Complete the income statements for each year using variable

Assignment Help Accounting Basics

Reference no: EM13604488

Marotta Company produces plastic that is used for injection-molding applications such as gears for small motors. In 2010, the first year of operations, Marotta produced 4,000 tons of plastic and sold 3,000 tons. In 2011, the production and sales results were exactly reversed. In each year, the selling price per ton was $2,000, variable manufacturing costs were 15% of the sales price of units produced, variable selling expenses were 10% of the selling price of units sold, fixed manufacturing costs were $2,400,000, and fixed administrative expenses were $600,000.

1. Complete the income statements for each year using variable costing. (List amounts from largest to smallest e.g. 10, 5, 3, 2. If answer is zero, please enter 0. Do not leave any fields blank. Enter all amounts as positive amounts and subtract where necessary.)

2. Complete the income statements for each year using absorption costing. (List amounts from largest to smallest e.g. 10, 5, 3, 2. If the amounts are the same, list alphabetically. If answer is zero, please enter 0. Do not leave any fields blank. Enter all amounts as positive amounts and subtract where necessary.)

3. Reconcile the differences each year in net income under the two costing approaches. (If amount decreases the income, use either a negative sign preceding the number eg -45 or parentheses eg (45).)

Reference no: EM13604488

Questions Cloud

Advance products inc has just organized a new division to : this is the copy of the entire question from my book since my book is not included in your listing.my question is that

Production costs chargeable to the finishing department in : production costs chargeable to the finishing department in june in huang company are materials 22816 labor 32070 and

The microk between the brakes and the wheels is 04 if it : with a mass of 1000 kg travels at 80kmh has a four-pad braking system. the microk between the brakes and the wheels is

On january 1 2012 winston company purchased 6 bond for : on january 1 2012 winston company purchased 6 bond for 50000 cash. interest is payable semiannuallyon july 1. the

Complete the income statements for each year using variable : marotta company produces plastic that is used for injection-molding applications such as gears for small motors. in

A 600-kg mass person wishes to push a 100-kg mass box : a 60.0-kg mass person wishes to push a 100-kg mass box across a level floor. the coefficient of static friction between

An instructor stated at the beginning of a course that on : an instructor stated at the beginning of a course that on the average 35 of students do not pass the exam. after the

Supporting records show that the assembly department used : mendez manufacturing a purchases 44900 of raw materials on account b and it incurs 58420 of factory labor costs.

If the above confidence interval is used to test the given : data is collected to test the hypotheses.ho p 0.35 vs ha p can not equal 0.351. you obtain a p-value of 0.021.

User Account

All Pages