SELLING PRICE R116 UNITS IN OPENING INVENTORY 600 UNITS MANUFACTURED  2550 UNIT SOLD 3050 UNITS IN CLOSING INVENTORY 100 VARIABLE COSTS PER UNIT:   DIRECT MINERALS  R12 DIRECT LABOUR R50 VARIABLE MANUFACTURING OVERHEAD R6,50 VARIABLE SELLING AND ADMINISTRATIVE R10,00 FIXED COST:   FIXED MANUFACTURING OVERHEAD R81 000 FIXED SELLING AND ADMINISTRATIVE R19 000 Prepare an income statement for the month using the Marginal costing method.

Q: Question-2 REQUIRED Use the information given below to prepare the Income statement of Kendall…

A: The objective of this question is to prepare the income statement of Kendall Manufacturers for…

Q: A manufacturer reports the following information below for its first three years in operation. Year…

A: The variable costing is a method of costing in which the variable cost are included while…

Q: Selling price S84 Units in beginning inventory Variable costs per unit: Direct materials $25 Direct…

A: In absorption costing, the fixed overhead expenses form part of the cost of inventory.

Q: Round all final answers to whole dollars. Joplin Company Variable Costing Income Statement For the…

A: In absorption costing , fixed manufacturing overhead will be included in stock valuation where as in…

Q: Aaron Corporation, which has only one product, has provided the following data conceming its most…

A: The variable costing method assumes fixed costs to be expensed during the period they are incurred.…

Q: A manufacturing company that produces a single product has provided the following data concerning…

A: Variable costing is one of the methods used in preparing the income statement. Under this method,…

Q: The following cost details relate to one unit of product Zen. Variable materials 20.40 Variable…

A: Unit product cost under marginal costing = Direct materials + Direct labor + Variable production…

Q: Selling price (per unit) R 116 Units in opening inventory 600 Units manufactured 2 550 Units sold 3…

A: Marginal costing method: It is also called the Variable costing method. In this method, all the…

Q: Absorption and Variable Costing Income Statements During the first month of operations ended July…

A: As per the absorption costing method, the product cost includes fixed and variable manufacturing…

Q: Given the following: Selling price $164 Units in beginning inventory Units produced 12,100 Units…

A: First we need to understand the meaning of period cost. Period cost are the cost which are not…

Q: ariable Costing Income Statement On April 30, the end of the first month of operations, Joplin…

A: A variable costing income statement subtracts all variable expenses from revenue to arrive at a…

Q: SELLING PRICE R116 UNITS IN OPENING INVENTORY 600 UNITS MANUFACTURED  2550 UNIT SOLD 3050 UNITS IN…

A: Marginal costing: It is also called variable costing. Under this costing all the variable costs…

Q: A manufacturing company that produces a single product has provided the following data concerning…

A: In managerial and cost accounting, period costs refer to costs that are not tied to or related to…

Q: 1. Compute the product cost per unit using variable costing. 2. Determine the cost of ending…

A: The varaible costing is a method of costing wherein only variable costs are considered to calculate…

Q: A manufacturing company that produces a single product has provided the following data concerning…

A: The per-unit rate of the variable cost remains always fixed so changes in production do not impact…

Q: Variable Costing Income Statement On April 30, the end of the first month of operations, Joplin…

A: The net income is calculated as the difference between the revenue and total expenses. The net…

Q: Farris Corporation, which has only one product, has provided the following data concerning its most…

A: Answer:- Variable cost meaning:- Variable costs are those costs which vary according to the…

Q: company had opening inventory of 48,500 units and closing inventory of 45,500 units. Profits based…

A: Costing = 315250-288250 = 27000/3000 = 9

Q: A manufacturing company that produces a single product has provided the following data concerning…

A: Absorption costing is one of the costing method under which all fixed and variable costs related to…

Q: Aaron Corporation, which has only one product, has provided the following data concerning its most…

A: VARIABLE COSTINGVariable Costing is a Cost Managerial Accounting Method in which all variable cost…

