Sims Company began operations on January 1. Its cost and sales information for this year follow.   Direct materials $ 40 per unit Direct labor $ 60 per unit Variable overhead $ 40 per unit Fixed overhead $ 6,600,000 per year Variable selling and administrative expenses $ 11 per unit Fixed selling and administrative expenses $ 4,000,000 per year Units produced 110,000 units Units sold 80,000 units Sales price $ 360 per unit 1. Prepare an income statement for the year using variable costing.

Assume the following information for a company that produced 10,000 units and sold 9,000 units during its first year of operations: Selling price Direct materials Direct labor Variable manufacturing overhead Sales commission Fixed manufacturing overhead Per Unit Per Year $ 200 $ 73 $ 50 $ 11 $ 8 $ 300,000 Using variable costing, what is the cost of the company's ending inventory?

A company has a single product. The monthly data concerning the single product follows: Item Amount Selling Price per unit $200/unit Variable expenses per unit $80/unit Total Fixed Expenses $980,000 Units produced 10,000 units Units sold 10,000 units What is the current Operating Income given the above information?

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Consider the following information for Presidio Inc.'s most recent year of operations. Number of units produced 2,800 1,700 Number of units sold Sales price per unit Direct materials per unit Direct labor per unit Variable manufacturing overhead per unit Fixed manufacturing overhead per unit ($331,240 + 2,800 units) Total variable selling expenses ($12 per unit sold) Total fixed general and administrative $ 670.00 50.00 80.00 30.00 118.30 20,400.00 78,000.00 expenses Required: 2-a. Complete a full absorption costing income statement for Presidio. Assume there was no beginning inventory. 2-b. Complete a variable costing income statement for Presidio. Assume there was no beginning inventory. 3. Compute the difference in profit between full absorption costing and variable costing. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 2A Req 2B Req 3 Complete a full absorption costing income statement for Presidio. Assume there…

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Farrow Company reports the following annual results.  Contribution Margin Income Statement Per Unit Annual Total Sales (240,000 units) $ 15.00 $ 3,600,000 Variable costs     Direct materials 2.00 480,000 Direct labor 4.00 960,000 Overhead 2.50 600,000 Contribution margin 6.50 1,560,000 Fixed costs     Fixed overhead 2.00 480,000 Fixed general and administrative 1.50 360,000 Income $ 3.00 $ 720,000   The company receives a special offer for 24,000 units at $12 per unit. The additional sales would not affect its normal sales. Variable costs per unit would be the same for the special offer as they are for the normal units. The special offer would require incremental fixed overhead of $96,000 and incremental fixed general and administrative costs of $103,000. (a) Compute the income or loss for the special offer.(b) Should the company accept or reject the special offer? Compute the income or loss for the special offer. (Round your "Per Unit" answers to 2…

Rey Company's only product sells for $228 per unit. Data for Its first year of operations follow. $ 32 per unit $ 40 per unit $ 12 per unit $385,000 per year $ 30 per unit $ 224,000 per year 27,500 units Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses Units produced and sold 1. Prepare an Income statement for the year using absorption costing 2. Prepare an income statement for the year using varlable costing. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare an income statement for the year using absorption costing, REY COMPANY Income Statement (Absorption Costing) Sales Cost of goods sold Gross profit Selling and administrative expenses Income Required 1 Required 2 Sales Less Variable expenses * Answer is not complete. Income Prepare an income statement for the year using variable costing. Direct materials Direct labor Variable cost of…

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Dowell Company produces a single product. Its income statements under absorption costing for its first two years of operation follow. Income Statements (Absorption Costing) Sales ($54 per unit) Cost of goods sold ($40 per unit) Year 2 Year 1 $ 1,512,000 1,120,000 $ 3,132,000 2,320,000 Gross profit Selling and administrative expenses Income 392,000 293,000 812,000 323,000 $ 99,000 $ 489,000 Additional Information a. Sales and production data for these first two years follow. Units Units produced Units sold Year 1 43,000 28,000 Year 2 43,000 58,000 b. Variable costs per unit and fixed costs per year are unchanged during these years. The company's $40 per unit product cost using absorption costing consists of the following. Direct materials Direct labor Variable overhead Fixed overhead ($387,000/43,000 units) Total product cost per unit $ 13 13 5 9 $ 40 c. Selling and administrative expenses consist of the following. Selling and Administrative Expenses Variable selling and administrative…