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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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Limonade produced 11,000 cases of powdered drink mix and sold 10,000 cases in April 2010. The sale price was $25, variable costs were $10 per case ($8 manufacturing and $2 selling & administrative) and total fixed costs were $75,000 ($55,000 manufacturing and $20,000 selling & administrative). The company had no beginning inventory. Prepare the April income statement using variable costing.
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Vita Ade produced 16,000 cases of powdered drink mix and sold 15,000 cases in April 2018. The sales price was $27, variable costs were $9 per case ($7 manufacturing and $2 selling and administrative), and total fixed costs were $95,000 ($80,000 manufacturing overhead and $15,000 selling and administrative). The company had no beginning Finished Goods Inventory. Vita Ade calculated the cost per unit and the total cost of the 1,000 cases in Finished Goods Inventory as of April 30 using...
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ExerAde produced 11,000 cases of powdered drink mix and sold 9,000 cases in April 2016. The sales price was $29, variable costs were $10 per case ($8 manufacturing and $2 selling and administrative), and total fixed costs were $75,000 ($55,000 manufacturing and $20,000 selling and administrative). The company had no beginning Finished Goods Inventory. Requirements 1. Prepare the April income statement using variable costing. 2. Determine the product cost per unit and the total cost of the 2,000 cases in...
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Help needed
Jimbob Co.'s records include the following information for the month of January: 5,000 4,000 $50 $5 $2 Units manufactured Units sold Selling price per unit Variable manufacturi facturing costs per unit: Direct materials Direct labour Manufacturing overhead Variable selling and administrative expenses per unit sold Total fixed costs: Manufacturing overhead Selling and administrative expenses $1 $10,000 $20,000 There were no beginning inventories. 39). 39) Using variable costing, what is the net income for January? A) $136,000. B) $185,000....
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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...
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Practice Question: Absorption and Variable Costing Methods Kantanka Light Aircraft, a company that produces light recreational aircraft. Data concerning the company's operations appear below: Per Aircraft Selling price Per Month ¢100,000 Direct Material €19,000 Direct Labour €5,000 Variable manufacturing overhead €1,000 Fixed manufacturing overhead ¢70,000 Variable selling and admin expense €10,000 Fixed selling and administrative expense €20,000 Inventories January February March Beginning inventories 0 0 Units produced 2 4 5 Units sold 0 0 Ending inventories 1 Required: a) Compute...
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Problem 7. Hanks Corporation produces a single product. Operating data for the company and its absorption costing income statements for the last two years are presented below Units in beginning inventory Units produced Units sold Year Year 2 0 1,000 9,0009,000 8,000 10,000 YearYear 2 $80,000 $100,000 48,000 60,000 32,000 40,000 Selling and administrative expenses 28,000 30,000 S4,000 $10,000 Sales Cost of goods sold Gross margin Net operating income Variable manufacturing costs are $4 per unit. Fixed manufacturing overhead was...
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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...
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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 3,500 tons of
plastic and sold 3,150 tons. In 2017, the production and sales
results were exactly reversed. In each year, the selling price per
ton was $2,200, variable manufacturing costs were 18% of the sales
price of units produced, variable selling expenses were 9% of the
selling price of units sold, fixed manufacturing costs...
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...
Limonade produced 11,000 cases of powdered drink mix and sold 10,000 cases in April 2010. The sale price was $25, variable costs were $10 per case ($8 manufacturing and $2 selling & administrative) and total fixed costs were $75,000 ($55,000 manufacturing and $20,000 selling & administrative). The company had no beginning inventory. Prepare the April income statement using variable costing.
Vita Ade produced 16,000 cases of powdered drink mix and sold 15,000 cases in April 2018. The sales price was $27, variable costs were $9 per case ($7 manufacturing and $2 selling and administrative), and total fixed costs were $95,000 ($80,000 manufacturing overhead and $15,000 selling and administrative). The company had no beginning Finished Goods Inventory. Vita Ade calculated the cost per unit and the total cost of the 1,000 cases in Finished Goods Inventory as of April 30 using...
ExerAde produced 11,000 cases of powdered drink mix and sold 9,000 cases in April 2016. The sales price was $29, variable costs were $10 per case ($8 manufacturing and $2 selling and administrative), and total fixed costs were $75,000 ($55,000 manufacturing and $20,000 selling and administrative). The company had no beginning Finished Goods Inventory. Requirements 1. Prepare the April income statement using variable costing. 2. Determine the product cost per unit and the total cost of the 2,000 cases in...
Help needed
Jimbob Co.'s records include the following information for the month of January: 5,000 4,000 $50 $5 $2 Units manufactured Units sold Selling price per unit Variable manufacturi facturing costs per unit: Direct materials Direct labour Manufacturing overhead Variable selling and administrative expenses per unit sold Total fixed costs: Manufacturing overhead Selling and administrative expenses $1 $10,000 $20,000 There were no beginning inventories. 39). 39) Using variable costing, what is the net income for January? A) $136,000. B) $185,000....
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...
Practice Question: Absorption and Variable Costing Methods Kantanka Light Aircraft, a company that produces light recreational aircraft. Data concerning the company's operations appear below: Per Aircraft Selling price Per Month ¢100,000 Direct Material €19,000 Direct Labour €5,000 Variable manufacturing overhead €1,000 Fixed manufacturing overhead ¢70,000 Variable selling and admin expense €10,000 Fixed selling and administrative expense €20,000 Inventories January February March Beginning inventories 0 0 Units produced 2 4 5 Units sold 0 0 Ending inventories 1 Required: a) Compute...
Problem 7. Hanks Corporation produces a single product. Operating data for the company and its absorption costing income statements for the last two years are presented below Units in beginning inventory Units produced Units sold Year Year 2 0 1,000 9,0009,000 8,000 10,000 YearYear 2 $80,000 $100,000 48,000 60,000 32,000 40,000 Selling and administrative expenses 28,000 30,000 S4,000 $10,000 Sales Cost of goods sold Gross margin Net operating income Variable manufacturing costs are $4 per unit. Fixed manufacturing overhead was...
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...