ABC Company presented the following data for 2004: Sales Variable manufacturing costs Fixed manufacturing costs Fixed selling and administrative expenses Actual production in units Finished goods, end in units Finished goods, beg, in units REQUIRED: Prepare an Income Statement for 2004 using the data above under: b. Absorption costing system. a. Direct costing system. 139 P256,000 96,000 64,000 80,000 10,000 2,000 None

ABC Company presented the following data for 2004: Sales Variable manufacturing costs Fixed manufacturing costs Fixed selling and administrative expenses Actual production in units Finished goods, end in units Finished goods, beg, in units REQUIRED: Prepare an Income Statement for 2004 using the data above under: b. Absorption costing system. a. Direct costing system. 139 P256,000 96,000 64,000 80,000 10,000 2,000 None

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter1: Introduction To Managerial Accounting

Section: Chapter Questions

Problem 5PA: Statement of cost of goods manufactured and income statement for a manufacturing company The...

See similar textbooks

Similar questions

Absorption-Costing Income Statement Refer to the data for Osterman Company above. Required: 1. Calculate the cost of goods sold under absorption costing. 2. Prepare an income statement using absorption costing. Use the following information for Brief Exercises 3-23 and 3-24: During the most recent year, Osterman Company had the following data:
Statement of cost of goods manufactured and income statement for a manufacturing company The following information is available for Shanika Company for 20Y6: Instructions 1. Prepare the 20Y6 statement of cost of goods manufactured. 2. Prepare the 20Y6 income statement.
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.
To determine the effect of different levels of production on the company’s income, move to cell B7 (Actual production). Change the number in B7 to the different production levels given in the table below. The first level, 100,000, is the current level. What happens to the operating income on both statements as production levels change? Enter the operating incomes in the following table. Does the level of production affect income under either costing method? Explain your findings.
Using the data in P4-2 and Microsoft Excel: 1. Separate the variable and fixed elements. 2. Determine the cost to be charged to the product for the year. 3. Determine the cost to be charged to factory overhead for the year. 4. Determine the plotted data points using Chart Wizard. 5. Determine R2. 6. How do these solutions compare to the solutions in P4-2 and P4-3? 7. What does R2 tell you about this cost model?
Variable-Costing Income Statement Refer to the data for Osterman Company on the previous page. Required: 1. Calculate the cost of goods sold under variable costing. 2. Prepare an income statement using variable costing. Use the following information for Brief Exercises 3-23 and 3-24: During the most recent year, Osterman Company had the following data:
Inventory Valuation under Absorption Costing Refer to the data for Judson Company above. Required: 1. How many units are in ending inventory? 2. Using absorption costing, calculate the per-unit product cost. 3. What is the value of ending inventory under absorption costing? Use the following information for Brief Exercises 3-21 and 3-22: During the most recent year, Judson Company had the following data associated with the product it makes:
Accounting records for The Ralston Company show the following for the most recent fiscal year. Units produced and sold Total revenues and costs Sales revenue Direct materials costs Direct labor costs Variable manufacturing overhead Fixed manufacturing overhead Variable marketing and administrative costs Fixed marketing and administrative costs Required: a. Prepare a gross margin Income statement. b. Prepare a contribution margin Income statement. Required A Required B Complete this question by entering your answers in the tabs below. Prepare a gross margin income statement. Gross Margin Income Statement 59,500
Que. No. 1a. When production is greater than sales which method’s net operating income will be higher, AC or VC and why? Be precise and to the point in writing the answer. Que. No. 1b. Sharp Company manufactures a product for which the following data and information related to inventory is available. The company uses variable costing for internal management reports and absorption costing for external reports to the shareholders, creditors, and the government. The company has provided the following data:Year-1Year-2Year-3Inventories:Beginning (units)200160180Ending (units)160180220Variable Costing net operating income$1,080,400$1,032,400$996,400The company’s fixed manufacturing overhead per unit was constant at $650 for all the three years.Required: 1. Determine each year’s absorption costing net operating income. Present your answer in the form of a reconciliation report. (you must show all calculations)2. In year four, the company’s variable costing net operating income was $984,400…
How is the average unit cost (of sold products) calculated at the end of a period, for a retailer? Select one: O a. Total Operating Expenses/Total Number of units Sold O b. Cost of Goods Manufactured/Total units Produced O c. Total Cost of Goods Sold /Total Number of units Sold O d. Total Service Costs/Total Number of Services Provided
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 63,460
Problem: 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 86,000 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 164,000