Solution-What is cost of goods sold using variable costing

What is cost of goods sold using variable costing

Assignment Help Financial Accounting

Reference no: EM133001789

Laramie Manufacturing produces snow shovels. The selling price per snow shovel is $ 29.00. There is no beginning inventory.

Costs involved in production are:

Direct material $ 4.00
Direct labor 4.00
Variable manufacturing overhead 3.00
Total variable manufacturing costs per unit $ 11.00
Fixed manufacturing overhead per year $ 233,550

In addition, the company has fixed selling and administrative costs of $ 162,400 per year. During the year, Laramie produces 51,900 snow shovels and sells 46,500 snow shovels.

Problem 1: What is cost of goods sold using variable costing?

Problem 2: What is cost of goods sold using full costing?

Reference no: EM133001789

Questions Cloud

Why are different inter-as and intra-as protocols : Why are different inter-AS and intra-AS protocols used in the Internet? What are the examples of these two different types of routing protocols

What amount should be reported as vacation liability : The rate for all employees during 2019, 2020, and 2021 are P70, P75 and P80 per hour, What amount should be reported as vacation liability

Write a short analysis of the information gathered : Write a short analysis of the information gathered. Your discussion should address, among other things, whether cash flow from operating activities

What amount should be reported as vacation pay expense : Pre-2020 accrued vacations used during January 1 - September 30, 2020 250,000. What amount should be reported as vacation pay expense

What is cost of goods sold using variable costing : What is cost of goods sold using variable costing? Laramie Manufacturing produces snow shovels. The selling price per snow shovel is $ 29.00.

Explain the impact of an impairment loss : That is, entity's assets are carried at no more than their recoverable amount. Explain the impact of an impairment loss on a company's profitability

What amount will franklin report as taxable income : What amount will Franklin report as taxable income? Moving expense: (50 km for employment) $1920. Eligible dividend income: $140.

Describe all five major accounting principles : Question - GAAP set forth standards or methods for presenting financial accounting information. Describe all five major accounting principles

What was cost of goods sold using the fifo cost flow : Lauer Corporation, During the year, Lauer sold 1,025 laptop computers. What was cost of goods sold using the FIFO cost flow assumption?

User Account

All Pages

What is cost of goods sold using variable costing

Reference no: EM133001789

Reference no: EM133001789

Questions Cloud

Reviews

Write a Review

Financial Accounting Questions & Answers

Prepare a monthly flexible manufacturing overhead budget

Calculation of money the publisher can put into advertising

The face value of the note is the one listed

Calculate the ratios and interpret the results

How are strategy and purpose related to each other

What is the number of shares that should be used

How much is the cost of the copy machine

Prepare the journal entries to record the exchange on books

How much tip was left

What controls should exist for inventory movements

Develop a balanced scorecard

How many people would need to invested

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT