Please do not give solution in image format thanku During Heaton Company's first two years of operations, it reported absorption costing net operating income as follows:Sales (@ $63 per unit)Cost of goods sold (@ $41 per unit)Gross marginSelling and administrative expenses*Net operating incomeDirect materialsDirect laborYear 1$Units produced 24,000 24,000Units sold$19,000 29,0001,197,000779,000*$3 per unit variable; $248,000 fixed each year.The company's $41 unit product cost is computed as follows:418,000305,000113,000Variable manufacturing overheadFixed manufacturing overhead ($456,000 ÷ 24,000 units)Absorption costing unit product costYear 2$ 713219Production and cost data for the first two years of operations are:Year 1Year 2$ 41$ 1,827,0001,189,000638,000335,000$ 303,000Required:1. Using variable costing, what is the unit product cost for both years?2. What is the variable costing net operating income in Year 1 and in Year 2?3. Reconcile the absorption costing and the variable costing net operating income figures for each year.

In managerial accounting, there are two methods used to allocate costs to products or services -…

During Heaton Company's first two years of operations, it reported absorption costing net operating income as follows: Year 1 Year 2 Sales (@ $63 per unit) Cost of goods sold (@ $41 per unit) Gross margin Selling and administrative expenses* Net operating income Direct materials $ Direct labor $ 1,197,000 779,000 418,000 305,000 *$3 per unit variable; $248,000 fixed each year. The company's $41 unit product cost is computed as follows: 113,000 Variable manufacturing overhead Fixed manufacturing overhead ($456,000 ÷ 24,000 units) Absorption costing unit product cost $ 7 13 2 19 $41 Production and cost data for the first two years of operations are: Year 1 Year 2 Units produced 24,000 24,000 Units sold 19,000 29,000 $ 1,827,000 1,189,000 638,000 335,000 $ 303,000 Required: 1. Using variable costing, what is the unit product cost for both years? 2. What is the variable costing net operating income in Year 1 and in Year 2? 3. Reconcile the absorption costing and the variable costing net operating income figures for each year.

During Heaton Company's first two years of operations, it reported absorption costing net operating income as follows: Year 1 Year 2 Sales (@ $63 per unit) Cost of goods sold (@ $41 per unit) Gross margin Selling and administrative expenses* Net operating income Direct materials $ Direct labor $ 1,197,000 779,000 418,000 305,000 *$3 per unit variable; $248,000 fixed each year. The company's $41 unit product cost is computed as follows: 113,000 Variable manufacturing overhead Fixed manufacturing overhead ($456,000 ÷ 24,000 units) Absorption costing unit product cost $ 7 13 2 19 $41 Production and cost data for the first two years of operations are: Year 1 Year 2 Units produced 24,000 24,000 Units sold 19,000 29,000 $ 1,827,000 1,189,000 638,000 335,000 $ 303,000 Required: 1. Using variable costing, what is the unit product cost for both years? 2. What is the variable costing net operating income in Year 1 and in Year 2? 3. Reconcile the absorption costing and the variable costing net operating income figures for each year.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

True or False: Access controls limit who can change records Group of answer choices True False
How is the access control list approach different from RBAC?
could not understand need manual answer not on excel
1. DOT MATRIX PRINTERS ARE NOT CONSIDERED AS DESKTOP PRINTERS. A. TRUE B. FALSE
Please help me,
Landscape is O a. Page Layout O b. A Font Style c. Page Orientation O d. Paper Size
please see attached problem
Please don't use chat gpt and other ai other wise I give multiplie downvote Which of the following is sometimes called a currently attainable standard? O a. par b. normal standard O c. theoretical standard d. ideal standard
Answer the missing numbers.
Does a user view always require multiple tables to support it? Explain.
Write me a human paragraph without using Al about what a memorandoms of understanding is and how it is used
The easiest way to change the order in a chart is in the __________. Multiple Choice underlying spreadsheet slicer chart options chart itself