Prepare income statement using absorption costing

Assignment Help Cost Accounting
Reference no: EM132566869

The company sells its product for $66 each. Unit variable costs are:

Direct material ($12)

Direct manufacturing labour ($18)

Variable manufacturing overhead ($9)

Marketing expenses per unit sold ($6)

Total annual fixed manufacturing cost ($180,000)

Fixed administrative expenses ($60,000)

Company produces 25,000 units, expects to sell 20,000 units

Question 1: Prepare income statement using absorption costing and marginal costing methods

Reference no: EM132566869

Questions Cloud

Calculate the amount of cash that practical collected : Practical Company had sales of $323,000 for the year. Calculate the amount of cash that Practical collected from customers during the year
How much will kevin and michelle bonus change : By how much will Kevin's and Michelle's bonus change if Kevin decides to employ the new technique? (Enter your answers in dollars, not in millions.)
Journalize the treasury stock transactions : Common stock ($5 par value) $1,500,000; paid-in capital in excess of par value $1,000,000; Journalize the treasury stock transactions
How to construct statement of cost of goods manufactured : Construct statement of cost of goods manufactured. Direct materials Inventory, Beginning $110.Direct Materials Purchase $ 430
Prepare income statement using absorption costing : Prepare income statement using absorption costing and marginal costing methods.Total annual fixed manufacturing cost ($180,000)
Prepare the necessary march journal entries : Prepare the necessary March 31 journal entries for wages expense and payroll expenses. Wages earned during March will be paid during April
What was the total fixed costs after the increase : Volume necessary to breakeven would go up to $5,400,000. Based on these projections, what was the total fixed costs after the increase of $180,000?
Prepare the current tax worksheet and journal entry : Prepare the current tax worksheet and journal entry/entries to calculate and record the current tax for the year ended 30 June 2020
Determine the labour costs : How Prepare calculations and provide detailed explanation for all relevant costs and irrelevant costs related to the urgent-order of Coved Ltd.

Reviews

Write a Review

Cost Accounting Questions & Answers

  1 define and discuss the federalprivate audit gap2 the coso

1. define and discuss the federalprivate audit gap2. the coso framework describes components of internal control.nbsp

  Evaluate direct material cost per product

Prepare an Excel format to show how you are evaluating things. Provide detailed information of profitability by product and for year. Then make precise recommendations with financial projections.

  Discuss the financial statements

hat does each financial statement tell you as a business owner? What decisions/changes in operations will you make based on the results reported in your statements?

  What jane goodheart paid for the jewelry

In turn, the museums sold the jewelry at prices averaging nine times what they paid for the jewelry.

  Prepare t accounts of work in process and finished goods

Prepare T accounts of work in process, finished goods, cost of goods sold, Factory overhead actual and applied and close FOH over/under applied.

  Example on balance sheet

What amount can be reported as the noncontrolling interest in the consolidated balance sheet on January 1, 20X9?

  Compute the january salaries and commissions expense

The federal income tax withholding rate is 30%. Compute the January salaries and commissions expense, and make any necessary entries to record the payroll transactions including cash payment of all the taxes payable.

  Free on board regarding the international trade

What is the description of (FOB) Free on Board regarding the international trade?

  Master budget and my flexible budget for total costs

This is a telemarketing company and our standard is that call for $450 of sales per hour of telephone calling time.

  Compute the following prime cost

Compute the following: (a)prime cost, (b)conversion cost, (c) direct cost, (d)indirect cost, (e) product cost, (f)period expense, (g) variable cost, and (h)fixed cost.

  What is service - sector companies

What is Service - sector companies? purchase and then sell tangible products without changing their basic form/ provide intangible products

  Question 1 a corporation has a june 30 year end what is the

question 1. a corporation has a june 30 year end. what is the last date it will file its return due for its june 30

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