[The following information applies to the questions
displayed below.]
Oak Mart, a producer of solid oak tables, reports the following
data from its second year of business.
Sales price per unit | $ | 310 | per unit |
Units produced this year | 120,000 | units | |
Units sold this year | 123,250 | units | |
Units in beginning-year inventory | 3,250 | units | |
Beginning inventory costs | |||
Variable (3,250 units × $140) | $ | 455,000 | |
Fixed (3,250 units × $75) | 243,750 | ||
Total | $ | 698,750 | |
Manufacturing costs this year | |||
Direct materials | $ | 42 | per unit |
Direct labor | $ | 62 | per unit |
Overhead costs this year | |||
Variable overhead | $ | 3,200,000 | |
Fixed overhead | $ | 7,200,000 | |
Selling and administrative costs this year | |||
Variable | $ | 1,500,000 | |
Fixed | 4,600,000 | ||
1. Prepare the current-year income statement for the company using variable costing.
Oak Mart | ||
Variable costing income statement | ||
Sales (123,250*$310) | $ 38,207,500 | |
Less: Variable expenses | ||
Variable cost of goods sold ($455,000+3,200,000+(120,000*$104)) | $ 16,135,000 | |
Variable Selling and administrative costs | $ 1,500,000 | |
Total variable costs | $ 17,635,000 | |
Contribution margin | $ 20,572,500 | |
Less: Fixed expenses | ||
Fixed manufacturing overhead ($243,750+$7,200,000) | $ 7,443,750 | |
Fixed selling and administrative expenses | $ 4,600,000 | |
Total fixed expenses | $ 12,043,750 | |
Net income (loss) | $ 8,528,750 |
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[The following information applies to the questions displayed below.] Oak Mart, a producer of solid oak...
Required information [The following information applies to the questions displayed below.] Oak Mart, a producer of solid oak tables, reports the following data from its second year of business. Sales price per unit $ 310 per unit Units produced this year 120,000 units Units sold this year 123,250 units Units in beginning-year inventory 3,250 units Beginning inventory costs Variable (3,250 units × $140) $ 455,000 Fixed (3,250 units × $75) 243,750 Total $ 698,750 Manufacturing costs this year Direct materials...
Saved The following information applies to the questions displayed below) Oak Mart, a producer of solid oak tables, reports the following data from its second year of business Sales price per unit $ 300 per Units produced this year 1 unit Units sold this year 120,000 units Units in beginning-year inventory 123,250 units Beginning inventory costs 3,250 units Variable (3,250 units * $135) $ 438,750 Fixed (3,250 units * $80) 260,000 Total $ 698,750 Manufacturing costs this year Direct materials...
Oak Mart, a producer of solid oak tables, reports the following data from its second year of business. Sales price per unit $ 310 per unit Units produced this year 105,000 units Units sold this year 108,250 units Units in beginning-year inventory 3,250 units Beginning inventory costs Variable (3,250 units × $135) $ 438,750 Fixed (3,250 units × $75) 243,750 Total $ 682,500 Manufacturing costs this year Direct materials $ 44 per unit Direct labor $ 70 per unit Overhead...
Required information (The following information applies to the questions displayed below.] Oak Mart, a producer of solid oak tables, reports the following data from its second year of business. 330 per unit 100, 000 units 103, 250 units 3,250 units $ 438,750 243,750 682,500 $ Sales price per unit Units produced this year Units sold this year Units in beginning-year inventory Beginning inventory costs Variable (3,250 units x $135) Fixed (3,250 units X $75) Total Manufacturing costs this year Direct...
Required information [The following information applies to the questions displayed below Oak Mart, a producer of solid oak tables, reports the following data from its second year of business. Sales price per unit Units produced this year Units sold this year Units in beginning-year inventory Beginning inventory costs Variable (3,250 units x $140) Fixed (3,250 units x $8e) $ 310 per unit 110,000 units 113,250 units 3,250 units $ 455,000 260,000 $ 715,000 Total Manufacturing costs this year Direct materials...
Required information The following information applies to the questions displayed below.] Oak Mart, a producer of solid oak tables, reports the following data from its second year of business Sales price per unit Units produced this year Units sold this year Units in beginning-year inventory Beginning inventory costs 320 per unit 115,000 units 118,500 units 3,500 units Variable (3,500 units x $135) Fixed (3,500 units × $70) Total $ 472,500 245,000 $ 717,500 Manufacturing costs this year Direct materials Direct...
Required information The following information applies to the questions displayed below) Oak Mart, a producer of solid oak tables, reports the following data from its second year of business. 319 per unit 110,000 units 113,250 units 3,250 units $ 455,000 260,000 715,000 $ Sales price per unit Units produced this year Units sold this year Units in beginning-year inventory Beginning inventory costs Variable (3,250 units x $140) Fixed (3,250 units X $80) Total Manufacturing costs this year Direct materials Direct...
Required Information The following information applies to the questions displayed below) Oak Mart, a producer of solid oak tables, reports the following data from its second year of business 320 per Sales price per unit Units produced this year Units sold this year Units in beginning-year inventory Beginning inventory costs Variable (3,750 units X $135) Fixed (3,750 units $75) Total Manufacturing costs this year Direct materials $ unit 120,000 units 123,750 units 3,750 units $ 506,250 281,250 $ 787,500 $...
Required information [The following information applies to the questions displayed below.] Oak Mart, a producer of solid oak tables, reports the following data from its second year of business. Sales price per unit $ 320 per unit Units produced this year 115,000 units Units sold this year 118,000 units Units in beginning-year inventory 3,000 units Beginning inventory costs Variable (3,000 units × $135) $ 405,000 Fixed (3,000 units × $80) 240,000 Total $ 645,000 Manufacturing costs this year Direct...
Required information [The following information applies to the questions displayed below) Oak Mart, a producer of solid oak tables, reports the following data from its second year of business. 6 330 per unit 100,000 units 103,500 units 3,500 units Sales price per unit Units produced this year Units sold this year Units in beginning-year inventory Beginning inventory costs Variable (3,500 units * $140) Fixed (3, 500 units x $70) Total Manufacturing costs this year Direct materials Direct labor Overhead costs...