Exercise 06-3 Income reporting under absorption costing and variable costing LO P2
Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this year follows.
| Manufacturing costs | |||
| Direct materials | $ | 30 | per unit |
| Direct labor | $ | 50 | per unit |
| Overhead costs | |||
| Variable | $ | 20 | per unit |
| Fixed | $ | 8,400,000 | (per year) |
| Selling and administrative costs for the year | |||
| Variable | $ | 725,000 | |
| Fixed | $ | 4,250,000 | |
| Production and sales for the year | |||
| Units produced | 105,000 | units | |
| Units sold | 75,000 | units | |
| Sales price per unit | $ | 360 | per unit |
1. Prepare an income statement for the year using variable
costing.
2. Prepare an income statement for the year using
absorption costing.
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Exercise 06-3 Income reporting under absorption costing and
variable costing LO P2
Sims Company, a manufacturer...
Exercise 06-3 Income reporting under absorption costing and variable costing LO P2 Sims Company, a manufacturer...
Exercise 06-3 Income reporting under absorption costing and variable costing LO P2 Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this year follows Manufacturing costs Direct materials Direct labor Overhead costs Variable 30 per unit 50 per unit 40 per unit $6,300,en (per year) Fixed Selling and administrative costs for the year Variable Fixed Production and sales for the year Units produced Units sold Sales price per unit $...
Exercise 19-3 Income reporting under absorption costing and variable costing LO P2 Sims Company, a manufacturer...
Exercise 19-3 Income reporting under absorption costing and variable costing LO P2 Sims Company, a manufacturer of tablet computers, began operations on January 1, 2017. Its cost and sales information for this year follows 35 per unit 55 per unit $3,000,000 $7,000,000 Manufacturing costs Direct materials Direct labor Overhead costs for the year Variable overhead Fixed overhead Selling and administrative costs for the year Variable Fixed Production and sales for the year Units produced Units sold Sales price per unit...
Exercise 6-3 Income reporting under absorption costing and variable costing LO P2 Sims Company, a manufacturer...
Exercise 6-3 Income reporting under absorption costing and variable costing LO P2 Sims Company, a manufacturer of tablet computers, began operations on January 1, 2017. Its cost and sales information for this year follows. Manufacturing costs Direct materials $ 40 per unit Direct labor $ 60 per unit Overhead costs for the year Variable overhead $ 2,100,000 Fixed overhead $ 8,400,000 Selling and administrative costs for the year Variable $ 725,000 Fixed $ 4,250,000 Production and sales for the year...
Exercise 19-3 Income reporting under absorption costing and variable costing LO P2 Sims Company, a manufacturer...
Exercise 19-3 Income reporting under absorption costing and variable costing LO P2 Sims Company, a manufacturer of tablet computers, began operations on January 1, 2017. Its cost and sales information for this year follows. Manufacturing costs Direct materials $ 35 per unit Direct labor $ 55 per unit Overhead costs for the year Variable overhead $ 4,400,000 Fixed overhead $ 6,600,000 Selling and administrative costs for the year Variable $ 775,000 Fixed $ 4,000,000 Production and sales for the year...
p.1,3 Exercise 19-3 Income reporting under absorption costing and variable costing LO P2 Sims Company, a...
p.1,3
Exercise 19-3 Income reporting under absorption costing and variable costing LO P2 Sims Company, a manufacturer of tablet computers, began operations on January 1, 2017. Its cost and sales information for this year follows. Nanufacturing costs Direct materials Direct labor Overhead costs for the year 40 per unit 60 per unit Variable overhead $3,000,000 $7,000,000 Fixed overhead Selling and administrative costs for the year Variable Fixed $770,000 $4,250,000 Production and sales for the year Unite produced Units sold Sales...
Exercise 06-5 Absorption costing and variable costing income statements LO P2 Rey Company's single product sells...
Exercise 06-5 Absorption costing and variable costing income statements LO P2 Rey Company's single product sells at a price of $219 per unit. Data for its single product for its first year of operations follow Direct materials Direct labor Overhead costs 23 per unit 31 per unit 9 per unit $253,000 per year Variable overhead Fixed overhead per year Selling and administrative expenses Variable Fixed 21 per unit $206,000 per year 23,000 units Units produced and sold 1. Prepare an...
Exercise 06-5 Absorption costing and variable costing income statements LO P2 Rey Company's single product sells...
Exercise 06-5 Absorption costing and variable costing income statements LO P2 Rey Company's single product sells at a price of $232 per unit. Data for its single product for its first year of operations follow. $ $ 36 per unit 44 per unit Direct materials Direct labor Overhead costs Variable overhead Fixed overhead per year Selling and administrative expenses Variable Fixed Units produced and sold $ 8 per unit $255,000 per year 34 per unit $232,000 per year 25,500 units...
