Homework Answers
Calculation of Net Income using Full Costing
Net Income for 2021 = Sales - Cost of Goods Sold - Selling and Administrative Expenses
Sales = 1,200 Units * $ 1,200 per Unit = $ 14,40,000
Selling and Administrative Expenses = 1,200 Units * $ 20 per Unit + $ 35,000 = $ 59,000
Cost of Goods Sold = 100 Units * $ 722 + 1,100 Units * $ 690 per Unit
Cost of Goods Sold = 72,200 + 759,000
Cost of Goods Sold = 831,200
Net Income = 14,40,000 - 831,200 - 59,000
Net Income as per Full Costing = $ 549,800
Firstly Closing Stock of Year 2020 will be sold then Production of 2021. Assuming FIFO.
NOTES
UNIT COST FOR YEAR 2020
Unit Product Cost = Direct Materials Cost per Unit + Direct Labour Cost per Unit + Variable Manufacturing Overhead per Unit + Fixed Manufacturing Overhead per Unit
Unit Product Cost for 2020 = 350 + 220 + 40 + 112 = $ 722 per Unit
Fixed Manufacturing Overhead per Unit Produced = 112,000 / 1,000 = $ 112 per Unit
UNIT COST FOR YEAR 2021
Unit Product Cost = Direct Materials Cost per Unit + Direct Labour Cost per Unit + Variable Manufacturing Overhead per Unit + Fixed Manufacturing Overhead per Unit
Unit Product Cost for 2020 = 350 + 220 + 40 + 80 = $ 690 per Unit
Fixed Manufacturing Overhead per Unit Produced = 112,000 / 14,000 = $ 80
Add Answer to:
The following information is available for Trailblazer, a manufacturer of four-wheel all-terrain vehicles for its first...
View Policies Current Attempt in Progress The following information is available for Trailblazer, a manufacturer of...
View Policies Current Attempt in Progress The following information is available for Trailblazer, a manufacturer of four-wheel all-terrain vehicles for its first two years of operation: Vehicles produced Vehicles sold 2020 1,000 900 2021 1,400 1,200 $1,200 $350 $220 $1,200 $350 $220 Selling price per unit Direct material per unit Direct labor per unit Variable manufacturing overhead per unit Fixed manufacturing overhead per year Variable selling and administrative expense per unit Fixed selling and administrative expense per year $40 $112,000...
Polarix is a retailer of ATVs (all-terrain vehicles) and accessories. An income statement for its Consumer...
Polarix is a retailer of ATVs (all-terrain vehicles) and accessories. An income statement for its Consumer ATV Department for the current year follows. ATVs sell for $3,800 each. Variable selling expenses are $220 per ATV. The remaining selling expenses are fixed Administrative expenses are 10% variable and 906 fixed. The company does not manufacture its own Aris it purchases them from a supplier for $1,830 each. Tncome Statement-Consumer ATV Department Sales Cost of goods sold Gross margin Operating expenses $634,600...
Polarix is a retailer of ATVs (all-terrain vehicles) and accessories. An income statement for its Consumer...
Polarix is a retailer of ATVs (all-terrain vehicles) and accessories. An income statement for its Consumer ATV Department for the current year follows. ATVs sell for $4,000 each. Variable selling expenses are $220 per ATV. The remaining selling expenses are fixed. Administrative expenses are 50% variable and 50% fixed. The company does not manufacture its own ATVs, it purchases them from a supplier for $1,830 each. POLARIX Income Statement-Consumer ATV Department For Year Ended December 31 Sales $676,000 Cost of...
Polarix is a retailer of ATVs (all-terrain vehicles) and accessories. An income statement for its Consumer...
Polarix is a retailer of ATVs (all-terrain vehicles) and accessories. An income statement for its Consumer ATV Department for the current year follows. ATVs sell for $3,400 each. Variable selling expenses are $270 per ATV. The remaining selling expenses are fixed. Administrative expenses are 40% variable and 60% fixed. The company does not manufacture its own ATVs; it purchases them from a supplier for $1,860 each. POLARIX Income Statement—Consumer ATV Department For Year Ended December 31 Sales $ 618,800 Cost...
Polarix is a retailer of ATVs (all-terrain vehicles) and accessories. An income statement for its Consumer...