Q: Q1. Zingling Inc produces only product and following information relates to the recent month of…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: A manufacturing company that produces a single product has provided the following data concerning…

A: Variable costing means that inventory is valued at variable manufacturing cost and fixed cost is…

Q: Income statement under variable costing method

A: in variable costing method, product costs are only made up of variable expenses like direct…

Q: Variable Costing Income Statement On April 30, the end of the first month of operations, Joplin…

A: ABSORPTION COSTINGAbsorption Costing is a Cost Managerial Accounting method in which All Cost…

Q: Month Units Sold Total Cost $ 6,570 $ 7,14O $ 9,300 $ 4,500 JanuarY 1,020 February 1,920 March 2,640…

A: Solution: Under high low method, cost at highest point of activity and cost at lowest point of…

Q: Variable Costing Income Statement On April 30, the end of the first month of operations, Joplin…

A: Variable cost is Costs that change as per the units of production change, in other words, can say…

Q: The following cost details relate to one unit of product Zen. (£) Variable materials Variable…

A: Solution: Under marginal costing, Variable production costs are considered as product cost such as…

Q: Production and sales volume Selling price ity is lyzed as follows: Direct material Direct labour…

A: ACTIVITY BASED COSTINGActivity Based Costing is a Powerful tool for measuring…

Q: Variable Costing Income Statement On July 31, the end of the first month of operations, Rhys Company…

A: To prepare a variable costing income statement, we need to separate fixed and variable costs.…

Q: pr.7

A: The objective of the question is to calculate the amount of fixed manufacturing overhead cost…

Q: If the fixed manufacturing costs were $18,270 and the fixed selling and administrative expenses were…

A: In managerial and cost accounting, the notion of variable costing states that the fixed…

Q: absorption Costing Income Statement On October 31, the end of the first month of operations,…

A: The income statement using Absorption costing assumes the fixed manufacturing overhead Costs to be…

Q: Gabuat Corporation, which has only one product, has provided the following data concerning its most…

A: Lets understand the basics.Income statement can be prepared using,(1) Variable or marginal…

Q: Assume the following information for a company that produced 10,000 units and sold 9,000 units…

A: Variable costing: It implies to a costing method whereby only variable expenses are assigned or…

Q: Fixed cost:   Fixed Manufacturing overhead Rs     40,000 Fixed Selling & Administrative  Rs…

A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…

Q: Using variable costing, what is the unit product cost for both years?

A: Computation of ending inventory   Year 1 Year 2 Units in Beginning inventory 0 5000…

Q: A manufacturing company that produces a single product has provided the following data concerning…

A: Variable costing system is one of the method used in cost accounting. Under this system, all the…

Q: Winter Corporation, which only has one product, has provided the following data concerning its most…

A: As per the absorption costing method, the product cost includes fixed and variable manufacturing…

Q: ng price. in beginning produced sold in ending inv ble costs per

A: Calculate gross margin under absorption costing : Gross margin = Sales - Cost of good sold  Cost of…

Q: Selling price Units in beginning inventory Units produced Units sold Units in ending inventory $ 126…

A: ABSORPTION COSTINGAbsorption Costing is a Cost managerial Accounting method in which All Cost…

Q: SELLING PRICE R116 UNITS IN OPENING INVENTORY 600 UNITS MANUFACTURED 2550 UNIT SOLD 3050…

A:

Q: A manufacturing company that produces a single product has provided the following data concerning…

A: By incorporating both variable and fixed manufacturing costs in the computation of the cost of goods…

Q: Absorption Costing Income Statement On October 31, the end of the first month of operations,…

A: A type of costing known as "absorption costing" includes all production expenses. This is how…

Q: Income statement under variable costing for the period ending December 31, 018

A: Formula: Net income = Total Revenues - Total Expenses

Q: Variable Costing Income Statement On April 30, the end of the first month of operations, Joplin…

A: Joplin Company                                                                           Variable…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.