Homework Answers
| Fixed Manufacturing overheads per unit: | |||||
| Total Fixed manufacturing Overhead | 3,50,000 | ||||
| Divide: Units produced | 10,000 | ||||
| Fixed Manufacturing overheads per unit: | 35 | ||||
| Multiply: Ending inventory units (10,000-7,000) | 3,000 | ||||
| Fixed Mfg overheads deferred | 1,05,000 | ||||
| Reconciliation Statement | |||||
| Net Income as per Variable costing | 58,000 | ||||
| Add: Fixed Mfg Overheads deferred in Ending inventory | 1,05,000 | ||||
| Net Income as per Full costing | 1,63,000 |
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> The Beca Company produces a 10-inch chef kniteu by commercial chefs. The knives sell for...
please answer all parts to the question. The Marx Company produces a 10-inch chef knife used...
please answer all parts to the question.
The Marx Company produces a 10-inch chef knife used by commercial chefs. The knives sell for $200 each. In 2020, the company produced 10,400 units and sold 8,300 units. There was no beginning inventory. Following are variable and full costing income statements for 2020 Income Statement Prepared Using Variable Costing Marx Company Income Statement For the Year Ending December 31, 2020 Sales $1,660,000 Less variable costs: Variable cost of goods sold $820,000 Variable...
Yale Company manufactures hair brushes that sell at wholesale for $3 per unit. The company had...
Yale Company manufactures hair brushes that sell at wholesale for $3 per unit. The company had no beginning inventory in the prior year. These data summarize the current and prior year operations: Prior Year 3,200 units 4,800 units Current Year 6,400 units 4,800 units Sales Production Production cost Factory-variable (per unit) -fixed Marketing-variable Administrative-fixed $ 0.60 $2,400 $ 0.40 $ 500 $ 0.60 $2,400 $ 0.40 $ 500 Required: 1. Prepare an income statement for each year based on full...
Jackson Company produces plastic that is used for injection-molding applications such as gears fo...
Jackson Company produces plastic that is used for injection-molding applications such as gears for small motors. In 2016, the first year of operations, Jackson produced 4,900 tons of plastic and sold 3,920 tons. In 2017, the production and sales results were exactly reversed, In each year, the selling price per ton was $2,500 variable manufacturing costs were 18% of the sales price of units produced, variable selling expenses were 8% of the selling price of units sold, fixed manufacturing costs...
Dodner Company uses an absorption costing system in accounting for the single product it manufactures. The...
Dodner Company uses an absorption costing system in accounting for the single product it manufactures. The following selected data are for the year 2020: Sales (20,000 $720,000 units) Direct materials $259,200 used Direct labor $86,400 costs Variable manufacturing $25,920 overhead Fixed manufacturing $34,560 overhead $43,200 Variable selling and administrative expenses Fixed selling and administrative expenses $144,000 The company produced 24,000 units and sold 20,000 units in 2020. Direct materials and direct labor are variable costs. One unit of direct material...
Yale Company manufactures hair brushes that sell at wholesale for $3 per unit. The company had...
Yale Company manufactures hair brushes that sell at wholesale for $3 per unit. The company had no beginning inventory in the prior year. These data summarize the current and prior year operations: Prior Year 3,300 units 5,800 units Current Year 6,700 units 5,800 units Sales Production Production cost Factory-variable (per unit) -fixed Marketing-variable Administrative-fixed $ 8.60 $ 2, see $ 0.40 $ See $ 8.60 $ 2,500 $ 0.40 $ See Required: 1. Prepare an income statement for each year...
Just need requirement 2(variable costing income statement Yale Company manufactures hair brushes that sell at wholesale...
Just need requirement 2(variable costing income statement
Yale Company manufactures hair brushes that sell at wholesale for $3 per unit. The company had no beginning inventory in the prior year. These data summarize the current and prior year operations: Prior Year 1,800 units 2,000 units Current Year 2,200 units 2,000 units Sales Production Production cost Factory-variable (per unit) -fixed Marketing-variable Administrative-fixed $ 0.60 $1,000 $ 0.40 $ 500 $ 0.60 $1,000 $ 0.40 $ 500 Required: 1. Prepare an income...
Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 5,600 rackets...
Aces Inc., a manufacturer of tennis rackets, began operations
this year. The company produced 5,600 rackets and sold 4,500. Each
racket was sold at a price of $86. Fixed overhead costs are
$70,560, and fixed selling and administrative costs are $64,800.
The company also reports the following per unit costs for the
year:
Variable production costs
$
24.60
Variable selling and
administrative expenses
$
1.60
Required:
Prepare an income statement under variable costing.
ACES INC Variable Costing Income Statement Sales...
Ida Sidha Karya Company is a family-owned company located on the island of Bali in Indonesia. The company produces a ha...
Ida Sidha Karya Company is a family-owned company located on the island of Bali in Indonesia. The company produces a handcrafted Balinese musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $880. Selected data for the company's operations last year follow: 280 255 Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs: Fixed...
Empey Manufacturing produces towels to be sold as souvenirs at sporting events throughout the world. Assume that units p...
