FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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
Exercise 19-3 (Algo) Part 2b
Income
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)
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Transcribed Image Text:! 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 Exercise 19-3 (Algo) Part 2b Income 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)
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