Homework Answers
Siren Company
Income Statement
Variable Costing
| Sales | 2,100,000 | |
| Variable cost of goods sold (80,000 x 17.59) | 1,407,200 | |
| Variable selling and administrative expenses (80,000 x 4.10) | 328,000 | |
| -1,735,200 | ||
| Contribution margin | 364,800 | |
| Fixed manufacturing overhead | 241,960 | |
| Fixed selling and administrative expenses | 220,605 | |
| -462,565 | ||
| Net Loss | - $97,765 |
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Exercise 19-17 (Part Level Submission) Siren Company builds custom fishing lures for sporting goods stores. In its firs...
Exercise 6-17 Siren Company builds custom fishing lures for sporting goods stores. In its first year...
Exercise 6-17 Siren Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2020, the company incurred the following costs Variable Costs per Unit Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expenses $9.90 $4.55 $7.66 $5.15 Fixed Costs per Year Fixed manufacturing overhead Fixed selling and administrative expenses $303,600 $277.332 Siren Company sells the fishing lures for $33.00. During 2020, the company sold 80,000 lures and produced 92,000 lures. Assuming the...
Exercise 6-17 (Part Level Submission) Siren Company builds custom fishing lures for sporting goods stores. In...
Exercise 6-17 (Part Level Submission)
Siren Company builds custom fishing lures for sporting goods
stores. In its first year of operations, 2020, the company incurred
the following costs.
Variable Costs per Unit
Direct materials
$10.05
Direct labor
$4.62
Variable manufacturing overhead
$7.77
Variable selling and administrative expenses
$5.23
Fixed Costs per Year
Fixed manufacturing overhead
$311,550
Fixed selling and administrative expenses
$281,534
Siren Company sells the fishing lures for $33.50. During 2020, the
company sold 81,000 lures and produced 93,000...
Siren Company builds custom fishing lures for sporting goods stores. In its first year of operations,...
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Siren Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2020, the c...
Siren Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2020, the company incurred the following costs. Variable Costs per Unit Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expenses $8.70 $4.00 $6.73 $4.52 Fixed Costs per Year Fixed manufacturing overhead Fixed selling and administrative expenses $266,800 $243,716 Siren Company sells the fishing lures for $29.00. During 2020, the company sold 82,000 lures and produced 92,000 lures. Your answer is correct....
Siren Company builds custom fishing lures for sporting goods stores. In its first year of operations,...
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Siren Company builds custom fishing lures for sporting goods stores. In its first year of operations,...
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Siren Company builds custom fishing lures for sporting goods stores. In its first year of operations,...
Siren Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2020, the company incurred the following costs. Variable Costs per Unit Direct materials $10.05 Direct labor $4.62 Variable manufacturing overhead $7.77 Variable selling and administrative expenses $5.23 Fixed Costs per Year Fixed manufacturing overhead $311,550 Fixed selling and administrative expenses $281,534 Siren Company sells the fishing lures for $33.50. During 2020, the company sold 81,000 lures and produced 93,000 lures. Assuming the company uses...
1. Assuming the company uses variable costing, calculate Marigold’s manufacturing cost per unit for 2020. (Round...
1. Assuming the company uses variable costing, calculate
Marigold’s manufacturing cost per unit for 2020. (Round
answer to 2 decimal places, e.g. 10.50.)
2. Prepare a variable costing income statement for 2020.
(Enter negative amounts using either a negative sign
preceding the number e.g. -45 or parentheses e.g.
(45).)
3. Assuming the company uses absorption costing, calculate
Marigold’s manufacturing cost per unit for 2020. (Round
answer to 2 decimal places, e.g. 10.50.)
4. Prepare an absorption costing income statement for...
Problem 19-1A Part 1 1. Complete income statements for the company for each of its first...
Problem 19-1A Part 1 1. Complete income statements for the company for each of its first two years under variable costing. (Loss amounts should be entered with a minus sign.) Required Information Problem 19-1A Variable costing income statement and conversion to absorption costing income (two consecutive years) LO P2, P3 [The following Information applies to the questions displayed below.] Dowell Company produces a single product. Its Income statements under absorption costing for its first two years of operation follow Sales...
Exercise 19-3 (continued) Part 2 ..... 24,500,000 14,000,000 SIMS COMPANY Absorption Costing Income Statement Sales (70,000...
