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Annabelle Co. sold 7,000 units at P 50 per unit in 2020. The inventories at the beginning and end of the same year were as follows: Dec. 31 3,000 P 12 10 Jan. 1 4,000 P Number of units Unit Costs: Direct Materials 12 10 Direct Labor Factory Overhead Variable 8 8 9 Fixed 7.20 Operating Expenses Variable Fixed 3.20 4 Required: A. Determine the following: 1. The number of units produced in 2020 was Total Fixed Factory Overhead was The number of units produced in 2019 was B. Determine the following for the year ended December 31, 2020 under Variable Costing Full Costing 1. Product Unit Cost 2. Finished Goods Inventory, End 3. Total Fixed Costs 4. Total Variable Costs and Expenses 5. Total Period Cost 6. Net Income

Annabelle Co. sold 7,000 units at P 50 per unit in 2020. The inventories at the beginning and end of the same year were as follows: Dec. 31 3,000 P 12 10 Jan. 1 4,000 P Number of units Unit Costs: Direct Materials 12 10 Direct Labor Factory Overhead Variable 8 8 9 Fixed 7.20 Operating Expenses Variable Fixed 3.20 4 Required: A. Determine the following: 1. The number of units produced in 2020 was Total Fixed Factory Overhead was The number of units produced in 2019 was B. Determine the following for the year ended December 31, 2020 under Variable Costing Full Costing 1. Product Unit Cost 2. Finished Goods Inventory, End 3. Total Fixed Costs 4. Total Variable Costs and Expenses 5. Total Period Cost 6. Net Income

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter2: Basic Managerial Accounting Concepts
Section: Chapter Questions
Problem 39E: Cost Classification Loring Company incurred the following costs last year: Required: 1. Classify...
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Prepare the Income Statement of Annabelle Co. for the year ended Dec 31, 2020 under both the Absorption and Variable Costing Methods and prepare the reconciliation of net income figures.
 
Annabelle Co. sold 7,000 units at P 50 per unit in 2020. The inventories at the beginning and end of the same year were as follows: Dec. 31 Jan. 1 Number of units Unit Costs: Direct Materials 4,000 12 3,000 P 12 Direct Labor 10 10 Factory Overhead Variable 8 8 Fixed 7.20 9. Operating Expenses Variable Fixed 6 6 3.20 4 Required: A. Determine the following: 1. The number of units produced in 2020 was 2. Total Fixed Factory Overhead was 3. The number of units produced in 2019 was B. Determine the following for the year ended December 31, 2020 under Variable Costing Full Costing 1. Product Unit Cost 2. Finished Goods Inventory, End 3. Total Fixed Costs 4. Total Variable Costs and Expenses 5. Total Period Cost 6. Net Income
Transcribed Image Text:Annabelle Co. sold 7,000 units at P 50 per unit in 2020. The inventories at the beginning and end of the same year were as follows: Dec. 31 Jan. 1 Number of units Unit Costs: Direct Materials 4,000 12 3,000 P 12 Direct Labor 10 10 Factory Overhead Variable 8 8 Fixed 7.20 9. Operating Expenses Variable Fixed 6 6 3.20 4 Required: A. Determine the following: 1. The number of units produced in 2020 was 2. Total Fixed Factory Overhead was 3. The number of units produced in 2019 was B. Determine the following for the year ended December 31, 2020 under Variable Costing Full Costing 1. Product Unit Cost 2. Finished Goods Inventory, End 3. Total Fixed Costs 4. Total Variable Costs and Expenses 5. Total Period Cost 6. Net Income
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