DeAnne Company produces a single product. The company's variable costing income statement for August appears below: DeAnne Company Income Statement For the month ended August 31 Sales ($15 per unit)... Variable expenses: Variable cost of goods sold Variable selling expense Total variable expenses.. Contribution margin...... Fixed expenses: Fixed manufacturing.................. Fixed selling and administrative. Total fixed expenses.... Net operating income. ******************** $600.000 360,000 80,000 440,000 160,000 105,000 35,000 140,000 $ 20,000 The company produced 35,000 units in August and the beginning inventory consisted of 8,000 units. Variable production costs per unit and total fixed costs have remained constant over the past several months. 102. The value of the company's inventory on August 31 under the absorption costing method is: A. $27,000 B. $42,000 C. $36.000 D. $47,000
Q: Suppose that inventory at the beginning of the year consists of 5 units of WIDGET01, costing $33.00…
A: INVENTORY VALUATION Inventory Valuation is a Method of Calculation of Value of Inventory at the End…
Q: In which of the following circumstances would the property be deemed to have been disposed of? a.…
A: Property is considered as long term asset that sustain within the company for more than one year. It…
Q: in 2023 (for 2022 tax returns filed in 2023), Taxpayer X and Taxpayer Y each agree to pay their tax…
A: Tax Preparer: A tax preparer is a person or organization responsible for preparing tax returns of…
Q: 10. B Inc is a manufacturer and retailer of household furniture. The finance team forwarded your…
A: Liabilities refer to the obligation which to be incurred by a business entity in the future. This…
Q: Collected half of September 13, 2020 22 Rendered services to clients, P100,000 cash 24 Rendered…
A: Journal entries recording is the initial step in whole accounting process. Under this, atleast one…
Q: Administrative expenses, which include depreciation of R600 per month, are payable in the month…
A: Cash Budget A money budget is a forecast or schedule of anticipated cash inflows and outflows for…
Q: Income Statement, Statement of stockholders’ equity, and Balance Sheet
A: Income Statement for the year ended 30th September 20Y6 Particular $ Income Fees…
Q: All answers are correct except: At what amount will Fuzzy Monkey report its investment in the…
A: The amount at which Fuzzy Monkey will report its investment=Price paid+Discount amortized on June…
Q: Reporting of a capital gain could be deferred when
A: A. Bonds of ABC Limited were converted to shares of MVP Limited: This is not a capital gain, but…
Q: Problem 2-3 (Two Sole Proprietors Form a Partnership; New Books are to be opened for the…
A: A partnership is one form of business organisation in which two or more partners pool their…
Q: The Shannon Community Kitchen provides hot meals to homeless and low-income individuals and…
A: Restricted donation are the donations which set aside for a particular purpose , this fund can not…
Q: Using the direct method for preparation of the Statement of Cash Flows Multiple Choice the…
A: There are two methods to prepare a cash flow statement which are below:- Direct method and…
Q: P24,000 7. During 20x4, a parent sold inventory priced at P1,000,000 to its subsidiary, and the…
A: Consolidated financial statements includes the financial statements of the parent entity and its…
Q: 4) A steam turbine was purchased five years ago at a price of P 2, 750, 000 including tax.…
A: Depreciation is the reduction in the value of an asset due to the normal usage in business.…
Q: Fuzzy Monkey Technologies, Incorporated purchased as a long-term investment $130 million of 8%…
A: Journal entry is the entry which is prepared by the accountant for the purpose of recording the…
Q: Suppose $7000 is deposited in an account that pays 6% per year compounded semi-annually. Find (a)…
A: Compound interest is the interest calculated on the principal and the interest accumulated over the…
Q: Auditing Debt and Equity The following is attached to the company's financial statements, pay…
A: Debt is simply the sum owed by the borrower to the lender. Debt is a sum of money that is borrowed…
Q: Bobby Young is the accountant for the Blazers Ltd. which operates a new professional hockey team. He…
A: Financial Reporting System Every company's revenue should be tracked, analyzed and reported through…
Q: PROBLEM 4 Farley Clinic has budgeted revenues as follows: Cash revenues patient co-pays Credit…
A: Cash Budget - A cash budget is a projection of a company's cash flows over a given time frame. The…
Q: JCB Company has a standard of 15 parts of component A costing P1.50 each. JCB purchased 14,910…
A: Material Price Variance :— It is the difference between actual quantity of material at standard…
Q: I'm trying to figure out what dates I need to use for my journal entries. I have already put July 1…
A: The entries will be as follows and on the following dates
Q: Super Bike Manufacturing Company presents the following data for year 2022: Opening inventory: 0…
A: To keep track of all costs associated with creating a certain product, "absorption costing," also…
Q: The panel of Auditors of cooperative society is maintained by – (A) Charted Accountant (B) Central…
A: An audit report expresses an auditor's opinion on a company's financial performance and compliance…
Q: Tiktok Corporation has shared the following data about its labor costs for August: Standard wage…
A: The capacity to employ labor in a manner that is consistent with expectations is what the labor…
Q: Nas daily Company has a standard price of P5.50 per pound for materials. August’s results showed an…
A: Standard quantity is the estimated quantity for materials. It is estimated in order to make the…
Q: 10. A RM200 petty cash fund has cash of RM20 and receipts of RM170. The journal entry to replenish…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: Haskins and Jones, Attorneys-at-Law, maintains its books on a cash basis. During 2021, the law firm…
A: Cash basis and Accrual basis are two bases for accounting. Under cash basis, only cash receipts and…
Q: The Velvet partnership has the following capital balances at the beginning of the current year along…
A: Partners' Capital means the equity in the net assets of Unincorporated Ventures of all the partners…
Q: what is type of this account? General reserve Outstanding Salaries Provision for Taxation office…
A: General Reserve is an account created out of profit earned by a company for its business needs like…
Q: From the following trial balance of Faris Ali Qureshi & Bros. and additional information, prepare…
A: The profit and loss (P&L) account summarises a business' trading transactions - income, sales…
Q: Yowell Company began operations on January 1, Year 1. During Year 1, the company engaged in the…
A: Net Income (loss)=Revenues-Expenses
Q: Problem 2 4 (Cash, Non-cash and Net Assets Contributions; Books of the Sole Proprietor to be Used by…
A: These are the accounting transactions that are having a monetary impact on the financial statement…
Q: Where is the amount of Roman's total child care expense entered in BlockWorks? On the Form 2441 page…
A: Child care expense refers to the amount which is paid through the family for the care of minors…
Q: The management of Lanzilotta Corporation is considering a project that would require an investment…
A: The investment cost is $208,000 The expected useful life of the investment is 6 years The annual net…
Q: Jade Sdn. Bhd. (JSB) producing and selling garden decoration in the Lembah Kelang area. the…
A: CONVERSION COST Conversion Cost are those which helps to Convert Direct Materials into…
Q: 69. A parent owns 80% of its subsidiary, and sells merchandise to its subsidiary at a 25% markup on…
A: Non-controlling interest or the minority interest is the stake of the subsidiary which is not…
Q: Hw.68. what is the maximum earned income tax credit that a taxpayer can claim in 2021? $4,000,…
A: Low- to medium-income employees and their families can benefit from tax breaks owing to the Earned…
Q: Sabas Company has issued and outstanding 49,000 shares of $100 par, 8% preferred stock and 101,000…
A: Dividend per Share - The dividend per Share is the amount paid by the company per shares issued by…
Q: After setting aside the required reserves, the bank decides to invest the remaining amount of cash.…
A: Lets understand the basics. When bond interest rate is more than the yield to maturity rate then…
Q: Quality Motor Company is an auto repair shop that uses standards to control its labor time and labor…
A: The variance is the difference between the actual data and standard output of the production. The…
Q: In January 1, 2013, Cooper Inc. bought 400,000 shares, representing 40% of the outstanding stock, in…
A: Equity method is the method which is used for investment reporting in which investment is recorded…
Q: Required: prepare the journal entry based on the given information
A: It has been given in the question that Contract price of the special order goods is 2,000,000 yen…
Q: Here are some data from Kamila Company's financial statements. Compute Kamila's NET INCOME. Cost of…
A: Gross profit=Sales-Cost of goods soldNet income=Income before tax-Income tax expense
Q: is a French company that produces and sells 2 products, A and B. It uses 2 raw materials, X and Y…
A: Cost Accounting - Cost accounting is a type of managerial accounting that measures both the fixed…
Q: total cost of the project.
