! Required information Exercise 19-3 (Algo) Income statement under absorption costing and variable costing LO P1, P2 [The following information applies to the questions displayed below.] Cool Sky reports the following for its first year of operations. The company produced 42,000 units and sold 34,000 units at a price of $150 per unit. Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses Income Exercise 19-3 (Algo) Part 2b 2b. Assume the company uses variable costing. Prepare its income statement for the year under variable costing. $ 66 per unit $ 25 per unit $9 per unit $546,000 per year. $ 12 per unit $ 100,000 per year Income Statement (Variable Costing)

! Required information Exercise 19-3 (Algo) Income statement under absorption costing and variable costing LO P1, P2 [The following information applies to the questions displayed below.] Cool Sky reports the following for its first year of operations. The company produced 42,000 units and sold 34,000 units at a price of $150 per unit. Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses Income Exercise 19-3 (Algo) Part 2b 2b. Assume the company uses variable costing. Prepare its income statement for the year under variable costing. $ 66 per unit $ 25 per unit $9 per unit $546,000 per year. $ 12 per unit $ 100,000 per year Income Statement (Variable Costing)

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

ss.
Rahul
Please don't provide answer in image format thank you
Manny Co.
aj.3
Please don't provide solution in an image format thank you
Solve this question please
Dowell Company produces a single product. Its Income under variable costing for its first two years of operation follow. Variable Costing Income Income Units Units produced Units sold Additional Information a. Sales and production data for these first two years follow. Year 1 $ 43,000 Year 1 44,300 33,000 Direct materials Direct labor Variable overhead Fixed overhead ($430,000/43,000 units) Total product cost per unit Variable costing income Year 2 b. The company's $32 per unit product cost (for both years) using absorption costing consists of the following. Absorption costing income 44,300 55,600 Year 2 $ 610,000 Required: Prepare a statement to convert variable costing income to absorption costing income for both years. (Leave no cells blank - be certain to enter "0" wherever required.) $6 Dowell Company Convert Variable Costing Income to Absorption Costing Income Year 1 $ 9 7 10 $32 43,000 $ Year 2 610,000
I want to correct answer for this question
Unit Costs, Inventory Valuation, Variable and Absorption Costing Snyder Company produced 99,100 units during its first year of operations and sold 96,850 at $20.79 per unit. The company chose practical activity—at 99,100 units—to compute its predetermined overhead rate. Manufacturing costs are as follows: Direct materials $552,978 Direct labor 97,118 Expected and actual variable overhead 359,733 Expected and actual fixed overhead 523,248 Required: If required, round unit cost answers to the nearest cent. 1. Calculate the unit cost and the cost of finished goods inventory under absorption costing. Unit Cost $fill in the blank 1 Cost of finished goods inventory $fill in the blank 2 2. Calculate the unit cost and the cost of finished goods inventory under variable costing. Unit Cost $fill in the blank 3 Cost of finished goods inventory $fill in the blank 4
Please don't give image format
nku.4