User Account

All Pages

Prepare an income statement for last year

Assignment Help Accounting Basics
Reference no: EM132035218

ACCT346 Assignment.

Answer the question below which has four parts. Please show your work for full credit and use the boxes provided. Please add more rows or columns to the box if needed.

Question - MountainAir Company has the following selected data for the past year:

Units sold during year

30,000

Units produced during year

45,000

Units in ending inventory

15,000

Variable manufacturing cost per unit

$4.50

Fixed manufacturing overhead (in total)

$20,250

Selling price per unit

$12.00

Variable selling and administrative expense per unit

$1.00

Fixed selling and administrative expenses (in total)

$4,000

There were no units in beginning inventory.

Required:

a. Prepare an income statement for last year using absorption costing.

b. Calculate the value of the ending inventory using absorption costing.

c. Prepare an income statement for last year using variable costing.

d. Calculate the value of the ending inventory using variable costing.

Reference no: EM132035218

Questions Cloud

Adding a site for a specific campaign : If you have a small business who currently has a website that is managed through ARI and are adding a site for a specific campaign
What impact would these cost-cutting measure : What impact would these cost-cutting measures have on supplies expenditures as reported in an actual-to budget comparison (on a budget basis)
Importance of sub-cultural segmentation : In marketing, what is the importance of sub-cultural segmentation to marketers of food products.
Contribute to the production of a product : What are the benefits of looking at all of the organizations that contribute to the production of a product versus just the organizations that sell them?
Prepare an income statement for last year : ACCT346 Assignment. There were no units in beginning inventory. Prepare an income statement for last year using absorption costing
Differences between primary data and secondary date : Describe and discuss the differences between Primary Data and Secondary Date
Existence of different images for the same brand : In a highly interconnected world, the existence of different images for the same brand name will become apparent to some consumers through the Internet
Make that identification asset for business : If you were asked to associate every P&G brand with the parent company, how would you make that identification an asset for your business?
What was the balance in the cash account : During October, the account was debited for a total of $12,400 and credited for a total of $11,700. What was the balance in the Cash account

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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