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Question 36 Basic Electric Motors is a division of Basic Electric Products Corporation. The division manufactures and sells an electric switch used in a wide variety of applications. During the coming year, it expects to sell 180,000 units for $7 per unit. Ester Madden is the division manager. She is considering producing either 180,000 or 300,000 units during the period. Other information is as follows: Division Information for 2020 Beginning inventory 0 Expected sales in units 180,000 Selling price per unit $7 Variable manufacturing cost per unit $2.10 Fixed manufacturing cost (total) $540,000 Fixed manufacturing overhead costs per unit Based on 180,000 units $3.00 per unit ($540,000 = 180,000) Based on 300,000 units $1.80 per unit ($540,000 = 300,000) Manufacturing cost per unit Based on 180,000 units $5.10 per unit ($2.10 variable + $3.00 fixed) Based on 300,000 units $3.90 per unit ($2.10 variable + $1.80 fixed) Variable selling and administrative expenses $0.50 per unit Fixed selling and administrative expenses (total) $10,500 v (a) Prepare an absorption-costing income statement, with one column showing the results if 180,000 units are produced and one column showing the results if 300,000 units are produced. BASIC ELECTRIC MOTORS DIVISION Income Statement For the Year Ended 2020 (a) Your answer is correct. Prepare an absorption-costing income statement, with one column showing the results if 180,000 units are produced and one column showing the results if 300,000 units are produced. BASIC ELECTRIC MOTORS DIVISION Income Statement For the Year Ended 2020 Absorption Costing 300,000 Units produced 180,000 Units sold 180000 180000 Sales 1260000 1260000 $ Less Cost of goods sold 702000 918000 BOOTGO HDRUGO Gross profit 558000 342000 Less Selling and administrative expenses 100500 100500 M Net income 457500 241500 (D) Prepare a variable-costing income statement, with one column showing the results if 180,000 units are produced and one column showing the results if 300,000 units are produced. BASIC ELECTRIC MOTORS DIVISION Income Statement For the Year Ended 2020 Variable Costing 300,000 Units produced 180,000 Units sold (b) Prepare a variable-costing income statement, with one column showing the results if 180,000 units are produced and one column showing the results if 300,000 units are produced. BASIC ELECTRIC MOTORS DIVISION Income Statement For the Year Ended 2020 Variable Costing 300,000 Units produced 180,000 Units sold $ Fixed costs Variable costs Sales Total fixed costs Contribution margin Total variable costs Net income (b) Prepare a variable-costing income statement, with one column showing the results if 180,000 units are produced and one column showing the results if 300,000 units are produced. BASIC ELECTRIC MOTORS DIVISION Income Statement For the Year Ended 2020 Variable Costing 300,000 Units produced 180,000 Units sold Add Less v (b) Prepare a variable-costing income statement, with one column showing the results if 180,000 units are produced and one column showing the results if 300,000 units are produced. BASIC ELECTRIC MOTORS DIVISION Income Statement For the Year Ended 2020 Variable Costing 300,000 Units produced 180,000 Units sold Contribution margin Total variable costs Net income Fixed costs Total fixed costs Variable costs Sales (b) Prepare a variable-costing income statement, with one column showing the results if 180,000 units are produced and one column showing the results if 300,000 units are produced. BASIC ELECTRIC MOTORS DIVISION Income Statement For the Year Ended 2020 Variable Costing 300,000 Units produced 180,000 Units sold $ $ Fixed manufacturing overhead Variable cost of goods sold Net income Variable selling and administrative expenses Fixed selling and administrative expenses (b) Prepare a variable-costing income statement, with one column showing the results if 180,000 units are produced and one column showing the results if 300,000 units are produced. BASIC ELECTRIC MOTORS DIVISION Income Statement For the Year Ended 2020 Variable Costing 300,000 Units produced 180,000 Units sold Fixed manufacturing overhead Variable selling and administrative expenses Net income Fixed selling and administrative expenses Variable cost of goods sold Prepare a variable-costing income statement, with one column showing the results if 180,000 units are produced and one column showing the results if 300,000 units are produced. BASIC ELECTRIC MOTORS DIVISION Income Statement For the Year Ended 2020 Variable Costing 300,000 Units produced 180,000 Units sold Total variable costs Sales Total fixed costs Contribution margin Fixed costs Net income Variable costs Prepare a variable-costing income statement, with one column showing the results if 180,000 units are produced and one column showing the results if 300,000 units are produced. BASIC ELECTRIC MOTORS DIVISION Income Statement For the Year Ended 2020 Variable Costing 300,000 Units produced 180,000 Units sold Add Less Prepare a variable-costing income statement, with one column showing the results if 180,000 units are produced and one column showing the results if 300,000 units are produced. BASIC ELECTRIC MOTORS DIVISION Income Statement For the Year Ended 2020 Variable Costing 300,000 Units produced 180,000 Units sold $ Net income Variable costs Sales Fixed costs Contribution margin Total fixed costs Total variable costs (b) Prepare a variable-costing income statement, with one column showing the results if 180,000 units are produced and one column showing the results if 300,000 units are produced. BASIC ELECTRIC MOTORS DIVISION Income Statement For the Year Ended 2020 Variable Costing 300,000 Units produced 180,000 Units sold $ $ Fixed manufacturing overhead Fixed selling and administrative expenses Net income Variable cost of goods sold Variable selling and administrative expenses $ v (b) Prepare a variable-costing income statement, with one column showing the results if 180,000 units are produced and one column showing the results if 300,000 units are produced. BASIC ELECTRIC MOTORS DIVISION Income Statement For the Year Ended 2020 Variable Costing 300,000 Units produced 180,000 Units sold $ Fixed selling and administrative expenses Net income Fixed manufacturing overhead Variable cost of goods sold Variable selling and administrative expenses Reserved. A Division of John Wiley & Sons, Inc. Version 4.24.21. (b) Prepare a variable-costing income statement, with one column showing the results if 180,000 units are produced and one column showing the results if 300,000 units are produced. BASIC ELECTRIC MOTORS DIVISION Income Statement For the Year Ended 2020 Variable Costing 300,000 Units produced 180,000 Units sold Sales Fixed costs Contribution margin Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc. Net income Variable costs Total variable costs Total fixed costs