Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this year follows. Manufacturing costs Direct materials 35 per unit 55 per unit Direct labor Overhead costs Variable $ 20 per unit $8,400,000 (per year) Fixed Selling and administrative costs for the year Variable Fixed $ 750,000 $4,500,000 Production and sales for the year Units produced Units sold Sales price per unit 105,000 units 75,000 units $ 360 per unit 1. Prepare an income statement for the year using variable costing. 2. Prepare an income statement for the year using absorption costing.
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- A company estimates its manufacturing overhead will be $840,000 for the next year. What is the predetermined overhead rate given each of the following Independent allocation bases? Budgeted direct labor hours: 90,615 Budgeted direct labor expense: $750000 Estimated machine hours: 150,000Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this year follows. Manufacturing costs Direct materials $ 30 per unit Direct labor $ 50 per unit Overhead costs Variable $ 20 per unit Fixed $ 8,400,000 (per year) Selling and administrative costs for the year Variable $ 750,000 Fixed $ 4,000,000 Production and sales for the year Units produced 105,000 units Units sold 75,000 units Sales price per unit $ 350 per unit 1. Prepare an income statement for the year using variable costing.2. Prepare an income statement for the year using absorption costing.Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales Information for this year follows. Manufacturing costs Direct materials 24 24 30 per unit 50 per unit Direct labor Overhead costs 20 per unit $8,800, 000 (per year) variable 24 Fixed selling and administrative costs for the year variable $ 750,000 $4,500,000 Fixed Production and sales for the year Units produced 110,000 units 80, 000 units 360 per unit Units sold Sales price per unit 1. Prepare an Income statement for the year using varlable costing. 2. Prepare an Income statement for the year using absorption costing. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare an income statement for the year using variable costing. SIMS COMPANY Variable Costing Income Statement
- Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this year follows. Manufacturing costs Direct materials 40 per unit 60 per unit $ Direct labor Overhead costs 40 per unit (per year) Variable Fixed $6,300,000 Selling and administrative costs for the year Variable $ 725,000 Fixed $4,750,000 Production and sales for the year Units produced 105,000 units 75,000 units 360 per unit Units sold Sales price per unit $ 1. Prepare an income statement for the year using variable costing. 2. Prepare an income statement for the year using absorption costing.Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this year follows. Manufacturing costs Direct materials. Direct labor 30 per unit $ 50 per unit Overhead costs Variable $ 40 per unit Fixed $6,600,000 (per year) Selling and administrative costs for the year Variable $ 775,000 $5,000,000 Fixed Production and sales for the year Units produced 110,000 units Units sold Sales price per unit 80,000 units 360 per unit $ 1. Prepare an income statement for the year using variable costing. 2. Prepare an income statement for the year using absorption costing. Complete this question by entering your answers in the tabs below. Required 1 Required 2 O F9 F10 Ś F11 F12 my wor Fn 3:30 PM 6/16/2022 Insert Drt ScSims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this year follows. Manufacturing costs $ 30 per unit Direct materials Direct labor $ 50 per unit Overhead costs Variable $ Fixed 40 per unit. $6,600,000 (per year) Selling and administrative costs for the year Variable Fixed $ 775,000 $5,000,000 Production and sales for the year Units produced 110,000 units Units sold Sales price per unit 80,000 units 360 per unit $ 1. Prepare an income statement for the year using variable costing. 2. Prepare an income statement for the year using absorption costing. Complete this question by entering your answers in the tabs below. Required 1 Required 2 O 21
- Information about Hannah Industries for the month ending December 31, 2019, is as follows: Sales $450,000 Cost of goods sold 329,000 Net operating income 22,000 Beginning inventories: Direct materials 70,000 Work in process…The following manufacturing costs were incurred by the Miracle Mile Company in 2019: Direct materials $ 225,000 Direct labor 350,000 Manufacturing overhead 470,000 These costs were incurred to produce 50,000 units of product. Variable manufacturing overhead was 70% of the direct materials cost. In 2020, the direct material and variable overhead costs per unit will increase by 12%, but the direct labor costs per unit are not expected to change. Fixed manufacturing costs are expected to increase by 8%.Required:(a.) Prepare a cost estimate for an activity level of 40,000 units of product in 2020.(b.) Determine the total product costs per unit for 2019 and 2020.Summarized data for 2019 (the first year of operations) for Gorman Products, In. are as follows Sales (70,000 units) $2,800,00 Production costs (80,000 units): Direct materials 880,000 Direct labor 720,000 Manufacturing overhead: Variable 544,000 Fixed 320,000 Operating expenses: Variable 175,000 Fixed 240,000 Depreciation on equipment 60,000 Real estate taxes 18,000 Personal property taxes (inventory and equipment 28,000 Personnel department expenses 30,000 a.) Prepare an income statement based on full absortion costing b) Prepare an income statement based on variable costing (I completed this, see attached spreadsheet. I just need help on a, c, and d) c) Assume that you must decide quickly whether to accept a special one-time order for 1000 units for $25 per unit. Which income statement presentthe most relevant data? Determine the apparent profit or loss on the special order based solely on these data. d) If the…
- Sims Company, a manufacturer of tablet computers, bogan opcrations on January 1, 2019. Its cost and salcs information for this ycar follows. Manufacturing costs Direct materials 40 per unit 60 per unit Direct labor $ Overhead costs 40 per unit $6,600, 000 (per year) Variable Fixed Selling and administrative costs for the year Variable $ 725,000 $4,000, 000 Fixed Production and sales for the year Units produced Units sold 110,000 units 80, e00 units 350 per unit Sales price per unit 1. Prepare an income statement for the year using varlable costing. 2. Prepare an income statement for the year using absorption costing. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare an income statement for the year using variable costing. SIMS COMPANY Variable Costing Income Statement Net income (loss)The cost data for Evencoat Paint for the year 2019 is as follows: Month Gallons ofPaintProduced EquipmentMaintenanceExpenses January 110,000 $70,700 February 68,000 66,800 March 71,000 67,000 April 77,000 68,100 May 95,000 69,200 June 101,000 70,300 July 125,000 70,400 August 95,000 68,900 September 95,000 69,500 October 89,000 68,600 November 128,000 72,800 December 122,000 71,450 A. Using the high-low method, express the company’s maintenance costs as an equation where x represents the gallons of paint produced. Then estimate the fixed and variable costs. Fixed cost $fill in the blank 1 Variable cost $fill in the blank 2 B. Predict the maintenance costs if 90,000 gallons of paint are produced. Maintenance cost $fill in the blank 3 C. Predict the maintenance costs if 81,000 gallons of paint are produced. Maintenance cost $fill in the…The information provided below was taken from the records of Chotoo Projects for the financialyear ended 31 May 2020.Extract of statement of comprehensive income for the year ended 31 May 2020RRevenue 480 000Direct costs 240 000Rent income 150 000Advertising 4 800Salaries and wages 90 000Rates and taxes 1 200Other operating expenses 80 000Additional information1. Revenue is calculated as direct cost plus 25%.2. Revenue is divided equally each month. Revenue is expected to increase by 18% for thefinancial year ending 31 May 2021.POSTGRADUATE DIPLOMA IN PROJECT MANAGEMENT – ACADEMIC AND ASSESSMENT CALENDARREGENT BUSINESS SCHOOL (RBS) January 2021 173. Fifty percent (50%) of the revenue is for cash and the balance is on credit. Debtorsnormally pay their accounts as follows:• 40% in the month of the invoice, and these debtors are entitled toa 5% discount;• 55% one month after the invoice;The balance is usually written off as bad debts.4. Purchases for June and July are expected to be 30…