llc uses variable costing and absorption costing. in the absorption costing income statement, variable administrative expenses...
Homework Answers
Administrative expense are not product cost either we use variable costing or absorption costing.. So administrative expenses is always period cost
So answer is b) Period cost
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llc
uses variable costing and absorption costing. in the absorption
costing income statement, variable administrative expenses...
Redrock LLC uses variable costing and absorption costing. In the variable cost income statement, which of...
Redrock LLC uses variable costing and absorption costing. In the variable cost income statement, which of the following is a period cost? Select one: a. Direct materials b. Direct labor c. Fixed Manufacturing Overhead d. None of the above
Testin llc uses variable costing and absorption costing. Using absorption costing income statement, fixed manufacturing overhead...
Testin llc uses variable costing and absorption costing. Using absorption costing income statement, fixed manufacturing overhead is? inevntoriable non inventortiable
Income Statements under Absorption and Variable Costing Shawnee Motors Inc. assembles and sells MP3 players. The...
Income Statements under Absorption and Variable Costing Shawnee Motors Inc. assembles and sells MP3 players. The company began operations on August 1 and operated at 100% of capacity during the first month. The following data summarize the results for August: Sales (13,500 units) $1,350,000 Production costs (17,000 units): Direct materials $629,000 Direct labor 302,600 Variable factory overhead 151,300 Fixed factory overhead 100,300 1,183,200 Selling and administrative expenses: Variable selling and administrative expenses $183,400 Fixed selling and administrative expenses 71,000 254,400...
Variable and Absorption Costing The following data were adapted from a recent income statement of Caterpillar...
Variable and Absorption Costing The following data were adapted from a recent income statement of Caterpillar Inc. (CAT) for the year ended December 31: (in millions) Sales Cost of goods sold Selling, administrative, and other expenses $38,537 $(28,309) (9,730) Total expenses $(38,039) Operating income $498 Assume that $8,500 million of cost of goods sold and $4,000 million of selling, administrative, and other expenses were fixed costs. Inventories at the beginning and end of the year were as follows: Beginning inventory...
Variable and Absorption Costing The following data were adapted from a recent income statement of Ansara...
Variable and Absorption Costing The following data were adapted from a recent income statement of Ansara Company for the year ended December 31: (in millions) Sales $28,550 Cost of goods sold Selling, administrative, and other expenses $(24,270) (2,570) Total expenses $(26,840) Operating income $1,710 Assume that $6,280 million of cost of goods sold and $1,430 million of selling, administrative, and other expenses were fixed costs. Inventories at the beginning and end of the year were as follows: Beginning inventory Ending...
Income Statements under Absorption and Variable Costing Shawnee Motors Inc, assembles and sells snowmobile engines. The...
Income Statements under Absorption and Variable Costing Shawnee Motors Inc, assembles and sells snowmobile engines. The company began operations on August 1 and operated at 100% of capacity during the first month. The following data summarize the results for August: $600,000 Sales (2,000 units) Production costs (2,400 units): Direct materials Direct labor $300,000 115,200 43,200 21,600 Variable factory overhead Fixed factory overhead 480,000 Selling and administrative expenses: Variable selling and administrative expenses $50,000 22,000 Fixed selling and administrative expenses 72,000...
Income Statements under Absorption and Variable Costing Shawnee Motors Inc. assembles and sells snownmobile engines. The...
Income Statements under Absorption and Variable Costing Shawnee Motors Inc. assembles and sells snownmobile engines. The company began operations on August 1 and operated at 100 % of capacity during the first month. The following data summarize the results for August: Sales (2,000 units) $600,000 Production costs (2,400 units): Direct materials $300,000 Direct labor 115,200 Variable factory overhead 43,200 Fixed factory overhead 21,600 480,000 Selling and administrative expenses: Variable selling and administrative expenses $50,000 Fixed selling and administrative expenses 22,000...
1. Use the income statements on the Absorption Statement and Variable Statement to complete the following...
1. Use the income statements on the Absorption Statement and Variable Statement to complete the following table for the original production level. Then prepare similar income statements at a production level 10,000 units higher and add that information to the table. Assume that total fixed costs, unit variable costs, unit sales price, and the sales levels are the same at both production levels. Operating Income Original Production Level-Absorption Original Production Level-Variable Additional 10,000 Units-Absorption Additional 10,000 Units-Variable $310,000 $250,000 $...
