FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

Manufacturing Costs
Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.
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The following information pertains to the first year of operation for Crystal Cold Coolers Incorporated: Number of units produced Number of units sold Unit sales price Direct materials per unit Direct labor per unit Variable manufacturing overhead per unit Fixed manufacturing overhead per unit ($180,000+3,000 units) Total variable selling expenses ($12 per unit sold) Total fixed general and administrative expenses Complete this question by entering your answers in the tabs below. Full Absorption Variable Costing Costing Prepare Crystal Cold's full absorption costing income statement for the year. Crystal Cold Coolers Incorporated Full Absorption Costing Income Statement Required: Prepare Crystal Cold's full absorption costing income statement and variable costing income statement for the year. Sales Less: Cost of goods sold Gross margin Less: Non-manufacturing expenses Variable selling expense Fixed general and administrative expenses Net operating income Full Absorption Costing $ 828,000 3,000 2,400 $345 $ 55 $ 50 $ 11 $ 60 $ 28,800 $ 61,000 Variable Costing >
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Transcribed Image Text:The following information pertains to the first year of operation for Crystal Cold Coolers Incorporated: Number of units produced Number of units sold Unit sales price Direct materials per unit Direct labor per unit Variable manufacturing overhead per unit Fixed manufacturing overhead per unit ($180,000+3,000 units) Total variable selling expenses ($12 per unit sold) Total fixed general and administrative expenses Complete this question by entering your answers in the tabs below. Full Absorption Variable Costing Costing Prepare Crystal Cold's full absorption costing income statement for the year. Crystal Cold Coolers Incorporated Full Absorption Costing Income Statement Required: Prepare Crystal Cold's full absorption costing income statement and variable costing income statement for the year. Sales Less: Cost of goods sold Gross margin Less: Non-manufacturing expenses Variable selling expense Fixed general and administrative expenses Net operating income Full Absorption Costing $ 828,000 3,000 2,400 $345 $ 55 $ 50 $ 11 $ 60 $ 28,800 $ 61,000 Variable Costing >
Unit sales price Direct materials per unit Direct labor per unit. Variable manufacturing overhead per unit Fixed manufacturing overhead per unit ($180,000+3,000 units) Total variable selling expenses ($12 per unit sold) Total fixed general and administrative expenses Required: Prepare Crystal Cold's full absorption costing income statement and variable costing income statement for the year. Complete this question by entering your answers in the tabs below. Variable Costing Prepare variable costing income statement for the year. Crystal Cold Coolers Incorporated Variable Costing Income Statement Full Absorption Costing Less: Variable cost of goods sold Contribution margin Less: Fixed costs Net operating income $345 $ 55 $ 50 $ 11 $ 60 $ 28,800 $ 61,000 < Full Absorption Costing Variable Costing >
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Transcribed Image Text:Unit sales price Direct materials per unit Direct labor per unit. Variable manufacturing overhead per unit Fixed manufacturing overhead per unit ($180,000+3,000 units) Total variable selling expenses ($12 per unit sold) Total fixed general and administrative expenses Required: Prepare Crystal Cold's full absorption costing income statement and variable costing income statement for the year. Complete this question by entering your answers in the tabs below. Variable Costing Prepare variable costing income statement for the year. Crystal Cold Coolers Incorporated Variable Costing Income Statement Full Absorption Costing Less: Variable cost of goods sold Contribution margin Less: Fixed costs Net operating income $345 $ 55 $ 50 $ 11 $ 60 $ 28,800 $ 61,000 < Full Absorption Costing Variable Costing >
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