Succulent juice Company manufactures and sells premium tomato juice by the gallon. Succulent just finished its first year of operations. The following data relates to this first year of operations. 80,000 70,000 $3.00 per gallon $1.45 per gallon Number of Gallons Produced Number of Gallons sold Sales Price Unit Product Cost (variable costing) Contribution Margin Total Fixed Manufacturing Overhead Total fixed Selling & Administrative Variable Selling and Administrative Costs Inventory value under absorption costing $84,000 ? $25,000 ? $29,500 Prepare an Income Statement for Succulent using the Absorption Costing Method. (Hints: How many units were in inventory? What was the cost per unit? Why is the CM only $84,000? ). 3.1 Sales COGS Gross Margin SG&A Net Income 3.2 Explain in one or two sentences, the key difference between the net income under Absorption and the net income under Variable costing. Determine the variable costing net income. Do not prepare a variable costing income statement.

Please provide answer

2 Trez Company began operations this year. During this year, the company produced 100,000 units and sold 80,000 units. The absorption costing income statement for this year follows.  Income Statement (Absorption Costing)   Sales (80,000 units × $45 per unit) $ 3,600,000 Cost of goods sold 2,000,000 Gross profit 1,600,000 Selling and administrative expenses 560,000 Income $ 1,040,000   Additional Information Selling and administrative expenses consist of $400,000 in annual fixed expenses and $2 per unit in variable selling and administrative expenses. The company's product cost of $25 per unit consists of the following.  Direct materials $ 4 per unit Direct labor $ 10 per unit Variable overhead $ 4 per unit Fixed overhead ($700,000 / 100,000 units) $ 7 per unit Required:Prepare an income statement for the company under variable costing.

Kenzi...

Royal Lawncare Company produces and sells two packaged products—Weedban and Greengrow. Revenue and cost information relating to the products follow:     Product Weedban Greengrow Selling price per unit $ 10.00 $ 31.00 Variable expenses per unit $ 2.40 $ 10.00 Traceable fixed expenses per year $ 130,000 $ 31,000   Last year the company produced and sold 38,000 units of Weedban and 20,500 units of Greengrow. Its annual common fixed expenses are $101,000.   Required: Prepare a contribution format income statement segmented by product lines.

Comfort Ride manufactures seats for airplanes. The company has the capacity to produce 100,000 seats per year, but currently produces and sells 75,000 seats per year. The following informatio relates to current production of seats: Sale price per unit Variable costs per unit: Manufacturing $400 $230 Marketing and administrative $60 Total fixed costs: Manufacturing $790,000 Marketing and administrative $210,000 A. Increase by $49,000 B. Increase by $60,000 OC. Decrease by $49,000 OD. Increase by $229,000

Royal Lawncare Company produces and sells two packaged products-Weedban and Greengrow. Revenue and cost information relating to the products follow: Selling price per unit Variable expenses per unit Traceable fixed expenses per year Product Weedban $ 9.00 $ 2.50 $ 135,000 Greengrow $33.00 $ 13.00 $ 49,000 Last year the company produced and sold 36,500 units of Weedban and 16,500 units of Greengrow. Its annual common fixed expenses are $111,000. Required: Prepare a contribution format income statement segmented by product lines. Total Company Product Line Weedban Greengrow

Royal Lawncare Company produces and sells two packaged products-Weedban and Greengrow. Revenue and cost information relating to the products follow: Selling price per unit Variable expenses per unit Traceable fixed expenses per year Weedban $9.00 $ 2.60 $ 137,000 Product Greengrow $36.00 $ 10.00 $ 38,000 Last year the company produced and sold 36,500 units of Weedban and 17,500 units of Greengrow. Its annual common fixed expenses are $98,000. Required: Prepare a contribution format income statement segmented by product lines. Total Company Product Line Weedban Greengrow

Ramirez Corp. has two customers, C1 and C2. Ramirez Corp currently allocates indirect costs to customers at a rate of 5% of customer revenue. Data for C1 and C2 are as follows: C1 C2 Selling Price per Unit $20.00 $20.00 Units Sold 50,000 12,000 Manufacturing Cost per unit $15.00 $15.00 Number of Purchase Orders 112 27 Number of deliveries 105 68 Number of Inspection 77 50 Customer Visits 40 35 A. Using the current costing system to allocate support costs, calculate Operating Income for customers C1 and C2. Ramirez Corp.'s Management Accountant has gathered the following ABC rate information: ABC Cost Rate Number of purchase orders $40 per purchase order $85 per delivery $200 per expedited delivery Number of deliveries Number of inspections Number of customer visits $400 per customer visit b. Calculate the total support cost allocated to C1 & C2 using the Activity Based Costing (ABC) system. c. Comparing the indirect cost allocated in part a. to the indirect cost allocated in part b.…

Royal Lawncare Company produces and sells two packaged products-Weedban and Greengrow. Revenue and cost information relating to the products follow: Product Weedban Selling price per unit Variable expenses per unit Traceable fixed expenses per year $ $ $ 133,000 Greengrow $ $ $ 44,000 8.00 34.00 2.40 13.00 Common fixed expenses in the company total $95,000 annually. Last year the company produced and sold 37,000 units of Weedban and 16,000 units of Greengrow. Required: Prepare a contribution format income statement segmented by product lines. Product Line Total Company Weedban Greengrow