2. Prepare an income statement for the year using absorption costing. Sims Company, a manufacturer of...
2. Prepare an income statement for the year
using absorption costing.
Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this year follows. 30 points $ 35 per unit 55 per unit 20 per unit $8,000,000 (per year) Manufacturing costs Direct materials Direct labor Overhead costs Variable Fixed Selling and administrative costs for the year Variable Fixed Production and sales for the year Units produced Units sold Sales price per...
Required information Exercise 06-9 Income statement under absorption costing and variable costing LO P1, P2 The...
Required information Exercise 06-9 Income statement under absorption costing and variable costing LO P1, P2 The following information applies to the questions displayed below) Cool Sky reports the following costing data on its product for its first year of operations. During this first year, the company produced 40,000 units and sold 32,000 units at a price of $140 per unit Manufacturing costs Direct materials per unit Direct labor per unit Variable overhead per unit Fixed overhead for the year Selling...
Exercise 19-5 Absorption costing and variable costing income statements LO P2 Rey Company's single product sells...
Exercise 19-5 Absorption costing and variable costing income statements LO P2 Rey Company's single product sells at a price of $230 per unit. Data for its single product for its first year of operations follow. 34 per unit 42 per unit Direct materials Direct labor Overhead costs Variable overhead Fixed overhead per year Selling and administrative expenses Variable Fixed Units produced and sold 10 per unit $ 318,000 per year $ 32 per unit 32 pe $ 228,000 per year...
Exercise 06-3 Income reporting under absorption costing and variable costing LO P2 Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this year follows Manufacturing costs Direct materials Direct labor Overhead costs Variable 30 per unit 50 per unit 40 per unit $6,300,en (per year) Fixed Selling and administrative costs for the year Variable Fixed Production and sales for the year Units produced Units sold Sales price per unit $...
Exercise 19-3 Income reporting under absorption costing and variable costing LO P2 Sims Company, a manufacturer of tablet computers, began operations on January 1, 2017. Its cost and sales information for this year follows 35 per unit 55 per unit $3,000,000 $7,000,000 Manufacturing costs Direct materials Direct labor Overhead costs for the year Variable overhead Fixed overhead Selling and administrative costs for the year Variable Fixed Production and sales for the year Units produced Units sold Sales price per unit...
p.1,3
Exercise 19-3 Income reporting under absorption costing and variable costing LO P2 Sims Company, a manufacturer of tablet computers, began operations on January 1, 2017. Its cost and sales information for this year follows. Nanufacturing costs Direct materials Direct labor Overhead costs for the year 40 per unit 60 per unit Variable overhead $3,000,000 $7,000,000 Fixed overhead Selling and administrative costs for the year Variable Fixed $770,000 $4,250,000 Production and sales for the year Unite produced Units sold Sales...
Exercise 06-5 Absorption costing and variable costing income statements LO P2 Rey Company's single product sells at a price of $219 per unit. Data for its single product for its first year of operations follow Direct materials Direct labor Overhead costs 23 per unit 31 per unit 9 per unit $253,000 per year Variable overhead Fixed overhead per year Selling and administrative expenses Variable Fixed 21 per unit $206,000 per year 23,000 units Units produced and sold 1. Prepare an...
Exercise 06-5 Absorption costing and variable costing income statements LO P2 Rey Company's single product sells at a price of $232 per unit. Data for its single product for its first year of operations follow. $ $ 36 per unit 44 per unit Direct materials Direct labor Overhead costs Variable overhead Fixed overhead per year Selling and administrative expenses Variable Fixed Units produced and sold $ 8 per unit $255,000 per year 34 per unit $232,000 per year 25,500 units...
2. Prepare an income statement for the year
using absorption costing.
Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this year follows. 30 points $ 35 per unit 55 per unit 20 per unit $8,000,000 (per year) Manufacturing costs Direct materials Direct labor Overhead costs Variable Fixed Selling and administrative costs for the year Variable Fixed Production and sales for the year Units produced Units sold Sales price per...
Required information Exercise 06-9 Income statement under absorption costing and variable costing LO P1, P2 The following information applies to the questions displayed below) Cool Sky reports the following costing data on its product for its first year of operations. During this first year, the company produced 40,000 units and sold 32,000 units at a price of $140 per unit Manufacturing costs Direct materials per unit Direct labor per unit Variable overhead per unit Fixed overhead for the year Selling...
Exercise 19-5 Absorption costing and variable costing income statements LO P2 Rey Company's single product sells at a price of $230 per unit. Data for its single product for its first year of operations follow. 34 per unit 42 per unit Direct materials Direct labor Overhead costs Variable overhead Fixed overhead per year Selling and administrative expenses Variable Fixed Units produced and sold 10 per unit $ 318,000 per year $ 32 per unit 32 pe $ 228,000 per year...
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