Calculate the cost of goods sold under variable costing

Assignment Help Accounting Basics
Reference no: EM132452407

Problem - During the most recent year, Osterman Company had the following data:

Units in beginning inventory

---

Units produced

10,000

Units sold ($47 per unit)

9,300

Variable costs per unit:


Direct materials

$9

Direct labor

$6

Variable overhead

$4

Fixed costs:


Fixed overhead per unit produced

$5

Fixed selling and administrative expenses

$138,000

Required -

1. Calculate the cost of goods sold under variable costing.

2. Prepare an income statement using variable costing.

Reference no: EM132452407

Questions Cloud

Discuss issues in fashion merchandising : What are the issues to be considered in ethical manufacturing? How can a company balance the need for competitive prices with paying factory workers living wage
Calculate total variable labor cost for the coming year : Assume that this information was used to construct the following formula for monthly labor cost. Calculate total variable labor cost for the coming year
What is the expected roi and expected payback : How should the team incorporate its discussion of the data reliability into the Business Impact Assessment?What is the expected ROI
Discuss an integrated marketing campaign : What key message is the company trying to communicate? (Remember, the message includes not only what the words say but also the underlying message!)
Calculate the cost of goods sold under variable costing : During the most recent year, Calculate the cost of goods sold under variable costing. Prepare an income statement using variable costing
Interdependencie between marketing and other functional area : Excluding cover page, abstract, and references) on the relationships and interdependencies between marketing and other functional areas. APA methodology apply
Explain the idea of analytic philosophy in contrast : Compare and contrast various views of Hinduism, Buddhism, and Taoism. Explain the connection between theTao, Ying, and Yang.
Examines five environmental forces : Examines five (5) environmental forces that have impacts on marketing decisions. These forces are social, economic, technological, competitive, and regulatory
Prepare a segmented income statement for Gorman Nurseries : Gorman Nurseries Inc. grows poinsettias and fruit trees in a green house/nursery operation. Prepare a segmented income statement for Gorman Nurseries

Reviews

Write a Review

Accounting Basics Questions & Answers

  What are two of the key checks and balances

What are two of the key checks and balances in place to help manage the incremental risks associated with the hedge fund industry?

  What amount of deferred tax liability should be reported

Oxford's tax rate for 2012 and years thereafter is 30%. In its December 31, 2012 balance sheet, what amount of deferred tax liability should be reported

  Show the note to the financial statements

Show the Note to the financial statements providing details of the movements in the Retained Earnings account during the year

  What amount will be in the fund in 20 years

Anne Boleyn will invest $5,000 a year for 20 years in a fund that will earn 12% annual interest. If the first payment into the fund occurs today, what amount will be in the fund in 20 years?

  Perform a search on several us health care

Perform a search on several U.S. health care publicly-traded companies and choose a health care organization that has been accused of committing health care

  On january 1 2013 solo inc issued 1400 of its 10 1000 bonds

barbara muller services bms pays its employees monthly. the payroll information listed below is for january 2013 the

  How are dividends and dividends payable reported

On Jan 1, Guillen Corp. had 95, 000 sharesof no-par common stock issued and outstanding. How are dividends and dividends payable reported

  In year 1 gsl corps alternative minimum tax base was

in year 1 gsl corp.s alternative minimum tax base was 2000000 and its regular tax liability is 350000.a. what is gsls

  Journal entries on the books of jayhawk carpet company

Prepare the necessary journal entries on the books of Jayhawk Carpet Company to record the following transactions, assuming a perpetual inventory system (you may omit explanations):

  What should it have done differently

Was it ethical to manufacture and sell DDT to other countries after the Environmental Protection Agency (EPA) banned its use in the United States due to its harmful effects?

  How much of the unit product cost

An outside supplier has offered to sell the company all of these parts it needs for $56.00 a unit. How much of the unit product cost

  What is the irr of the project that is best for the company

A company is considering two mutually exclusive projects, A and B. What is the IRR of the project that is best for the company's shareholders

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd