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Adria Lopez expected sales of her line of computer workstation furniture to equal 300 workstations (at a sales price of $3,000) for 2014. The workstations' manufacturing costs include the following.
Adria is considering how many workstations to produce in 2014. She is confident that she will be able to sell any workstations in her 2014 ending inventory during 2015. However, Adria does not want to overproduce as she does not have sufficient storage space for many more workstations.
Complete the following income statements using absorption costing.
Cost of Goods Sold: 300 workstations 320 workstations
________________
Cost of goods sold per unit
Number of workstations sold
Total cost of goods sold
Absorption costing income statement: 300 workstations 320 workstations
Sales..........................................................................
Cost of goods sold...................................................
Gross margin............................................................
Selling general and administrative expenses....
Under absorption costing, can the difference between production volume and sales volume affect the reported net income (loss)?
2. Complete the following income statements using variable costing.
Which of the following formulas should be used to calculate the economic rate of return on common stock?
Indicate whether the increase, decrease, or have no effect on retained earnings - Declared cash dividend.
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