Can anyone help me with this last few problems? Show Me How Absorption costing Income Statement...
Can anyone help me with this last few problems?
Show Me How Absorption costing Income Statement For the Month Ended August 31 Sales $ 1,200,000 Cost of goods sold 835,000 Gross profit s 365,000 Selling and administrative expenses 233,400 Income from operations Feedback Check My Work b. Prepare an income statement according to the variable costing concept. Shawnee Motors Inc. Variable Costing Income Statement For the Month Ended August 31 Sales $ 1,200,000 Variable cost of goods sold 764,000 Manufacturing...
Variable and Absorption Costing-Service Company Lawn RX, Inc. prepares a variable costing income statement for internal...
Variable and Absorption Costing-Service Company Lawn RX, Inc. prepares a variable costing income statement for internal management and an absorption costing income statement for its bank. Lawn RX provides a quarterly lawn care service that is sold for $190. The variable and fixed cost data are as follows: $100.00 Direct labor Overhead Variable cost per unit Fixed cost (annual) Marketing, general and administrative Variable cost (per service contract completed) Administrative expenses (fixed- annual cost) $33.00 $100,000 $34.00 $42,000 During 2016,...
Variable and Absorption Costing The following data were adapted from a recent income statement of Caterpillar Inc. (CAT) for the year ended December 31: (in millions) Sales Cost of goods sold Selling, administrative, and other expenses $38,537 $(28,309) (9,730) Total expenses $(38,039) Operating income $498 Assume that $8,500 million of cost of goods sold and $4,000 million of selling, administrative, and other expenses were fixed costs. Inventories at the beginning and end of the year were as follows: Beginning inventory...
Variable and Absorption Costing The following data were adapted from a recent income statement of Ansara Company for the year ended December 31: (in millions) Sales $28,550 Cost of goods sold Selling, administrative, and other expenses $(24,270) (2,570) Total expenses $(26,840) Operating income $1,710 Assume that $6,280 million of cost of goods sold and $1,430 million of selling, administrative, and other expenses were fixed costs. Inventories at the beginning and end of the year were as follows: Beginning inventory Ending...
Income Statements under Absorption and Variable Costing Shawnee Motors Inc, assembles and sells snowmobile engines. The company began operations on August 1 and operated at 100% of capacity during the first month. The following data summarize the results for August: $600,000 Sales (2,000 units) Production costs (2,400 units): Direct materials Direct labor $300,000 115,200 43,200 21,600 Variable factory overhead Fixed factory overhead 480,000 Selling and administrative expenses: Variable selling and administrative expenses $50,000 22,000 Fixed selling and administrative expenses 72,000...
Income Statements under Absorption and Variable Costing Shawnee Motors Inc. assembles and sells snownmobile engines. The company began operations on August 1 and operated at 100 % of capacity during the first month. The following data summarize the results for August: Sales (2,000 units) $600,000 Production costs (2,400 units): Direct materials $300,000 Direct labor 115,200 Variable factory overhead 43,200 Fixed factory overhead 21,600 480,000 Selling and administrative expenses: Variable selling and administrative expenses $50,000 Fixed selling and administrative expenses 22,000...
Can anyone help me with this last few problems?
Show Me How Absorption costing Income Statement For the Month Ended August 31 Sales $ 1,200,000 Cost of goods sold 835,000 Gross profit s 365,000 Selling and administrative expenses 233,400 Income from operations Feedback Check My Work b. Prepare an income statement according to the variable costing concept. Shawnee Motors Inc. Variable Costing Income Statement For the Month Ended August 31 Sales $ 1,200,000 Variable cost of goods sold 764,000 Manufacturing...
Variable and Absorption Costing-Service Company Lawn RX, Inc. prepares a variable costing income statement for internal management and an absorption costing income statement for its bank. Lawn RX provides a quarterly lawn care service that is sold for $190. The variable and fixed cost data are as follows: $100.00 Direct labor Overhead Variable cost per unit Fixed cost (annual) Marketing, general and administrative Variable cost (per service contract completed) Administrative expenses (fixed- annual cost) $33.00 $100,000 $34.00 $42,000 During 2016,...
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