Question: Accounting help. Everything with a question mark needs to be solved. If you could please tell me how you figured it out, I'd greatly appreciate
Accounting help. Everything with a question mark needs to be solved. If you could please tell me how you figured it out, I'd greatly appreciate it! You can use Excel and just show the calls/formulas, if you prefer. Thank you!
| Data | ||||
| Selling price per unit | $50 | |||
| Manufacturing costs: | ||||
| Variable per unit produced: | ||||
| Direct materials | $11 | |||
| Direct labor | $6 | |||
| Variable manufacturing overhead | $3 | |||
| Fixed manufacturing overhead per year | $120,000 | |||
| Selling and administrative expenses: | ||||
| Variable per unit sold | $4 | |||
| Fixed per year | $70,000 | |||
| Year 1 | Year 2 | |||
| Units in beginning inventory | 0 | |||
| Units produced during the year | 10,000 | 6,000 | ||
| Units sold during the year | 8,000 | 8,000 | ||
| Enter a formula into each of the cells marked with a ? below | ||||
| Review Problem 1: Contrasting Variable and Absorption Costing | ||||
| Compute the Ending Inventory | ||||
| Year 1 | Year 2 | |||
| Units in beginning inventory | 0 | ? | ||
| Units produced during the year | ? | ? | ||
| Units sold during the year | ? | ? | ||
| Units in ending inventory | ? | ? | ||
| Compute the Absorption Costing Unit Product Cost | ||||
| Year 1 | Year 2 | |||
| Direct materials | ? | ? | ||
| Direct labor | ? | ? | ||
| Variable manufacturing overhead | ? | ? | ||
| Fixed manufacturing overhead | ? | ? | ||
| Absorption costing unit product cost | ? | ? | ||
| Construct the Absorption Costing Income Statement | ||||
| Year 1 | Year 2 | |||
| Sales | ? | ? | ||
| Cost of goods sold | ? | ? | ||
| Gross margin | ? | ? | ||
| Selling and administrative expenses | ? | ? | ||
| Net operating income | ? | ? | ||
| Compute the Variable Costing Unit Product Cost | ||||
| Year 1 | Year 2 | |||
| Direct materials | ? | ? | ||
| Direct labor | ? | ? | ||
| Variable manufacturing overhead | ? | ? | ||
| Variable costing unit product cost | ? | ? | ||
| Construct the Variable Costing Income Statement | ||||
| Year 1 | Year 2 | |||
| Sales | ? | ? | ||
| Variable expenses: | ||||
| Variable cost of goods sold | ? | ? | ||
| Variable selling and administrative expenses | ? | ? | ? | ? |
| Contribution margin | ? | ? | ||
| Fixed expenses: | ||||
| Fixed manufacturing overhead | ? | ? | ||
| Fixed selling and administrative expenses | ? | ? | ? | ? |
| Net operating income | ? | ? | ||
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