Polarix is a retailer of ATVs (all-terrain vehicles) and accessories. An income statement for its Consumer ATV Department for the current year follows. ATVs sell for $3,800 each. Variable selling expenses are $290 per ATV. The remaining selling expenses are fixed. Administrative expenses are 40% variable and 60% fixed. The company does not manufacture its own ATVs; it purchases them from a supplier for $1,890 each POLARIX Income Statement-Consumer ATV Department For Year Ended December 31 Sales $619,400 Cost of...
Polarix is a retailer of ATVs (all-terrain vehicles) and accessories. An income statement for its Consumer...
Polarix is a retailer of ATVs (all-terrain vehicles) and accessories. An income statement for its Consumer ATV Department for the current year follows. ATVs sell for $3,400 each. Variable selling expenses are $240 per ATV. The remaining selling expenses are fixed. Administrative expenses are 60% variable and 40% fixed. The company does not manufacture its own ATVs; it purchases them from a supplier for $1,870 each. POLARIX Income Statement—Consumer ATV Department For Year Ended December 31 Sales $ 676,600 Cost...
Polarix is a retailer of ATVs (all-terrain vehicles) and accessories. An income statement for its Consumer...
Polarix is a retailer of ATVs (all-terrain vehicles) and accessories. An income statement for its Consumer ATV Department for the current year follows. ATVs sell for $3,800 each. Variable selling expenses are $300 per ATV. The remaining selling expenses are fixed. Administrative expenses are 60% variable and 40% fixed. The company does not manufacture its own ATVs; it purchases them from a supplier for $1,850 each. POLARIX Income Statement-Consumer ATV Department For Year Ended December 31 Sales $615,600 Cost of...
Polarix is a retailer of ATVs (all-terrain vehicles) and accessories. An income statement for its Consumer...
Polarix is a retailer of ATVs (all-terrain vehicles) and accessories. An income statement for its Consumer ATV Department for the current year follows. ATVs sell for $4,000 each. Variable selling expenses are $310 per ATV. The remaining selling expenses are fixed. Administrative expenses are 50% variable and 50% fixed. The company does not manufacture its own ATVs: it purchases them from a supplier for $1, 910 each. Required: Prepare an income statement for this current year using the contribution margin...
Polarix is a retailer of ATVs (all-terrain vehicles) and accessories. An income statement for its Consumer...
Polarix is a retailer of ATVs (all-terrain vehicles) and accessories. An income statement for its Consumer ATV Department for the current year follows. ATVs sell for $4,000 each. Variable selling expenses are $310 per ATV. The remaining selling expenses are fixed. Administrative expenses are 30% variable and 70% fixed. The company does not manufacture its own ATVs, it purchases them from a supplier for $1,920 each. bok int POLARIX Income Statement-Consumer ATV Department For Year Ended December 31 Sales $...
Polarix is a retailer of ATVs (all-terrain vehicles) and accessories. An income statement for its Consumer...
Polarix is a retailer of ATVs (all-terrain vehicles) and accessories. An income statement for its Consumer ATV Department for the current year follows. ATVs sell for $3,800 each. Variable selling expenses are $310 per ATV. The remaining selling expenses are fixed. Administrative expenses are 50% variable and 50% fixed. The company does not manufacture its own ATVs; it purchases them from a supplier for $1,860 each. POLARIX Income Statement-Consumer ATV Department For Year Ended December 31, 2017 Sales $619,400 Cost...
View Policies Current Attempt in Progress The following information is available for Trailblazer, a manufacturer of four-wheel all-terrain vehicles for its first two years of operation: Vehicles produced Vehicles sold 2020 1,000 900 2021 1,400 1,200 $1,200 $350 $220 $1,200 $350 $220 Selling price per unit Direct material per unit Direct labor per unit Variable manufacturing overhead per unit Fixed manufacturing overhead per year Variable selling and administrative expense per unit Fixed selling and administrative expense per year $40 $112,000...
Polarix is a retailer of ATVs (all-terrain vehicles) and accessories. An income statement for its Consumer ATV Department for the current year follows. ATVs sell for $3,800 each. Variable selling expenses are $220 per ATV. The remaining selling expenses are fixed Administrative expenses are 10% variable and 906 fixed. The company does not manufacture its own Aris it purchases them from a supplier for $1,830 each. Tncome Statement-Consumer ATV Department Sales Cost of goods sold Gross margin Operating expenses $634,600...
Polarix is a retailer of ATVs (all-terrain vehicles) and accessories. An income statement for its Consumer ATV Department for the current year follows. ATVs sell for $4,000 each. Variable selling expenses are $220 per ATV. The remaining selling expenses are fixed. Administrative expenses are 50% variable and 50% fixed. The company does not manufacture its own ATVs, it purchases them from a supplier for $1,830 each. POLARIX Income Statement-Consumer ATV Department For Year Ended December 31 Sales $676,000 Cost of...
Polarix is a retailer of ATVs (all-terrain vehicles) and accessories. An income statement for its Consumer ATV Department for the current year follows. ATVs sell for $3,800 each. Variable selling expenses are $290 per ATV. The remaining selling expenses are fixed. Administrative expenses are 40% variable and 60% fixed. The company does not manufacture its own ATVs; it purchases them from a supplier for $1,890 each POLARIX Income Statement-Consumer ATV Department For Year Ended December 31 Sales $619,400 Cost of...
Polarix is a retailer of ATVs (all-terrain vehicles) and accessories. An income statement for its Consumer ATV Department for the current year follows. ATVs sell for $3,800 each. Variable selling expenses are $300 per ATV. The remaining selling expenses are fixed. Administrative expenses are 60% variable and 40% fixed. The company does not manufacture its own ATVs; it purchases them from a supplier for $1,850 each. POLARIX Income Statement-Consumer ATV Department For Year Ended December 31 Sales $615,600 Cost of...
Polarix is a retailer of ATVs (all-terrain vehicles) and accessories. An income statement for its Consumer ATV Department for the current year follows. ATVs sell for $4,000 each. Variable selling expenses are $310 per ATV. The remaining selling expenses are fixed. Administrative expenses are 50% variable and 50% fixed. The company does not manufacture its own ATVs: it purchases them from a supplier for $1, 910 each. Required: Prepare an income statement for this current year using the contribution margin...
Polarix is a retailer of ATVs (all-terrain vehicles) and accessories. An income statement for its Consumer ATV Department for the current year follows. ATVs sell for $4,000 each. Variable selling expenses are $310 per ATV. The remaining selling expenses are fixed. Administrative expenses are 30% variable and 70% fixed. The company does not manufacture its own ATVs, it purchases them from a supplier for $1,920 each. bok int POLARIX Income Statement-Consumer ATV Department For Year Ended December 31 Sales $...
Polarix is a retailer of ATVs (all-terrain vehicles) and accessories. An income statement for its Consumer ATV Department for the current year follows. ATVs sell for $3,800 each. Variable selling expenses are $310 per ATV. The remaining selling expenses are fixed. Administrative expenses are 50% variable and 50% fixed. The company does not manufacture its own ATVs; it purchases them from a supplier for $1,860 each. POLARIX Income Statement-Consumer ATV Department For Year Ended December 31, 2017 Sales $619,400 Cost...
Most questions answered within 3 hours.
-
You currently have 20,000X ethidium bromide. You want to make
250 mL of 1X ethidium bromide...
asked 2 minutes ago -
What mass of lead is needed to absorb 348 J of heat if the temp
of...
asked 5 minutes ago -
Explain the difference between an auction with reserve
and an auction without reserve. if not specified,...
asked 7 minutes ago -
Write the net ionic equation for the precipitation reaction that
occurs when aqueous solutions of aluminum...
asked 10 minutes ago -
How do we find the slope distance, given the horizontal distance
and the zenith angle?
For...
asked 9 minutes ago -
The table to the right lists probabilities for the corresponding
numbers of girls in three births....
asked 20 minutes ago -
The inverse demand function for good X is P = 5−0.05Q. The
firm’s cost curve is...
asked 18 minutes ago -
The Fresh Connection is really pushing the new line of juice
products. Given that it takes...
asked 24 minutes ago -
An acute decrease in mean arterial pressure (by getting up very
quickly, for instance) will cause...
asked 23 minutes ago -
Is the pH of solutions important when using the Fluoride ISE? If
so, why?
asked 26 minutes ago -
Producer surplus is:
a.
always equal to consumer surplus.
b.
the amount paid to sellers above...
asked 28 minutes ago -
In 2005, Derrek Lee led the National Baseball League with a
0.335 batting average, meaning that...
asked 47 minutes ago