Sweet Acacia Golf Ltd. produces and sells special golf balls for $22.00 for a pack of three. In May 2022, the company manufactured 36,300 packs (its normal volume) and sold 33,800 packs. The beginning inventory on May 1, 2022, was 6,050packs. Production information for May 2022 is as follows: Direct manufacturing labour per pack 15.00 minutes Fixed selling and administrative costs $48,400 Fixed manufacturing overhead $160,446 Direct materials costs per pack $3.00 Direct labour rate per hour $24.00 Variable manufacturing overhead per pack $4.00 Variable selling expenses per pack $3.00 Calculate the total cost per pack under both absorption and variable costing. (Round per unit calculations and final answers to 2 decimal places, e.g. 15.25.) Absorption Costing Variable Costing Total cost per pack $enter a dollar amount rounded to 2 decimal places $enter a dollar amount rounded to 2 decimal places Prepare income statements in good form for the month ended May 31, 2022, under absorption and variable costing. (Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945). Round per unit calculations to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 125.) SWEET ACACIAGOLF LTD. Absorption-Costing Income Statement choose the accounting period Sales in units enter a number of units select an income statement item $enter a dollar amount select between addition and deduction : select an income statement item enter a dollar amount select a summarizing line for the first part enter a total amount for the first part select between addition and deduction : select an income statement item enter a dollar amount select a closing name for this statement $enter a total amount for this statement SWEET ACACIAGOLF LTD. Variable-Costing Income Statement choose the accounting period Sales in units enter a number of units select an income statement item $enter a dollar amount select an opening section name : select an income statement item $enter a dollar amount select an income statement item enter a dollar amount select a closing section name enter a total amount for the section select a summarizing line for the first part enter a total amount for the first part select between addition and deduction : select an income statement item enter a dollar amount select a closing name for this statement $enter a total amount for this statement Reconcile the operating income calculated under absorption costing with the operating income calculated under variable costing. Assume that April’s costs were the same as those of May. (Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945). Round per unit calculations to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 125.) Variable-costing net income / (loss) $enter a dollar amount FMOH deferred in ending inventory enter a dollar amount FMOH released from beginning inventory enter a dollar amount Absorption-costing net income $enter a total amount

Sweet Acacia Golf Ltd. produces and sells special golf balls for $22.00 for a pack of three. In May 2022, the company manufactured 36,300 packs (its normal volume) and sold 33,800 packs. The beginning inventory on May 1, 2022, was 6,050packs. Production information for May 2022 is as follows: Direct manufacturing labour per pack 15.00 minutes Fixed selling and administrative costs $48,400 Fixed manufacturing overhead $160,446 Direct materials costs per pack $3.00 Direct labour rate per hour $24.00 Variable manufacturing overhead per pack $4.00 Variable selling expenses per pack $3.00 Calculate the total cost per pack under both absorption and variable costing. (Round per unit calculations and final answers to 2 decimal places, e.g. 15.25.) Absorption Costing Variable Costing Total cost per pack $enter a dollar amount rounded to 2 decimal places $enter a dollar amount rounded to 2 decimal places Prepare income statements in good form for the month ended May 31, 2022, under absorption and variable costing. (Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945). Round per unit calculations to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 125.) SWEET ACACIAGOLF LTD. Absorption-Costing Income Statement choose the accounting period Sales in units enter a number of units select an income statement item $enter a dollar amount select between addition and deduction : select an income statement item enter a dollar amount select a summarizing line for the first part enter a total amount for the first part select between addition and deduction : select an income statement item enter a dollar amount select a closing name for this statement $enter a total amount for this statement SWEET ACACIAGOLF LTD. Variable-Costing Income Statement choose the accounting period Sales in units enter a number of units select an income statement item $enter a dollar amount select an opening section name : select an income statement item $enter a dollar amount select an income statement item enter a dollar amount select a closing section name enter a total amount for the section select a summarizing line for the first part enter a total amount for the first part select between addition and deduction : select an income statement item enter a dollar amount select a closing name for this statement $enter a total amount for this statement Reconcile the operating income calculated under absorption costing with the operating income calculated under variable costing. Assume that April’s costs were the same as those of May. (Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945). Round per unit calculations to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 125.) Variable-costing net income / (loss) $enter a dollar amount FMOH deferred in ending inventory enter a dollar amount FMOH released from beginning inventory enter a dollar amount Absorption-costing net income $enter a total amount

Name: Sweet Acacia Golf Ltd. produces and sells special golf balls for $22.0
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Sweet Acacia Golf Ltd. produces and sells special golf balls for $22.00 for a pack of three. In May 2022, the company manufactured 36,300 packs (its normal volume) and sold 33,800 packs. The beginning inventory on May 1, 2022, was 6,050packs. Product

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

Direct manufacturing labour per pack	15.00	minutes
Fixed selling and administrative costs	$48,400
Fixed manufacturing overhead	$160,446
Direct materials costs per pack	$3.00
Direct labour rate per hour	$24.00
Variable manufacturing overhead per pack	$4.00
Variable selling expenses per pack	$3.00

Calculate the total cost per pack under both absorption and variable costing. (Round per unit calculations and final answers to 2 decimal places, e.g. 15.25.)

		Absorption Costing		Variable Costing
Total cost per pack		$enter a dollar amount rounded to 2 decimal places		$enter a dollar amount rounded to 2 decimal places

Prepare income statements in good form for the month ended May 31, 2022, under absorption and variable costing. (Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945). Round per unit calculations to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 125.)

SWEET ACACIAGOLF LTD. Absorption-Costing Income Statement choose the accounting period
Sales in units		enter a number of units
select an income statement item		$enter a dollar amount
select between addition and deduction : select an income statement item		enter a dollar amount
select a summarizing line for the first part		enter a total amount for the first part
select between addition and deduction : select an income statement item		enter a dollar amount
select a closing name for this statement		$enter a total amount for this statement

SWEET ACACIAGOLF LTD. Variable-Costing Income Statement choose the accounting period
Sales in units		enter a number of units
select an income statement item		$enter a dollar amount
select an opening section name :
select an income statement item	$enter a dollar amount
select an income statement item	enter a dollar amount
select a closing section name		enter a total amount for the section
select a summarizing line for the first part		enter a total amount for the first part
select between addition and deduction : select an income statement item		enter a dollar amount
select a closing name for this statement		$enter a total amount for this statement

Reconcile the operating income calculated under absorption costing with the operating income calculated under variable costing. Assume that April’s costs were the same as those of May. (Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945). Round per unit calculations to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 125.)

Variable-costing net income / (loss)		$enter a dollar amount
FMOH deferred in ending inventory		enter a dollar amount
FMOH released from beginning inventory		enter a dollar amount
Absorption-costing net income		$enter a total amount

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.