Prepare a Marginal Costing Income Statement for Mzansi Leather Products.
Mzansi Leather Products reports the following information at the end of its first year in operation.
Manufacturing costs per Unit
Direct materials R4.65
Direct Labour R 8.35
Variable overheads R2.80
Fixed Overheads R3.20
Non Manufacturing Costs
Variable R1.75
Fixed R 125 000
During the year the company produced 250 000 units. Only 220 000 units were sold.
The unit selling price is R40/Unit
Required:
1 Prepare a Marginal Costing Income Statement for Mzansi Leather Products. (10)
2 Prepare an Absorption Costing Income Statement for Mzansi Leather Products. (10)
Homework Answers
Request Answer!
We need at least 10 more requests to produce the answer.
0 / 10 have requested this problem solution
The more requests, the faster the answer.
Add Answer to:
Prepare a Marginal Costing Income Statement for Mzansi Leather Products.
Prepare the current-year income statement for the company using absorption costing. Oak Mart, a producer of...
Prepare the current-year income statement for the company using
absorption costing.
Oak Mart, a producer of solid oak tables, reports the following data from its second year of business. $ 320 per unit 115,000 units 118,750 units 3,750 units $ 487,500 281,250 $ 768,750 Sales price per unit Units produced this year Units sold this year Units in beginning-year inventory Beginning inventory costs Variable (3,750 units * $130) Fixed (3,750 units X $75) Total Manufacturing costs this year Direct materials...
Required Information Exercise 19-9 Income statement under absorption costing and variable costing LO P1, P2 (The...
Required Information Exercise 19-9 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 46,000 units and sold 38.000 units at a price of $140 per unit. $ 60 22 000 Manufacturing costs Direct materials per unit Direct labor per unit Variable overhead per unit Fixed overhead...
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...
Prepare income statement using variable costing Lynch Company manufactures and sells a single product. The following...
Prepare income statement using variable costing
Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: Variable costs per unit: Manufacturing: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead Fixed selling and administrative $308,000 $218,000 During the year, the company produced 28,000 units and sold 15,000 units. The selling price of the company's product is $56 per unit. Required: 1....
CWUIR G 2. Prepare the current year income statement for the company using absorption costing. Part...
CWUIR G 2. Prepare the current year income statement for the company using absorption costing. Part 2 of 3 OAK MART COMPANY Absorption Costing Income Statement 10 points Beginning inventory Manufacturing costs this year eBook Hint Print References Next > ldprer 19 Homework Required information 2 of 3 took Net income (loss) lint ences Fixed costs added to(subtracted from) inventory el 19 Homework a Oak Mart, a producer of solid oak tables, reports the following data from its second year...
Requirea: 1. Prepare the company's income statement in the contribution format using variable costing. Whitman Company...
Requirea: 1. Prepare the company's income statement in the contribution format using variable costing. Whitman Company Variable Costing Income Statement Sales $ 875,000 Variable expenses: 875,000 Contribution margin Fixed expenses: Fixed manufacturing overhead Fixed selling and administrative 160,000 210,000 Fixed selling and administrative 370,000 505,000 Net operating income $ 2. Reconcile any difference between the net operating income on your variable costing income statement and the net operating income on the absorption costing income statement. Reconciliation of Variable Costing and...
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...
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 44,000 units and sold 36,000 units ata 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 and...
Required information Exercise 6-9 Income statement under absorption costing and variable costing LO P1, P2 The...
Required information Exercise 6-9 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 42,000 units and sold 34,000 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 $60...
1.) Need help finding the Contribution Margin and Net Income 2. Prepare an income statement for...
1.) Need help finding the Contribution Margin and Net Income
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...
Prepare the current-year income statement for the company using
absorption costing.
Oak Mart, a producer of solid oak tables, reports the following data from its second year of business. $ 320 per unit 115,000 units 118,750 units 3,750 units $ 487,500 281,250 $ 768,750 Sales price per unit Units produced this year Units sold this year Units in beginning-year inventory Beginning inventory costs Variable (3,750 units * $130) Fixed (3,750 units X $75) Total Manufacturing costs this year Direct materials...
Required Information Exercise 19-9 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 46,000 units and sold 38.000 units at a price of $140 per unit. $ 60 22 000 Manufacturing costs Direct materials per unit Direct labor per unit Variable overhead per unit Fixed overhead...
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...
Prepare income statement using variable costing
Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: Variable costs per unit: Manufacturing: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead Fixed selling and administrative $308,000 $218,000 During the year, the company produced 28,000 units and sold 15,000 units. The selling price of the company's product is $56 per unit. Required: 1....
CWUIR G 2. Prepare the current year income statement for the company using absorption costing. Part 2 of 3 OAK MART COMPANY Absorption Costing Income Statement 10 points Beginning inventory Manufacturing costs this year eBook Hint Print References Next > ldprer 19 Homework Required information 2 of 3 took Net income (loss) lint ences Fixed costs added to(subtracted from) inventory el 19 Homework a Oak Mart, a producer of solid oak tables, reports the following data from its second year...
Requirea: 1. Prepare the company's income statement in the contribution format using variable costing. Whitman Company Variable Costing Income Statement Sales $ 875,000 Variable expenses: 875,000 Contribution margin Fixed expenses: Fixed manufacturing overhead Fixed selling and administrative 160,000 210,000 Fixed selling and administrative 370,000 505,000 Net operating income $ 2. Reconcile any difference between the net operating income on your variable costing income statement and the net operating income on the absorption costing income statement. Reconciliation of Variable Costing and...
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...
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 44,000 units and sold 36,000 units ata 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 and...
Required information Exercise 6-9 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 42,000 units and sold 34,000 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 $60...
1.) Need help finding the Contribution Margin and Net Income
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...
Most questions answered within 3 hours.
-
Your division head has assigned another important project to you
and your team. This project is...
asked 3 minutes ago -
Under normal use conditions, the Mean Time To Failure of a
heating coil can be modeled...
asked 1 hour ago -
Consider the probability that fewer than 34 out of 116 CDs will
be defective. Assume the...
asked 18 minutes ago -
4J Manufacturing Company uses a job order cost accounting system
and keeps perpetual inventory records. Prepare...
asked 8 minutes ago -
Please write code in C++
using recursive function
Write a program that computes the sequence of...
asked 6 minutes ago -
What is 345 as an unsigned decimal number? It is 34
with subscript of 5. Not...
asked 22 minutes ago -
I've been struggling with these homework questions. Any help
would be greatly appreciated
1. For the...
asked 20 minutes ago -
Read the In-Depth Integrative Case 1.2 (Pharmaceutical
Companies, Intellectual Property, and the Global AIDS Epidemic) in...
asked 19 minutes ago -
Consider a mass-spring system. The spring has a spring constant
of 2.27e+3 N/m. On the end...
asked 25 minutes ago -
People are most likely to believe their ancestors play an active
role in their lives in...
asked 1 hour ago -
A student holds a ruler by one end (x=0 where the student holds
it). The student...
asked 1 hour ago -
A 3.1-kΩ and a 2.2-kΩ resistor are connected in parallel; this
combination is connected in series...
asked 30 minutes ago