A: Cost of any project includes labor, materials, and other overheads related to the project. It’s…
Q: Many students who study managerial accounting will work for small ad medium-sized businesses, and…
A: Management Accounting The term "managerial accounting" refers to a system of financial reporting…
Q: Samuel and Darci are partners. The partnership capital for Samuel is $58,900 and that of Darci is…
A: When two or more individuals engage in enterprise as co-owners, the organization is known as a…
Q: A resident corporation is one that
A: The resident corporation of Philippines would be liable to pay income tax to the Philippines…
Q: A credit card company is studying its late fee policy. The company has two types of customers:…
A: Accounts - In situations when suppliers offer clients products and extend credit terms like "net 10…
Q: Fill in the missing amounts in each of the eight case situations below. Each case is independent of…
A: CONTRIBUTION MARGIN Contribution Margin is the Difference between Total Sales & Variable…
Step by step
Solved in 4 steps
- Galino Company, which has only one product, has provided the following data concerning its most recent month of operations: Selling price Units in beginning inventory. Units produced Units sold.. Units in ending inventory. Variable costs per unit: Direct materials.. Direct labor....... Variable manufacturing overhead.. Variable selling and administrative Fixed costs: Fixed manufacturing overhead............... Fixed selling and administrative $99 B. $31,200 C. $13,000 D. $135,600 0 2,900 2,600 300 $27 $11 $6 $7 $104,400 $13,000 109. What is the total period cost for the month under the absorption costing approach? A. $104.400Tracey Packaged Snax reports the following information for November: Units produced and sold Per unit revenue and costs: Sales revenue Direct materials costs Direct labor costs Variable manufacturing overhead Fixed manufacturing overhead (at 320,000 units) Variable marketing and administrative costs Fixed marketing and administrative costs (at 320,000 units) Required: a. Prepare a gross margin income statement. b. Prepare a contribution margin income statement. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a gross margin income statement. Sales revenue Gross margin Gross Margin Income Statement Fixed marketing and administrative costs Operating profit $ 1,152,000 (176,000) 320,000 $ 3.60 1.05 0.30 0.20 0.95 0.15 0.55Philadelphia Company has the following information for March: Sales Variable cost of goods sold Fixed manufacturing costs Variable selling and administrative expenses Fixed selling and administrating expenses Determine the March: a. Manufacturing margin b. Contribution margin c. Operating income for Philadelphia Company $467,602 200,533 75,878 49,308 33,201 000
- ABC Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: Variable costs per unit: Manufacturing: Direct materials. Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead Fixed selling and administrative b. Prepare an income statement for the year. 2. Assume that the company uses variable costing: a. Compute the unit product cost. b. Prepare an income statement for the year. Req 1A Req 1B During the year, the company produced 21,000 units and sold 17,000 units. The selling price of the company's product is $40 per unit. Required: 1. Assume that the company uses absorption costing: a. Compute the unit product cost. Req 2A $ Complete this question by entering your answers in the tabs below. Req 28 $ $ $ 10 4 1 1X Company sells one product. The following are the accountant's price and cost estimates for next year: Selling price Direct materials per unit Direct labor per unit [all variable] Variable overhead per unit Variable selling and administration per unit Total fixed overhead Total fixed selling and administration $16.32 3.51 1.61 2.43 2.00 A: $20,980 OB: $24,547 Oc: $28,720 OD: $33,602 OE: $39,315 OF: $45,998 Submit Answer $11,900 10,900 Unit sales this year are expected to be 5,400; next year, they're expected to be 6,000. The accountant is uncertain about her $10,900 total fixed selling and administration estimate. What must total fixed selling and administration be next year in order for X Company to breakeven?Absorption and Variable Costing Income Statements During the first month of operations ended July 31, YoSan Inc. manufactured 2,400 flat panel televisions, of which 2,000 were sold. Operating data for the month are summarized as follows: Sales $2,150,000 Manufacturing costs: Direct materials Direct labor Variable manufacturing cost Fixed manufacturing cost Selling and administrative expenses: Variable Fixed Required: Cost of goods sold: $960,000 420,000 156,000 288,000 1,824,000 10000 $204,000 1. Prepare an income statement based on the absorption costing concept. YoSan Inc. Absorption Costing Income Statement For the Month Ended July 31 96,000 300,000 2. Prepare an income statement based on the variable costing concept. YoSan Inc. Variable Costing Income Statement For the Month Ended July 31
