A. What is the net income under variable costing method? B. What is the net income under absorption costing method?
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A: PRICE 1. Price is what you pay for purchasing goods or availing the services. Also called sale…
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A: The question is based on the concept of Cost Accounting.
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A: Absorption Costing: "Absorption costing is a method that allocates "direct labor, direct materials,…
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Q: Is variable or absorption costing a better method of computing income from operations? Why?
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A: Cost refers to the amount of money incurred for acquiring a product or manufacturing a product. Cost…
Q: Show income comparison's of absorption and variable costing?
A: Absorption costing method can be defined as the all the costs that is associated with the production…
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A: Cost refers to the amount of money incurred for acquiring a product or manufacturing a product. Cost…
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Q: A. Compute net income under i. Absorption Costing $ ii. Variable Costing
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Q: what are the differences between the FIFO, LIFO, and the average cost?
A: Inventory: It refers to the items held by an organization which were in various forms like raw…
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A: Net Operating Income: It is a calculation used to assess the profitability of the business.
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A: A cost that has characteristics of both a variable cost and a fixed cost is called a mixed costs or…
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A: The income statement is prepared to record the revenues and expenses of the current period.
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Q: a. What problems are associated with using the average cost per unit as a performance measure? b.…
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A: The term cost refers to the monetary value of expenditure for raw materials, technology, supplies,…
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A: Economic costs are the costs in which consideration is given to opportunity costs as well.
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A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…
Q: Distinguish between ( a ) a variable cost, ( b ) a fixed cost, and ( c ) a mixed cost.
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Q: What is the difference between total costs and marginal costs?
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A: Introduction: We're only responding to the first three subparts, so if you have a question that…
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A: Absorption costing: Absorption costing is compulsory under Generally Accepted Accounting…
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A:
Q: 1. What is the net income under variable costing method? 2. What is the net income under absorption…
A: Variable costing means that inventory is valued at variable manufacturing cost and fixed cost is…
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Q: a) average fixed cost, b) average variable cost, and c) total profit?
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A. What is the net income under variable costing method?
B. What is the net income under absorption costing method?
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- Statement of cost of goods manufactured and income statement for a manufacturing company The following information is available for Robstown Corporation for 20Y8: Instructions 1. Prepare the 20Y8 statement of cost of goods manufactured. 