Exercise 19-3 (continued) Part 2 ..... 24,500,000 14,000,000 SIMS COMPANY Absorption Costing Income Statement Sales (70,000 units x $350 per unit) Cost of goods sold (70,000 units x $200 per unit").... Gross profit Selling and administrative costs ($770,000+ $4,250,000). Net income "Direct materials. per unit Direct labor...... per unit Variable overhead ($3,000,000/100,000 per unit units)................ Fixed overhead ($7,000,000/100,000 units)... per unit Total absorption cost per unit... per unit Exercise 19-3 (25 minutes) Part 1 SIMS COMPANY Variable Costing Income Statement...
Exercise 6-17 Siren Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2020, the company incurred the following costs Variable Costs per Unit Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expenses $9.90 $4.55 $7.66 $5.15 Fixed Costs per Year Fixed manufacturing overhead Fixed selling and administrative expenses $303,600 $277.332 Siren Company sells the fishing lures for $33.00. During 2020, the company sold 80,000 lures and produced 92,000 lures. Assuming the...
Exercise 6-17 (Part Level Submission)
Siren Company builds custom fishing lures for sporting goods
stores. In its first year of operations, 2020, the company incurred
the following costs.
Variable Costs per Unit
Direct materials
$10.05
Direct labor
$4.62
Variable manufacturing overhead
$7.77
Variable selling and administrative expenses
$5.23
Fixed Costs per Year
Fixed manufacturing overhead
$311,550
Fixed selling and administrative expenses
$281,534
Siren Company sells the fishing lures for $33.50. During 2020, the
company sold 81,000 lures and produced 93,000...
Siren Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2020, the company incurred the following costs. Variable Costs per Unit Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expenses $7.80 $3.59 $6.03 4.06 Fixed Costs per Year Fixed manufacturing overhead Fixed selling and administrative expenses $244,400 $218,504 Siren Company sells the fishing lures for $26.00. During 2020, the company sold 80,000 lures and produced 94,000 lures. Your answer is correct....
Siren Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2020, the company incurred the following costs. Variable Costs per Unit Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expenses $8.70 $4.00 $6.73 $4.52 Fixed Costs per Year Fixed manufacturing overhead Fixed selling and administrative expenses $266,800 $243,716 Siren Company sells the fishing lures for $29.00. During 2020, the company sold 82,000 lures and produced 92,000 lures. Your answer is correct....
Siren Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2020, the company incurred the following costs. Variable Costs per Unit Direct materials $8.70 Direct labor $4.00 Variable manufacturing overhead $6.73 Variable selling and administrative expenses $4.52 Fixed Costs per Year Fixed manufacturing overhead Fixed selling and administrative expenses $266,800 $243,716 Siren Company sells the fishing lures for $29.00. During 2020, the company sold 82,000 lures and produced 92,000 lures. Your answer is incorrect....
1. Assuming the company uses variable costing, calculate
Marigold’s manufacturing cost per unit for 2020. (Round
answer to 2 decimal places, e.g. 10.50.)
2. Prepare a variable costing income statement for 2020.
(Enter negative amounts using either a negative sign
preceding the number e.g. -45 or parentheses e.g.
(45).)
3. Assuming the company uses absorption costing, calculate
Marigold’s manufacturing cost per unit for 2020. (Round
answer to 2 decimal places, e.g. 10.50.)
4. Prepare an absorption costing income statement for...
Problem 19-1A Part 1 1. Complete income statements for the company for each of its first two years under variable costing. (Loss amounts should be entered with a minus sign.) Required Information Problem 19-1A Variable costing income statement and conversion to absorption costing income (two consecutive years) LO P2, P3 [The following Information applies to the questions displayed below.] Dowell Company produces a single product. Its Income statements under absorption costing for its first two years of operation follow Sales...
Exercise 19-3 (continued) Part 2 ..... 24,500,000 14,000,000 SIMS COMPANY Absorption Costing Income Statement Sales (70,000 units x $350 per unit) Cost of goods sold (70,000 units x $200 per unit").... Gross profit Selling and administrative costs ($770,000+ $4,250,000). Net income "Direct materials. per unit Direct labor...... per unit Variable overhead ($3,000,000/100,000 per unit units)................ Fixed overhead ($7,000,000/100,000 units)... per unit Total absorption cost per unit... per unit Exercise 19-3 (25 minutes) Part 1 SIMS COMPANY Variable Costing Income Statement...
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