- Vacation Corporation produces a single product. Data concerning the company's first year of operations appear below: Units produced Units sold Selling price per unit Direct Materials Direct Labor Variable OH Variable selling & administrative Fixed OH Fixed selling & administrative Compute for the difference in net operating income between absorption costing and variable costing for the year. P P P P P 10,000.00 9,000.00 60.00 15.00 5.00 2.00 4.00 P200,000.00 P70,000.002b. Prepare income statement for August using the variable costing concept. Head Gear Inc. Variable Costing Income Statement For the Month Ended August 31 Sales 296,240 V Variable cost of goods sold: Inventory, August 1 12,240 Variable cost of goods manufactured 244,080 X Total variable cost of goods sold Manufacturing margin Variable selling and administrative expenses Contribution margin Fixed costs Fixed manufacturing costs 20.340 Fixed selling and administrative.expenses 11.750 Total fixed costs 32.090 Operating income Lina. Prepare an income statement according to the variable costing concept for Caterpillar Inc. Round numbers to nearest mill Caterpillar Inc. Variable Costing Income Statement (assumed) For the Year Ended December 31 Line Item Description Sales Variable cost of goods sold: Beginning inventory Variable cost of goods manufactured Ending inventory Total variable cost of goods sold Manufacturing margin Variable selling and administrative expenses Contribution margin Fixed costs: Fixed manufacturing costs Fixed selling and administrative expenses Total fixed costs Operating income Amount Amount 41,748 0000
- 1. Cabaret Corporation produces a single product. Data concerning the company's operations last year appear below: Units in beginning inventory... Units produced. Units sold....... Selling price per unit.. Variable costs per unit: Direct materials. Direct labor. Variable manufacturing overhead.. Variable selling and administrative. Fixed costs in total: Fixed manufacturing overhead... Fixed selling and administrative... Assume direct labor is a variable cost. 10,000 9,000 $60 $15 $5 $2 $4 $200,00 0 $70,000 Required: a. Compute the unit product cost under both absorption and variable costing. b. Prepare an income statement for the year using absorption costing. c. Prepare an income statement for the year using variable costing. d. Prepare a report reconciling the difference in net operating income between absorption and variable costing for the year.You have been provided the following data relating to Milestone Ltd.: Particulars Selling Price Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per Unit: Direct Material Direct Labor Variable manufacturing overhead Variable selling and administrative overhead Fixed Costs: Fixed manufacturing overhead Fixed selling and administartive Amount S S S S S S S 195 2,120 1,550 570 250 92 am 35 13 7 29,680 29,450 Calculate the total period cost for the month under variable costing method. a. Total period cost under the variable costing is $62,580 b. Total period cost under the variable costing is $69,980 c. Total period cost under the variable costing is $83,900 d. Total period cost under the variable costing is $50,350Walsh Company manufactures and sells one product. The following information pertains to each of the company's first two years operations: es aw all Variable costs per unit: Manufacturing: Direct materials. Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead Fixed selling and administrative expenses Required: 1. Assume the company uses variable costing: a. Compute the unit product cost for Year 1 and Year 2. b. Prepare an income statement for Year 1 and Year 2. During its first year of operations, Walsh produced 50,000 units and sold 40,000 units. During its second year of operations, it produced 40,000 units and sold 50,000 units. The selling price of the company's product is $53 per unit. Req 1A 2. Assume the company uses absorption costing: a. Compute the unit product cost for Year 1 and Year 2. b. Prepare an income statement for Year 1 and Year 2. 3. Reconcile the difference between variable costing and…