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You are the accounting manager in a medium-sized manufacturing company. The company's first year just ended, and the accounting department is working on closing the books. You plan to present information about unit costs and profits, to the generalmanager (GM) in two different formats. One method uses variable costing, and the other uses absorption costing. The GM will need to choose one or the other for accounting purposes. Whatever method he chooses will have to remain the method going forward as the choice of the method could impact reported profitability and therefore taxes. (The IRS frowns on firms making accounting methodology changes that impact any period's profits.)
You explain to the GM that if you choose to use the absorptive method, it will not only impact the reported profits of the year that just ended but will have an impact on the reported profits of the upcoming year, too. He doesn't understand what this means and asks for a more detailed explanation.
In about 200 words, explain to him:
Please add your file.
Group Portion:
As the accounting manager, you and your staff need to prepare year-ending information to present to the company's general manager. Prepare 1 Excel file with 2 worksheets showing the following calculations.Part A:
Part A Data
Budgeted and actual fixed costs
$1,000,000
Budgeted unit volume to be produced
10,000
Budgeted unit volume sold
Actual variable costs
$500,000
Actual unit volume sold
9,000
Beginning of year inventory
0
End of year inventory
1,000
Using the Part A data:
Part B:
Part B Data
A firms cost structure is as follows:
Monthly fixed costs
$20,000
Variable cost/unit
$80
Selling price/unit
$100
Using the Part B data:
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