Operating Income Pattison Products, Inc., began operations in October and...
Absorption Costing, Value of Ending Inventory, Operating Income Pattison Products, Inc., began operations in October and manufactured 51,000 units during the month with the following unit costs: Direct materials Direct labor Variable overhead Fixed overhead Variable marketing cost $6.00 4.00 2.00 8.00 1.70 Fixed overhead per unit $408,000/51,000 units produced $8 Total fixed factory overhead is $408,000 per month. During October, 49,100 units were sold at a price of $27.50, and fixed marketing and administrative expenses were $132,100. Required: 1....
find net operating income (loss) for year 1 under absorption costing find net operating income (loss)...
find net operating income (loss) for year 1 under absorption
costing
find net operating income (loss) for year 2 under absorption
costing
find net operating income (loss) for year 1 under variable
costing
find net operating income (loss) for year 2 under variable
costing
area of your worksheet so that it А B с Chapter 6: Applying Excel Data $ 344 $ 146 Selling price per unit Manufacturing costs: Variable per unit produced: Direct materials Direct labor Variable manufacturing overhead...
#1 #2 Absorption-Costing Income Statement During the most recent year, Osterman Company had the following data:...
#1
#2
Absorption-Costing Income Statement
During the most recent year, Osterman Company had the following
data:
Units in beginning inventory
—
Units produced
10,000
Units sold ($47 per unit)
9,300
Variable costs per unit:
Direct materials
$9
Direct labor
$6
Variable overhead
$4
Fixed costs:
Fixed overhead per unit produced
$5
Fixed selling and administrative
$138,000
Required:
1. Calculate the cost of goods sold under
absorption costing.
$
2. Prepare an income statement using absorption
costing. Enter amounts as positive...
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...
homilate completion.. Return to question QS 19-14 Converting variable costing income to absorption costing income LO P3 Hong Co. had net income of $386,100 under variable costing. Beginning and ending inventories were 2,600 units and 3,900 units, respectively. Fixed overhead cost was $4.00 per unit for both the beginning and ending inventory. What is net income under absorption costing? ® Answer is complete but not entirely correct. When the number of units produced exceeds the number of units sold, net...
1. Compute the value of Outback Corporation’s 20x1 ending
finished-goods inventory under absorption costing. (Do not round
intermediate calculations.)
2. Compute the value of Outback Corporation’s 20x1 ending
finished-goods inventory under variable costing. (Do not round
intermediate calculations.)
3. Compute the difference between Outback Corporation’s 20x1
reported operating income calculated under absorption costing and
calculated under variable costing. (Do not round intermediate
calculations.)
Outback Corporation manufactures tactical LED flashlights in Brisbane, Australia. The firm uses an absorption costing system for...
19
Problem 19-2A Variable costing income statement and conversion to absorption costing income LO P2, P3 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. $4,000,000 Sales (80,000 units * $50 per unit) Cost of goods sold Beginning inventory Cost of goods manufactured (100,000 units X $30 per unit) Cost of good available for sale Ending inventory (20,000 $30) Coat of...
Absorption Costing, Value of Ending Inventory, Operating Income Pattison Products, Inc., began operations in October and manufactured 51,000 units during the month with the following unit costs: Direct materials Direct labor Variable overhead Fixed overhead Variable marketing cost $6.00 4.00 2.00 8.00 1.70 Fixed overhead per unit $408,000/51,000 units produced $8 Total fixed factory overhead is $408,000 per month. During October, 49,100 units were sold at a price of $27.50, and fixed marketing and administrative expenses were $132,100. Required: 1....
find net operating income (loss) for year 1 under absorption
costing
find net operating income (loss) for year 2 under absorption
costing
find net operating income (loss) for year 1 under variable
costing
find net operating income (loss) for year 2 under variable
costing
area of your worksheet so that it А B с Chapter 6: Applying Excel Data $ 344 $ 146 Selling price per unit Manufacturing costs: Variable per unit produced: Direct materials Direct labor Variable manufacturing overhead...
#1
#2
Absorption-Costing Income Statement
During the most recent year, Osterman Company had the following
data:
Units in beginning inventory
—
Units produced
10,000
Units sold ($47 per unit)
9,300
Variable costs per unit:
Direct materials
$9
Direct labor
$6
Variable overhead
$4
Fixed costs:
Fixed overhead per unit produced
$5
Fixed selling and administrative
$138,000
Required:
1. Calculate the cost of goods sold under
absorption costing.
$
2. Prepare an income statement using absorption
costing. Enter amounts as positive...
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