Question: Not completely sure what lines im missing to make this complete Security Technology Incorporated (STI) is a manufacturer of an electronic control system used in

Not completely sure what lines im missing to make this complete  Not completely sure what lines im missing to make this complete
Security Technology Incorporated (STI) is a manufacturer of an electronic control system
used in the manufacture of certain special- duty auto transmissions used primarily
for police and military applications. The part sells for $55 per unit
and STI had sales of 24,000 units in the current year, 2021

Security Technology Incorporated (STI) is a manufacturer of an electronic control system used in the manufacture of certain special- duty auto transmissions used primarily for police and military applications. The part sells for $55 per unit and STI had sales of 24,000 units in the current year, 2021 STI had no inventory on hand at the beginning of 2021 and is projecting sales of 26,000 units in 2022 STI is planning the same production level for 2022 as in 2021, 25,000 units. The variable manufacturing costs for STI are $16, and the variable selling costs are only $0.50 per unit. The fixed manufacturing costs are $200,000 per year, and the fixed selling costs are $500 per year Required: 1. Prepare an income statement for each year using full costing 2. Prepare an income statement for each year using variable costing 3. Prepare a reconciliation of the difference each year in the operating income resulting from the full and variable costing methods. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare an income statement for each year using full costing. SECURITY TECHNOLOGY INCORPORATED Full Costing Income Statement 2021 $ 1,320,000 2022 $ 1.430,000 Sales Less Cost of goods sold Beginning inventory Cost of goods produced ls S 0 600,000 24.000 600,000 Available for sale 600,000 624.000 > (24.000) Less Ending inventory Cost of goods sold Gross margin Less Selling and administrative costs Variable Fixed 575.000 744000 00 624,000 $ 806,000 S O 12.000 500 13.000 500 Operating income 12.500 731,500 S 13,500 $ 792,500 R Required 2 > Prepare SECURITY TECHNOLOGY INCOR Full Costing Income Statement 2021 $ Sales Less: Cost of goods sold Beginning inventory Cost of goods produced $ 0 600,000 Available for sale 600,000 (24,000) $ 12,000 Add: Ending inventory Add: Fixed manufacturing costs Less: Ending inventory Less: Fixed manufacturing costs Operating income 500 $ Full Income Sales Less: Cost of goods sold Beginning inventory Cost of goods produced $ 11. Beginning inventory Cost of goods produced Ending inventory Fixed Fixed manufacturing costs Fixed Operating income Required Sales Less: Cost of goods sold Beginning inventory Cost of goods produced LA... Ending inventory Fixed Fixed manufacturing costs long Sales Variable Fixed Operating income Security Technology Incorporated (STI) is a manufacturer of an electronic control system used in the manufacture of certain special- duty auto transmissions used primarily for police and military applications. The part sells for $55 per unit and STI had sales of 24,000 units in the current year, 2021 STI had no inventory on hand at the beginning of 2021 and is projecting sales of 26,000 units in 2022 STi is planning the same production level for 2022 as in 2021, 25,000 units. The variable manufacturing costs for STI are $16, and the variable selling costs are only $0.50 per unit. The fixed manufacturing costs are $200,000 per year, and the fixed selling costs are $500 per year Required: 1 Prepare an income statement for each year using full costing 2. Prepare an income statement for each year using variable costing 3. Prepare a reconciliation of the difference each year in the operating income resulting from the full and variable costing methods. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare an income statement for each year using variable costing. SECURITY TECHNOLOGY INCORPORATED Variable Costing Income Statement 2021 $ 1,320,000 s 2022 $ 1.430.000 Sales Less Cost of goods sold Beginning inventory Cost of goods produced $ $ 0 400.000 16,000 400.000 Available for sale Less Ending inventory 400,000 (16 000) 416,000 0 Cost of goods sold Add. Variable seling and administrative 384,000 12,000 416,000 13,000 Contribution margin Less Fed manufacturing costs $ 924,000 5 1.001.000 200,000 200.000 Less Selling and administrative costs Fixed 500 500 Operating income $ 723 500 $ 800,500

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