Summarized data for Walrus Co. for its first year of operations are: Sales (100,000 units) $5,000,000 Production Costs (120,000 units):       Direct Material 1,680,000     Direct Labor 1,440,000 Manufacturing Overhead:       Variable 900,000     Fixed 240,000 Selling and Administrative Expenses:       Variable 260,000     Fixed 430,000 Find the ending inventory, total cost of goods sold, gross profit, and selling administrative expenses

Anchor Manufacturing Company reported the following year-end information: Beginning work in process inventory $80,000 Cost of goods manufactured Beginning finished goods inventory Ending work in process inventory $880,000 $50,000 $70,000 Ending finished goods inventory $40,000 How much is Anchor's cost of goods sold for the year? A. $900,000 B. $890,000 C. $880,000 D. $870,000

Farris Corporation, which has only one product, has provided the following data concerning its most recent month of operations: $ 156 Selling price Units in beginning inventory Units produced Units sold 9,500 9,100 Units in ending inventory 400 Variable costs per unit: $29 $ 71 $ 17 $ 21 Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expense Fixed costs: Fixed manufacturing overhead Fixed selling and administrative expense $ 142,500 $ 9,900 What is the net operating income (loss) for the month under variable costing?

Munabhai

Neef Corporation has provided the following data for its two most recent years of operation: Selling price per unit $ 84 Manufacturing costs: Variable manufacturing cost per unit produced: Direct materials $ 12 Direct labor $ 5 Variable manufacturing overhead $ 4 Fixed manufacturing overhead per year $ 432,000 Selling and administrative expenses: Variable selling and administrative expense per unit sold $ 5 Fixed selling and administrative expense per year $ 61,000 Year 1 Year 2 Units in beginning inventory 0 3,000 Units produced 12,000 9,000 Units sold 9,000 10,000 Units in ending inventory 3,000 2,0000 The net operating income (loss) under absorption costing in Year 2 is closest to: $75,000 $186,000 $136,000 $87,000

On October 31, the end of the first month of operations, Morristown & Co. prepared the following income statement based on absorption costing: Morristown & Co. Absorption Costing Income Statement For Month Ended October 31, 20-- Sales (2,600 units)       $117,000 Cost of goods sold:            Cost of goods manufactured   $85,500        Less ending inventory (400 units)   11,400        Cost of goods sold       74,100 Gross profit       $42,900 Selling and administrative expenses       21,500 Income from operations       $21,400   If the fixed manufacturing costs were $42,900 and the variable selling and administrative expenses were $14,600, prepare an income statement using variable costing. Morristown & Co.Variable Costing Income StatementFor Month Ended October 31, 20--

During Heaton Company's first two years of operations, it reported absorption costing net operating income as follows: Year 1 Year 2 Sales (@ $62 per unit) $ 1,178,000 $1,798,000 Cost of goods sold (@ $36 per unit) 684,000 1,044,000 Gross margin 494,000 754,000 Selling and administrative expenses * 305,000 335,000 Net operating income $ 189,000 $ 419,000 * $3 per unit variable; $248,000 fixed each year. The company's $36 unit product cost is computed as follows: Direct materials $ 9 Direct labor 10 Variable manufacturing overhead 4 Fixed manufacturing overhead ($312,000 - 24,000 units) 13 Absorption costing unit product cost $36 Production and cost data for the first two years of operations are: Year 1 Year 2 Units produced 24,000 24,000 Units sold 19,000 29,000 Required: Using variable costing, what is the unit product cost for both years? What is the variable costing net operating income in Year 1 and in Year 2? Reconcile the absorption costing and the variable costing net operating…

During Heaton Company’s first two years of operations, it reported absorption costing net operating income as follows:     Year 1 Year 2 Sales (@ $61 per unit) $ 976,000 $ 1,586,000 Cost of goods sold (@ $38 per unit) 608,000 988,000 Gross margin 368,000 598,000 Selling and administrative expenses* 299,000 329,000 Net operating income $ 69,000 $ 269,000   * $3 per unit variable; $251,000 fixed each year.   The company’s $38 unit product cost is computed as follows:   Direct materials $ 7 Direct labor 12 Variable manufacturing overhead 4 Fixed manufacturing overhead ($315,000 ÷ 21,000 units) 15 Absorption costing unit product cost $ 38   Production and cost data for the first two years of operations are:     Year 1 Year 2 Units produced 21,000 21,000 Units sold 16,000 26,000   Required: 1. Using variable costing, what is the unit product cost for both years? 2. What is the variable costing net operating income in Year 1 and in Year 2? 3.…

YaHo, Ltd. is a manufacturer that produces a single product.  Below is data concerning its most recent month of operations:  Units in beginning inventory 0 Units produced 81,450 Units sold 77,820 Selling price per unit: $13.80 Variable costs per unit:        Direct materials $2.90      Direct labor $2.05      Variable manufacturing overhead $1.30      Variable selling and administrative expense $1.05 Fixed costs (per month):        Fixed manufacturing overhead $195,480      Fixed selling and administrative expense $218,825  Calculate net income for the month using variable costing.   a. $173,236   b. $153,781   c. $115,120   d. $100,237   e. $91,525

During Heaton Company's first two years of operations, It reported absorption costing net operating income as follows: Sales (e $63 per unit) Cost of goods sold (e $37 per unit) Gross margin Selling and administrative expenses Net operating income Year 1 $ 1,071,000 629,000 442,000 298,000 $ 144,000 Year 2 $ 1,701,000 999,000 702,000 328,000 $ 374,000 $3 per unit variable; $247,000 fixed each year. The company's $37 unit product cost is computed as follows: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead ($374,000 + 22,000 units) Absorption costing unit product cost $ 5 10 17 $ 37 Production and cost data for the first two years of operations are: Year 1 22,000 17,000 Year 2 Units produced Units sold 22,000 27,000 Required: 1. Using variable costing, what is the unit product cost for both years? 2. What is the variable costing net operating income in Year 1 and in Year 2? 3. Reconcile the absorption costing and the variable costing net…