2. In May 20Y2, Zenith, Inc. reports the following results: Production 70 units Sales 80 units...
2. In May 20Y2, Zenith, Inc. reports the following results:
Production 70 units
Sales 80 units
Selling price, per unit $30
Variable manufacturing costs, per unit $12
Variable S&A expenses, per unit $7
Fixed manufacturing overhead, total $560
Fixed S&A expenses, total $210
Zenith’s per-unit manufacturing costs were the same in the prior month.
a. What is Zenith’s operating income using variable costing? __________
b. What is Zenith’s operating income using absorption costing? ________
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2. In May 20Y2, Zenith, Inc. reports the following results:
Production 70 units
Sales 80 units...
Lukin Corporation reports the following first year production cost information: Units produced Units sold Sales price...
Lukin Corporation reports the following first year production cost information: Units produced Units sold Sales price Direct labor Direct materials Variable overhead Fixed overhead Operating expenses 62,000 units 59,000 units $350 per unit $41 per unit $15 per unit $9,300,000 in total $4,340,000 in total $1,000,000 a. Compute production cost per unit under variable costing. b. Compute production cost per unit under absorption costing. c. Determine the net income using variable costing. d. Determine the net income using absorption costing.
O'Neill's Products manufactures a single product. Cost, sales, and production information for the company and i...
O'Neill's Products manufactures a single product. Cost, sales, and production information for the company and its single product is as follows: (Click the icon to view the data.) Read the requirements. Requirement 1. Prepare an income statement for the upcoming year using variable costing. O'Neill's Products X More Info Contribution Margin Income Statement (Variable Costing) For the Year Ended December 31 S 390,000 Sales revenue Selling price per unit is $65 Variable manufacturing costs per unit manufactured (includes direct materials...
6. (20 Points) Lukin Corporation reports the following first year production cost information: Units produced Units...
6. (20 Points) Lukin Corporation reports the following first year production cost information: Units produced Units sold Sales price Direct labor Direct materials Variable overhead Fixed overhead Operating expenses 62,000 units 59,000 units $350 per unit $41 per unit $15 per unit $9,300,000 in total $4,340,000 in total $1,000,000 a. Compute production cost per unit under variable costing. b. Compute production cost per unit under absorption costing. c. Determine the net income using variable costing. d. Determine the net income...
The following information pertains to the first year of operation for Crystal Cold Coolers Inc.: 3,000...
The following information pertains to the first year of operation for Crystal Cold Coolers Inc.: 3,000 2,600 335 55 Number of units produced Number of units sold Unit sales price Direct materials per unit Direct labor per unit Variable manufacturing overhead per unit Fixed manufacturing overhead per unit ($240,000/3,000 units) Total variable selling expenses ($14 per unit sold) Total fixed general and administrative expenses 60 14 80 $ 36,400 $ 64,000 A tA A A A A A Full Absorption...
MSU manufactures widgets. The following data is related to sales and production of the widgets for...
MSU manufactures widgets. The following data is related to
sales and production of the widgets for last year.
Using absorption costing, what is operating income for last
year?
a. $ 39,300
b. $ 66,300
c. $219,700
d. $143,000
Selling price per unit Variable manufacturing costs per unit Variable selling and administrative expenses per unit Fixed manufacturing overhead (in total) Fixed selling and administrative expenses (in total) Units produced during the year Units sold during year $ 130.00 $ 6200 $5.00...
3,000 2,500 350 $ Number of units produced Number of units sold Unit sales price Direct...
3,000 2,500 350 $ Number of units produced Number of units sold Unit sales price Direct materials per unit Direct labor per unit Variable manufacturing overhead per unit Fixed manufacturing overhead per unit ($225,000 - 3,000 units) Total variable selling expenses ($15 per unit sold) Total fixed general and administrative expenses 80 60 10 75 37,500 65,000 Required: Prepare Crystal Cold's full absorption costing income statement and variable costing income statement for the year. CRYSTAL COLD COOLERS INC. Full Absorption...
Required information [The following information applies to the questions displayed below.] Part 1 of 2 Jorgansen...
Required information [The following information applies to the questions displayed below.] Part 1 of 2 Jorgansen Lighting, Inc., manufactures heavy-duty street lighting systems for municipalities. The company uses variable costing for internal management reports and absorption costing for external reports to shareholders, creditors, and the government. The company has provided the following data: 1.66 points Year 1 Year 2 Year 3 Inventories Beginning (units) Ending (units) Variable costing net operating income 210 160 $290,000 160 180 $269,000 180 220 $250,000...
The following information pertains to the first year of operation for Crystal Cold Coolers Inc.: Number...
The following information pertains to the first year of operation for Crystal Cold Coolers Inc.: Number of units produced Number of units sold Unit sales price Direct materials per unit Direct labor per unit Variable manufacturing overhead per unit Fixed manufacturing overhead per unit ($203, 000/2,900 units) Total variable selling expenses ($15 per unit sold) Total fixed general and administrative expenses. 2,900 2,600 $ 345 $ 50 $ 40 13 $ 70 $39,000 $60,000 Required: Prepare Crystal Cold's full absorption...
Oak Mart, a producer of solid oak tables, reports the following data from its second year...
