1. Prepare an income statement for the year using variable costing. 2. Prepare an income statement for the year using absorption costing.
1. Prepare an income statement for the year using variable costing. 2. Prepare an income statement for the year using absorption costing.
Chapter5: Process Costing
Section: Chapter Questions
Problem 2PB: The following product costs are available for Kellee Company on the production of eyeglass frames:...
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![Sims Company began operations on January 1. Its cost and sales information for this year follow.
$ 35 per unit
$ 55 per unit
$ 20 per unit
$
Direct materials
Direct labor
Variable overhead
Fixed overhead
Variable selling and administrative expenses
Fixed selling and administrative expenses
Units produced
Units sold
Sales price
1. Prepare an income statement for the year using variable costing.
2. Prepare an income statement for the year using absorption costing.
Required 1
Complete this question by entering your answers in the tabs below.
Required 2
8,000,000 per year
$ 11 per unit
$
Prepare an income statement for the year using variable costing.
4,500,000 per year
100,000 units
70,000 units
$ 350 per unit
SIMS COMPANY
Income Statement (Variable Costing)
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fef0b92b1-f8ea-4fe6-9288-439e092fe743%2F83a9dfda-ffd5-4bef-9038-aed2ad6733ca%2Fr1dlmer_processed.png&w=3840&q=75)
Transcribed Image Text:Sims Company began operations on January 1. Its cost and sales information for this year follow.
$ 35 per unit
$ 55 per unit
$ 20 per unit
$
Direct materials
Direct labor
Variable overhead
Fixed overhead
Variable selling and administrative expenses
Fixed selling and administrative expenses
Units produced
Units sold
Sales price
1. Prepare an income statement for the year using variable costing.
2. Prepare an income statement for the year using absorption costing.
Required 1
Complete this question by entering your answers in the tabs below.
Required 2
8,000,000 per year
$ 11 per unit
$
Prepare an income statement for the year using variable costing.
4,500,000 per year
100,000 units
70,000 units
$ 350 per unit
SIMS COMPANY
Income Statement (Variable Costing)
0
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