User Account

All Pages

Make a profit statement for the month

Assignment Help Cost Accounting
Reference no: EM132562632

Basic Limited's production and sales details for December 2010 was as follows:

Production (Units) 12,000

Sales (Units) 10,000

GH¢/unit

Sales 30

Material 10

Labour. 6

Variable production overhead 3

Variable selling overhead 2

Fixed costs for the month are as follows: GH¢

Fixed production cost 36,000

Fixed selling and distribution cost 26,500

Required:

Question i. Make a profit statement for the month using the marginal costing approach?

Question ii. Using the profit in (i) derive the absorption costing profit.

Reference no: EM132562632

Questions Cloud

Write a four to six page critique of the speech : Did the speaker choose a topic that was relevant and interesting to the audience, with a clear purpose and What in particular interested you most
What total amount should be reported as cash : Company provided the following information at year-end: Cash on hand 500,000. What total amount should be reported as cash
Find what is budgeted cost of goods sold : What is budgeted cost of goods sold for 2016? What is budgeted sales for 2016? In 2016 the company would like to increase selling prices by 15%
What amount should be reported as allowance : Allowance for Doubtful Accounts - January 1 200,000. What amount should be reported as allowance for doubtful accounts on December 31
Make a profit statement for the month : Make a profit statement for the month using the marginal costing approach? Basic Limited's production and sales details for December 2010
Compute the amount was received from the note receivable : Company accepted from a customer a P4,000,000, 90-day, 12% note dated August 31, 2019. Compute the amount was received from the note receivable discounting
Persuasive or informational essay : Prepare a four to six page persuasive or informational essay on a topic of your choice - Choose a topic that is relevant and interesting to your audience
What are role of accountants in the accounting profession : What are, in general, the role of accountants in the accounting profession, in contributing to promote business CSR and sustainability
Prepare the journal entry in the records of Water Ltd : Prepare the journal entry(s) in the records of Water Ltd in relation to the investment in Melon Ltd for the year ended 30 June 2020

Reviews

Write a Review

Cost Accounting Questions & Answers

  Determine how many rosettes it must sell

Determine how many rosettes it must sell to achieve this target profit. (Round your intermediate calculations to 2 decimal places and final answer to next whole number.)

  Albers company acquires an 80 interest in barkercompany on

albers company acquires an 80 interest in barkercompany on january 1 2011 for 850000. the following determination and

  FNSTPB402 Resolve Payroll Enquiries Assignment

FNSTPB402 Resolve Payroll Enquiries Assignment Help and Solution, York Business School - Assessment Writing Service - Calculates annual entitlements according

  Calculate abss average fixed cost per membership

Calculate Abs's average fixed cost per membership when there are 1,000 memberships. What is the average variable cost per membership when there are 1,000 memberships?

  Compute the direct materials inventory cost

Compute the Direct materials inventory cost, December 31, Year 1 and finished goods ending inventory in units on December 31, Year 1.

  Prepare the t-accounts and journal entries

Prepare the T-accounts for raw materials inventory, work in process inventory, finished goods inventory, manufacturing overhead, and cost of goods sold. Don't forget to enter the beginning balances in the inventory accounts.

  Opening feature of this chapter that highlights dylan lauren

Review the opening feature of this chapter that highlights Dylan Lauren and her company Dylans Candy Bar.

  The company plans to carry ending merchandise inventory

Hardy Company's cost of goods sold is consistently 60% of sales.

  Journalize the transactions

Selected transactions for Sophie's Dog Care are as follows during the month of March .

  Calculate the operating income for both divisions

Calculate the operating income for both divisions for the 250,000 units of component X transferred if the company adopted the transfer pricing

  Evaluate the income statement

Evaluate the income statement in the given case.

  Prepare a schedule of cost of goods manufactured

Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. Prepare a schedule of cost of goods sold.

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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