User Account

All Pages

What is net income using full costing

Assignment Help Accounting Basics
Reference no: EM131826205

Question - Summit Manufacturing, Inc. produces snow shovels. The selling price per snow shovel is $30.

Costs involved in production are:

Direct material - $ 5

Direct labor -  4

Variable manufacturing overhead -  3

Total variable manufacturing costs per unit - $ 12

Fixed manufacturing overhead per year $180,000

In addition, the company has fixed selling and administrative costs of $160,000 per year.

During the year, Summit produces 40,000 snow shovels and sells 37,000 show shovels.

Required - What is net income using full costing?

Reference no: EM131826205

Questions Cloud

What does the field of i-o psychology study : You will be researching and learning about the world of I/O psychology. Please take the time to tackle each question and research it thoroughly.
Hemisphere or on a hyperbolic plane : Prove that every simple polygon on the plane or on a hemisphere or on a hyperbolic plane can be dissected into triangles without adding extra vertices.
What is variable cost of goods sold : Summit Manufacturing, Inc. produces snow shovels. The selling price per snow shovel is $30. What is variable cost of goods sold
Write communication paper about favorable risk-benefit ratio : Write a communication paper about Favorable Risk-Benefit Ratio. The paper must be at least 2 full pages in length; written in APA format.
What is net income using full costing : During the year, Summit produces 40,000 snow shovels and sells 37,000 show shovels. What is net income using full costing
Find the number of boards sold : Explain why or why not. If you have enough information, find the number of boards sold by each retailer.
What is the average population? density : The land area of a country is about 4.5 million square? miles, and the population is about 500million people. What is the average population? density?
What are the reasons for the given trend : What are the reasons for this trend? Discuss what you can do as a nurse to support your clients in end-of-life care and in supporting their desires.
What is ingall and wilder net income per share of stock : At year end, the market price of Ingall's stock was $101 per share, What is Ingall's and Wilder's net income per share of stock

Reviews

Write a Review

Accounting Basics Questions & Answers

  Colson corp had 600000 net income in 2013 on january 1 2013

colson corp. had 600000 net income in 2013. on january 1 2013 there were 200000 shares of common stock outstanding. on

  Advantages and disadvantages of implementing an erp system

Describe the degree to which the steps in the process are integrated. What is/was the impact of that integration on you and on the organization?

  Analyze about the given pairs of stocks

Listed below are six pairs of stocks. Pick one of these pairs and then, using the resources available at your campus or public library (or on the Internet).

  General partnership problem

How would Celestine's ending liabilities be treated if they formed an LLC, instead of a general partnership?

  What are the company gross accounts receivable

The 2011 financial statements of Leggett & Platt, Inc. include the following information in a footnote. What are the company's gross accounts receivable at the end of 2008?

  What is the variable cost per unit

Natali Vision sells 5,000 pairs of sunglasses per month at $40 each with a desired profit margin of 25%. What is the variable cost per unit

  Planning to factor some of its receivables

Moon Hardware is planning to factor some of its receivables. The cash received will be used to pay for inventory purchases. The factor has indicated that it will require "recourse" on the sold receivables. Explain to the controller of Moon Hardwar..

  Determine the following 2011 amounts and ratios

The current asset section of Guardian Consultant's balance sheet consists of cash, accounts receivable, and prepaid expenses. The 2013 balance sheet reported the following: cash, $1,340,000; prepaid expenses, $400,000; noncurrent assets, $2,800,00..

  Changes in sales volume will trigger in fixed-variable costs

During the course of this discussion I will define each and list our accounts that are associated with them. In addition to this I will provide examples showing how changes in the sales volume will trigger a change in unit fixed and variable costs..

  Prepare an income statement for year using variable costing

Prepare an income statement for the year using variable costing. Prepare an income statement or The year using absorption costng.

  Prepare a schedule allocating general plant management costs

Prepare a schedule allocating general plant management costs and plant security costs to the Melting and Molding Departments

  Outdoor charlies is introducing a new fishing pole and is

outdoor charlies is introducing a new fishing pole and is trying to decide what to charge for it. the company has

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