2. Prepare the 20Y8 income statement.eBook Cost of Goods Manufactured and Sold Anglin Company, a manufacturing firm, has supplied the following information from its accounting records for the last calendar year: Direct labor cost Purchases of direct materials Freight-In on materials Factory supplies used Factory utilities Commissions paid Factory supervision and indirect labor Advertising Materials handling Work-in-process inventory, January 1 Work-in-process inventory, December 31 Show Me How Direct materials inventory, January 1 Direct materials inventory, December 31 Finished goods inventory, January 1 Finished goods inventory, December 31 $496,580 376,390 7,250 17,000 52,520 78,219 162,270 145,910 17,790 203,540 118,070 39,640 32,610 62,980 63,460The following information is given for Gator Company, who uses the FIFO method. Item Quantity Cost NetRealizableValue ReplacementCost NRVMinusNormalProfit 1 1 $17.70 $24.60 $18.00 $17.10 2 1 10.80 8.28 9.30 5.58 3 1 72.00 64.80 67.20 57.60 4 1 4.80 3.12 2.88 2.64 5 1 12.00 12.30 12.60 11.10 6 1 48.00 45.60 38.40 40.80 Required: a. Determine the lower of cost or net realizable value for each inventory item for Gator Company. Item 1 2 3 4 5 6 b. Determine the lower of cost or net realizable value for Gator Company's inventory if the lower of cost or net realizable value rule is applied to the total inventory.$_______
- The following information is given for Gator Company, who uses the FIFO method. Item Quantity Cost NetRealizableValue ReplacementCost NRVMinusNormalProfit 1 1 $17.70 $24.60 $18.00 $17.10 2 1 10.80 8.28 9.30 5.58 3 1 72.00 64.80 67.20 57.60 4 1 4.80 3.12 2.88 2.64 5 1 12.00 12.30 12.60 11.10 6 1 48.00 45.60 38.40 40.80 Required: a. Determine the lower of cost or net realizable value for each inventory item for Gator Company. Item 1 $fill in the blank 1 2 $fill in the blank 2 3 $fill in the blank 3 4 $fill in the blank 4 5 $fill in the blank 5 6 $fill in the blank 6 b. Determine the lower of cost or net realizable value for Gator Company's inventory if the lower of cost or net realizable value rule is applied to the total inventory. $fill in the blank 7The following information is available for Robstown Corporation for 20Y8:Please see the attachement:Instructions1. Prepare the statement of cost of goods manufactured.2. Prepare the income statement._I. A manufacturing company calculates cost of goods sold as follows: a Beginning FG inventory + cost of goods purchased - ending FG inventory. b. Ending FG inventory inventory. c. Beginning FG inventory inventory. d. Beginning FG inventory + cost of goods manufactured inventory. cost of goods manufactured + beginning FG - cost of goods manufactured - ending FG ending FG
- 1. A manufacturing company calculates cost of goods sold as follows: a Beginning FG inventory + cost of goods purchased - ending FG inventory. b. Ending FG inventory inventory. e. Beginning FG inventory inventory. d. Beginning FG inventory + cost of goods manufactured - ending FG inventory. cost of goods manufactured + beginning FG - cost of goods manufactured ending FGProblem: Below are the following balances of accounts as of December 31, 2020: Inventory: Beginning Ending Direct materials 770,000 930,000 Work in process 380,000 265,000 Finished goods 890,000 590,000 Purchases of equipment parts and supplies 402,000 Purchases 1,358,000 Purchase Returns and Allowance 58,000 Freight - in Direct labor cost 1,468,000 29,360 Direct labor hours hours Factory overhead rate per direct labor hour 18.00 Selling expenses 210,000 Administrative expenses 308,000 Sales 3,450,000 Sales Discount 164,000A product cost is Oa. shown with operating expenses on the income statement Ob. shown with current liabilities on the balance sheet Oc. expensed in the period in which the product is manufactured Od. expensed in the period the product is sold
- Use the included information about Raw Materials Inventory (RM), Work in Process Inventory (WIP), Finished Goods Inventory (FG), and the Income Summary (IS). Determine the total conversion costs added. 1 2 3 4 5 6 7 1 00 RM B Bal T1 T2 T3 T4 E Bal 8 9 FG 10 B Bal 11 T1 12 T2 13 T3 14 T4 15 E Bal 2 Debits 4300 29 050 Debits 4800 45 592 3 Credits 28 000 Credits 33 500 4 5 WIP B Bal DM DL FOH CGM E Bal IS Rev CGS V Op Exp F Op Exp NIBT 6 Debits 8920 28 000 17 430 11 130 Debits 33 500 5130 7960 7 Credits 45 592 Credits 66 200From these results of operations, determine the cost of goods manufactured of XY Co.Finished goods -beg P72,000 Sales P465,000Finished goods - end P66,000 Gross margin P88,000 a. P371,000b. P377,000c. P383,000d. P459,000The following information is for Lawrence Company, who uses the LIFO method: Item Cost NRV MinusNormal Profit Net RealizableValue ReplacementCost a $3.40 $2.79 $4.14 $4.65 b 36.00 28.80 32.40 27.60 c 2.40 1.32 1.56 1.94 d 6.00 5.55 6.15 6.30 e 24.00 20.40 22.80 21.00 f 13.35 10.55 12.30 12.90 1. Determine the lower of cost or market for each inventory item. Item Lower ofCost or Market Value a $ b $ c $ d $ e $ f $ 2. Now assume instead that the company uses FIFO and the inventory is valued using the LCNRV rule, determine the value of each inventory item. Item Lower ofCost or Net Realizable Value a $ b $ c $ d $ e $ f $