Empey Manufacturing produces towels to be sold as souvenirs at sporting events throughout the world. Assume that units produced equalled units sold in 2020. The company's variable-costing income statement and other data are as follows: EMPEY MANUFACTURING Income Statement Year Ended December 31, 2020 Variable Costing Sales (260,700 units) $521,400 Variable cost of goods sold $255,486 Variable selling expenses 31,284 Variable administrative expenses 36,498 323,268 Contribution margin 198,132 Fixed manufacturing overhead 96,459 Fixed selling expenses 38,500 Fixed administrative expenses 42,625...
Required information [The following information applies to the questions displayed below.] Dowell Company produces a single...
Required information [The following information applies to the questions displayed below.] Dowell Company produces a single product. Its income statements under absorption costing for its first two years of operation follow Sales ($44 per unit) cout of goods sold ($29 per unit) Gross margin Selling and administrative expenses Net income 2018 2019 $880,000 $1,760,000 580,000 1,160,000 300,000 600,000 285,000 325,000 $ 15,000 $275,000 Additional Information a. Sales and production data for these first two years follow. Units produced 2018 30,000...
please answer all parts to the question.
The Marx Company produces a 10-inch chef knife used by commercial chefs. The knives sell for $200 each. In 2020, the company produced 10,400 units and sold 8,300 units. There was no beginning inventory. Following are variable and full costing income statements for 2020 Income Statement Prepared Using Variable Costing Marx Company Income Statement For the Year Ending December 31, 2020 Sales $1,660,000 Less variable costs: Variable cost of goods sold $820,000 Variable...
Yale Company manufactures hair brushes that sell at wholesale for $3 per unit. The company had no beginning inventory in the prior year. These data summarize the current and prior year operations: Prior Year 3,200 units 4,800 units Current Year 6,400 units 4,800 units Sales Production Production cost Factory-variable (per unit) -fixed Marketing-variable Administrative-fixed $ 0.60 $2,400 $ 0.40 $ 500 $ 0.60 $2,400 $ 0.40 $ 500 Required: 1. Prepare an income statement for each year based on full...
Jackson Company produces plastic that is used for injection-molding applications such as gears for small motors. In 2016, the first year of operations, Jackson produced 4,900 tons of plastic and sold 3,920 tons. In 2017, the production and sales results were exactly reversed, In each year, the selling price per ton was $2,500 variable manufacturing costs were 18% of the sales price of units produced, variable selling expenses were 8% of the selling price of units sold, fixed manufacturing costs...
Dodner Company uses an absorption costing system in accounting for the single product it manufactures. The following selected data are for the year 2020: Sales (20,000 $720,000 units) Direct materials $259,200 used Direct labor $86,400 costs Variable manufacturing $25,920 overhead Fixed manufacturing $34,560 overhead $43,200 Variable selling and administrative expenses Fixed selling and administrative expenses $144,000 The company produced 24,000 units and sold 20,000 units in 2020. Direct materials and direct labor are variable costs. One unit of direct material...
Yale Company manufactures hair brushes that sell at wholesale for $3 per unit. The company had no beginning inventory in the prior year. These data summarize the current and prior year operations: Prior Year 3,300 units 5,800 units Current Year 6,700 units 5,800 units Sales Production Production cost Factory-variable (per unit) -fixed Marketing-variable Administrative-fixed $ 8.60 $ 2, see $ 0.40 $ See $ 8.60 $ 2,500 $ 0.40 $ See Required: 1. Prepare an income statement for each year...
Just need requirement 2(variable costing income statement
Yale Company manufactures hair brushes that sell at wholesale for $3 per unit. The company had no beginning inventory in the prior year. These data summarize the current and prior year operations: Prior Year 1,800 units 2,000 units Current Year 2,200 units 2,000 units Sales Production Production cost Factory-variable (per unit) -fixed Marketing-variable Administrative-fixed $ 0.60 $1,000 $ 0.40 $ 500 $ 0.60 $1,000 $ 0.40 $ 500 Required: 1. Prepare an income...
Aces Inc., a manufacturer of tennis rackets, began operations
this year. The company produced 5,600 rackets and sold 4,500. Each
racket was sold at a price of $86. Fixed overhead costs are
$70,560, and fixed selling and administrative costs are $64,800.
The company also reports the following per unit costs for the
year:
Variable production costs
$
24.60
Variable selling and
administrative expenses
$
1.60
Required:
Prepare an income statement under variable costing.
ACES INC Variable Costing Income Statement Sales...
Ida Sidha Karya Company is a family-owned company located on the island of Bali in Indonesia. The company produces a handcrafted Balinese musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $880. Selected data for the company's operations last year follow: 280 255 Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs: Fixed...
Required information [The following information applies to the questions displayed below.] Dowell Company produces a single product. Its income statements under absorption costing for its first two years of operation follow Sales ($44 per unit) cout of goods sold ($29 per unit) Gross margin Selling and administrative expenses Net income 2018 2019 $880,000 $1,760,000 580,000 1,160,000 300,000 600,000 285,000 325,000 $ 15,000 $275,000 Additional Information a. Sales and production data for these first two years follow. Units produced 2018 30,000...
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