Question: need help with this question asap, i provided all information below with drop down list for income statement. Pls put steps, and round it to


need help with this question asap, i provided all information below with drop down list for income statement. Pls put steps, and round it to appropriate decimal places




Fakh's CFO retrieved the following information with respect to the top-selling rotomoulded kayaks product line from the income statements for the past two years. It produced 3,000 units in the first year and 2,400 in the second year, while sales were 2,400 units in the first year and 2,700 in the second year. Variable production costs were $530.00 per unit during both years (direct materials $190.00, direct labour $160.00, and variable overhead $180.00). The company uses first-in, first-out (FIFO) for inventory costing. The absorption-costing comparative income statements for these two years were: Year 1 Year 2 Sales $2,160,000 $2,430,000 Less cost of goods sold: Beginning inventory $450,000 Product costs 2,250,000 1,932,000 Ending inventory (450,000) 1,800,000 (241,500) 2,140,500 Gross profit 360,000 289,500 Less operating expenses (selling and administrative) Variable 120,000 135,000 Fixed 29,000 149.000 29,000 164,000 Operating income $211,000 $125,500(a) Using the information provided, prepare condensed, two-year comparative income statements using the variable-costing method. (Round per unit calculations to 2 decimal places, e.g. 15.25 and final answers to O decimal places, e.g. 125. Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945)) Fakh Income Statement Variable Costing Year 1 Year 2 $ v Operating income (loss) Sales Fixed manufacturing costs Fixed selling and administration expenses Contribution margin Fixed costs Total fixed costs Cost of goods sold Variable selling and administration expenses Variable costs Total variable costs v $ S\fReconcile the variable-costing income with the absorption-costing income. Year 1 Year 2 Variable costing net income $ Fixed MOH deferred in ending inventory Fixed MOH released in beginning inventory Absorption costing net income LA S
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