The following information was collected for the first year of manufacturing for Appliance Apps: Direct Materials...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following information was collected for the first year of manufacturing for Appliance Apps: Direct Materials per Unit $2.25 Direct Labor per Unit $1.50 Variable Manufacturing Overhead per Unit $0.25 Variable Selling and Administration Expenses $1.75 Units Produced 40,000 Units Sold 34,000 Sales Price $12 Fixed Manufacturing Expenses Fixed Selling and Administration Expenses Prepare an income statement under variable costing method. $120,000 $21,000 Prepare an income statement under variable costing method. Appliance Apps Income Statement 47 100 Prepare a reconciliation to the income under the absorption method. Appliance Apps Reconciliation The following information was collected for the first year of manufacturing for Appliance Apps: Direct Materials per Unit $2.25 Direct Labor per Unit $1.50 Variable Manufacturing Overhead per Unit $0.25 Variable Selling and Administration Expenses $1.75 Units Produced 40,000 Units Sold 34,000 Sales Price $12 Fixed Manufacturing Expenses Fixed Selling and Administration Expenses Prepare an income statement under variable costing method. $120,000 $21,000 Prepare an income statement under variable costing method. Appliance Apps Income Statement 47 100 Prepare a reconciliation to the income under the absorption method. Appliance Apps Reconciliation
Expert Answer:
Answer rating: 100% (QA)
To prepare the income statement under the variable costing method we will follow these steps 1 Calculate the total variable manufacturing cost per uni... View the full answer
Related Book For
Accounting Tools for business decision making
ISBN: 978-0470095461
4th Edition
Authors: kimmel, weygandt, kieso
Posted Date:
Students also viewed these accounting questions
-
Tylenol Ltd. is a small-scale contract producer of antiviral drugs. The master budget will detail each quarters activity and the activity for the year in total Tylenol will base its 2022 budget on...
-
FRZN Rubber Inc. has hired your employer to provide some professional consulting. Your group has been assigned to advise the management of FRZN Rubber on some alternative strategies for their coming...
-
The following information relates to Porter Manufacturing for fiscal 2017, the company's first year of operation: Selling price per unit .......................................................$ 150...
-
Which of the units listed in Multiple-Choice Question 9 are appropriate for the biologically equivalent dose that results when a person is exposed to radiation? Data From Question 9 Which of these...
-
International Accounting Standard No. 16 provides companies the option of valuing property, plant, and equipment at either historical cost or fair value. If fair value is selected, then the property,...
-
The 25-mm-thick uniform steel plate is being pulled very slowly into position by the cable connected to a winch. If the cable breaks at the instant represented, what are the force under each roller...
-
How does an auditor test the valuation of accounts receivable and sales?
-
The Ulmer Uranium Company is deciding whether or not it should open a strip mine, the net cost of which is $4.4 million. Net cash inflows are expected to be $27.7 million, all coming at the end of...
-
1. Town MHF determines the amount of property tax (P) in hundreds of dollars as a function of the building size (s) in 10 square meters. P(h) 5s s+5 a. What property tax would you need to pay on an...
-
Humpty and Dumpty, residents of Miami, Florida, had a nasty incident involving a wall, a fall and a broken egg, in which both parties got hurt. Humpty and Dumpty ended up suing each other in Florida...
-
1. DB Quill has an optimal capital structure that is 40% common equity & 40% debt. DB's pretax cost of equity is 11.5%. Its pretax cost of preferred stock is 8.8%, and its pretax cost of debt is...
-
Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Account Title Credit 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated...
-
Choose a company and answer about the quality and processes they follow in the Production area; and based on the Six Sigma approach , answer: Are line employees required to work on quality-improving...
-
No clear profile exists of terrorist group behaviour as they often emerge from divergent family backgrounds and are dispossessed of similar personal characteristics. Several general observations of...
-
You are the owner/ project manager of ABC construction company, you were contracted by the Johnson's family to build a home. identify at least 5 risks, describe the risks, assess the probability/...
-
Task details Who has more power, marketers or consumers? Your task is to research and prepare a written essay of 500 words presenting your argument to the above question and to provide...
-
A contract is not enforceable unless it is supported by valid consideration. Not surprisingly the issue of consideration arises in two general areas of scenarios: when two parties are considering...
-
Consider a closed, rigid tank with a volume of 0.8L, filled with cold water initially at 27C. The tank is filled such that there are no voids (air pockets) within. The initial pressure within the...
-
Remsen Companys internal controls over cash disbursements provide for the treasurer to sign checks imprinted by a checkwriter after comparing the check with the approved invoice. Identify the...
-
A review of the ledger of Terrell Company at December 31, 2012, produces these data pertaining to the preparation of annual adjusting entries.1. Prepaid Insurance $15,200. The company has separate...
-
What is generally true about overhead allocation to high-volume products versus low-volume products under a traditional costing system?
-
A weight \(W\) is supported by three frictionless and massless pulleys and a spring of stiffness \(k\), as shown in Fig. 2.57. Find the natural frequency of vibration of weight \(W\) for small...
-
A sledgehammer strikes an anvil with a velocity of \(15 \mathrm{~m} / \mathrm{s}\) (Fig. 2.59). The hammer and the anvil have a mass of \(6 \mathrm{~kg}\) and \(50 \mathrm{~kg}\), respectively. The...
-
A rigid block of mass \(M\) is mounted on four elastic supports, as shown in Fig. 2.58. A mass \(m\) drops from a height \(l\) and adheres to the rigid block without rebounding. If the spring...
Study smarter with the SolutionInn App