A company's only product sells for $435 per unit. In its first year of operations, the company produced and sold 4,300 units andreported the following cost information.Variable selling and administrative expensesFixed selling and administrative expensesDirect materialsDirect laborVariable overheadFixed overhead$ 39 per unit$430,000 per year$ 43 per unit$ 59 per unit$ 15 per unit$ 301,000 per yearComplete this question by entering your answers in the tabs below.< Required ARequired A Required 8Using absorption costing, prepare the income statement for the year.Income Statement (Absorption Costing)Required > A company's only product sells for $435 per unit. In its first year of operations, the company produced and sold 4,300 units andreported the following cost information.Variable selling and administrative expensesFixed selling and administrative expensesDirect materialsDirect laborVariable overheadFixed overheadComplete this question by entering your answers in the tabs below.Required A Required BUsing absorption costing, compute total product cost per unit.Product cost per unitAbsorption costingTotal product cost per unit$ 39 per unit$430,000 per year$ 43 per unit$59 per unit$ 15 per unit$ 301,000 per year

The gross margin under absorption costing is calculated as the difference between sales and cost of…

A company's only product sells for $435 per unit. In its first year of operations, the company produced and sold 4,300 units and reported the following cost information. Variable selling and administrative expenses Fixed selling and administrative expenses Direct materials Direct labor Variable overhead Fixed overhead $ 39 per unit $430,000 per year $ 43 per unit $.59 per unit $ 15 per unit $ 301,000 per year Complete this question by entering your answers in the tabs below. Required A Required B

A company's only product sells for $435 per unit. In its first year of operations, the company produced and sold 4,300 units and reported the following cost information. Variable selling and administrative expenses Fixed selling and administrative expenses Direct materials Direct labor Variable overhead Fixed overhead $ 39 per unit $430,000 per year $ 43 per unit $.59 per unit $ 15 per unit $ 301,000 per year Complete this question by entering your answers in the tabs below. Required A Required B

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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! Required information [The following information applies to the questions displayed below.] O'Brien Company manufactures and sells one product. The following information pertains to each of the company's first three years 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 expenses $ $ $ 2562 15 $590,000 $150,000 During its first year of operations, O'Brien produced 92,000 units and sold 72,000 units. During its second year of operations, it produced 75,000 units and sold 90,000 units. In its third year, O'Brien produced 81,000 units and sold 76,000 units. The selling price of the company's product is $71 per unit. 3. Assume the company uses absorption costing and a FIFO inventory flow assumption (FIFO means first-in first-out. In other words, it assumes that the oldest units in inventory are sold…
Required information [The following information applies to the questions displayed below.] O'Brien Company manufactures and sells one product. The following information pertains to each of the company's first three years 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 expenses $560,000 $100,000 During its first year of operations, O'Brien produced 98,000 units and sold 75,000 units. During its second year of operations, it produced 80,000 units and sold 98,000 units. In its third year, O'Brien produced 90,000 units and sold 85,000 units. The selling price of the company's product is $74 per unit. 2. Assume the company uses variable costing and a LIFO inventory flow assumption (LIFO means last-in first-out. In other words, it assumes that the newest units in inventory are sold first): a.…
! Required information [The following information applies to the questions displayed below.] Diego Company manufactures one product that is sold for $76 per unit in two geographic regions-the East and West regions. The following information pertains to the company's first year of operations in which it produced 58,000 units and sold 54,000 units. 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 expense $ 23 $ 15 $3 $ 3 $ 1,160,000 $ 640,000 The company sold 40,000 units in the East region and 14,000 units in the West region. It determined that $320,000 of its fixed selling and administrative expense is traceable to the West region, $270,000 is traceable to the East region, and the remaining $50,000 is a common fixed expense. The company will continue to incur the total amount of its fixed manufacturing overhead…
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Can somebody check my work on the variable costing income statement in the screenshot attached? Summarized data for 2019 (the first year of operations) for Gorman Products, In. are as follows Sales (70,000 units) $2,800,000 Production costs (80,000 units): Direct materials 880,000 Direct labor 720,000 Manufacturing overhead: Variable 544,000 Fixed 320,000 Operating expenses: Variable 175,000 Fixed 240,000 Depreciation on equipment 60,000 Real estate taxes 18,000 Personal property taxes (inventory and equipment 28,000 Personnel department expenses 30,000 Problem b) Prepare an income statement based on variable costing
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Complete this question by entering your answers in the tabs below. 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 $ 35 per unit Direct labor $ 55 per unit Overhead costs Variable $ 30 per unit Fixed $ 7,350,000 (per year) Selling and administrative costs for the year Variable $ 775,000 Fixed $ 4,500,000 Production and sales for the year Units produced 105,000 units Units sold 75,000 units Sales price per unit $ 360 per unit Required 1 Required 2 Prepare an income statement for the year using variable costing. SIMS COMPANY Variable Costing Income Statement Net income (loss)
Top Wood is a small manufacturing company currently making a single type of chair. The managing director presents to you the following details of estimated revenue and cost per unit for the year ended 31 December 2021: Quantity (Units) 2,000 Number of Chairs made and sold Price unit per (RM) 100 Selling price Total variable cost per unit: RM Raw material 15 Direct labour 16 Manufacturing overheads Selling cost 11 8 The following information is taken into consideration: (1) Total manufacturing overheads cost estimated for the year amounting to $110,000 of which 20% is variable manufacturing overhead cost. The company's total selling costs for the year amounting to $19,500 inclusive of fixed and variable costs. (2) (3) All units produced can be sold as soon as they are made, and no stocks are kept. (4) The directors have been considering their plan for the year ending 31 December 2021. The company intends to increase the sales by 30% if the fixed selling costs increase by $14,964 and the…
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