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 100,000 units Units sold this year 103,500 units Units in beginning-year inventory 3,500 units Beginning inventory costs Variable (3,500 units × $135) $ 472,500 Fixed (3,500 units × $75) 262,500 Total $ 735,000 Manufacturing costs this year Direct materials $ 48 per unit Direct labor $ 62 per unit Overhead...
Diaz Company reports the following variable costing income statement for its single product. This company's sales...
Diaz Company reports the following variable costing income statement for its single product. This company's sales totaled 46,000 units, but its production was 76,000 units. It had no beginning finished goods inventory for the current period DIAZ COMPANY Income Statement (Variable Costing) Sales (46,000 units * $56.00 per unit) $2,576,000 Variable expenses Variable manufacturing expense (46,000 units * $27.60 per unit) 1,269,600 Variable selling and admin. expense (46,000 units $4.60 per unit) 211,600 Total variable expenses 1,481,200 Contribution margin 1,094,800...
Lukin Corporation reports the following first year production cost information: Units produced Units sold Sales price Direct labor Direct materials Variable overhead Fixed overhead Operating expenses 62,000 units 59,000 units $350 per unit $41 per unit $15 per unit $9,300,000 in total $4,340,000 in total $1,000,000 a. Compute production cost per unit under variable costing. b. Compute production cost per unit under absorption costing. c. Determine the net income using variable costing. d. Determine the net income using absorption costing.
O'Neill's Products manufactures a single product. Cost, sales, and production information for the company and its single product is as follows: (Click the icon to view the data.) Read the requirements. Requirement 1. Prepare an income statement for the upcoming year using variable costing. O'Neill's Products X More Info Contribution Margin Income Statement (Variable Costing) For the Year Ended December 31 S 390,000 Sales revenue Selling price per unit is $65 Variable manufacturing costs per unit manufactured (includes direct materials...
6. (20 Points) Lukin Corporation reports the following first year production cost information: Units produced Units sold Sales price Direct labor Direct materials Variable overhead Fixed overhead Operating expenses 62,000 units 59,000 units $350 per unit $41 per unit $15 per unit $9,300,000 in total $4,340,000 in total $1,000,000 a. Compute production cost per unit under variable costing. b. Compute production cost per unit under absorption costing. c. Determine the net income using variable costing. d. Determine the net income...
The following information pertains to the first year of operation for Crystal Cold Coolers Inc.: 3,000 2,600 335 55 Number of units produced Number of units sold Unit sales price Direct materials per unit Direct labor per unit Variable manufacturing overhead per unit Fixed manufacturing overhead per unit ($240,000/3,000 units) Total variable selling expenses ($14 per unit sold) Total fixed general and administrative expenses 60 14 80 $ 36,400 $ 64,000 A tA A A A A A Full Absorption...
MSU manufactures widgets. The following data is related to
sales and production of the widgets for last year.
Using absorption costing, what is operating income for last
year?
a. $ 39,300
b. $ 66,300
c. $219,700
d. $143,000
Selling price per unit Variable manufacturing costs per unit Variable selling and administrative expenses per unit Fixed manufacturing overhead (in total) Fixed selling and administrative expenses (in total) Units produced during the year Units sold during year $ 130.00 $ 6200 $5.00...
3,000 2,500 350 $ Number of units produced Number of units sold Unit sales price Direct materials per unit Direct labor per unit Variable manufacturing overhead per unit Fixed manufacturing overhead per unit ($225,000 - 3,000 units) Total variable selling expenses ($15 per unit sold) Total fixed general and administrative expenses 80 60 10 75 37,500 65,000 Required: Prepare Crystal Cold's full absorption costing income statement and variable costing income statement for the year. CRYSTAL COLD COOLERS INC. Full Absorption...
Required information [The following information applies to the questions displayed below.] Part 1 of 2 Jorgansen Lighting, Inc., manufactures heavy-duty street lighting systems for municipalities. The company uses variable costing for internal management reports and absorption costing for external reports to shareholders, creditors, and the government. The company has provided the following data: 1.66 points Year 1 Year 2 Year 3 Inventories Beginning (units) Ending (units) Variable costing net operating income 210 160 $290,000 160 180 $269,000 180 220 $250,000...
The following information pertains to the first year of operation for Crystal Cold Coolers Inc.: Number of units produced Number of units sold Unit sales price Direct materials per unit Direct labor per unit Variable manufacturing overhead per unit Fixed manufacturing overhead per unit ($203, 000/2,900 units) Total variable selling expenses ($15 per unit sold) Total fixed general and administrative expenses. 2,900 2,600 $ 345 $ 50 $ 40 13 $ 70 $39,000 $60,000 Required: Prepare Crystal Cold's full absorption...
Diaz Company reports the following variable costing income statement for its single product. This company's sales totaled 46,000 units, but its production was 76,000 units. It had no beginning finished goods inventory for the current period DIAZ COMPANY Income Statement (Variable Costing) Sales (46,000 units * $56.00 per unit) $2,576,000 Variable expenses Variable manufacturing expense (46,000 units * $27.60 per unit) 1,269,600 Variable selling and admin. expense (46,000 units $4.60 per unit) 211,600 Total variable expenses 1,481,200 Contribution margin 1,094,800...
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