Please do not give solution in image format thanku Required information[The following information applies to the questions displayed below.]Oak Mart, a producer of solid oak tables, reports the following data from its second year of business.Sales price per unitUnits produced this yearUnits sold this year.Units in beginning-year inventoryBeginning inventory costsVariable (3,250 units $135)Fixed (3,250 unita* $70)TotalManufacturing costs this yearDirect materialsDirect laborOverhead costs this yearVariable overheadFixed overheadSelling and administrative costs this yearVariableFixed310 per unit105,000 units108,250 units3,250 units$ 438,750227,500$ 666,250$44 per unit70 per unit$3,200,000$7,000,000$1,350,0004,400,000 ces1. Prepare the current-year income statement for the company using variable costing.SalesLess: Variable costsOAK MART COMPANYVariable Costing Income StatementBeginning inventory:Variable costsManufacturing costs this yearDirect materialsDirect laborVariable overhead costsLess: Ending finished goods inventoryVariable cost of goods soldVariable selling and administrative expensesVanshie nuemead neteRequired informationLess: Ending finished goods inventoryVariable cost of goods soldVariable selling and administrative expensesContribution marginFixed overhead costsFixed selling and administrative costsNet income (loss)0#40

The income statement tells about the profitability of the business for the current period. The…

1. Prepare the current-year income statement for the company using variable costing. Sales Less: Variable costs OAK MART COMPANY Variable Costing Income Statement Beginning inventory: Variable costs Manufacturing costs this year Direct materials Direct labor Variable overhead costs Less: Ending finished goods inventory Variable cost of goods sold Variable selling and administrative expenses

1. Prepare the current-year income statement for the company using variable costing. Sales Less: Variable costs OAK MART COMPANY Variable Costing Income Statement Beginning inventory: Variable costs Manufacturing costs this year Direct materials Direct labor Variable overhead costs Less: Ending finished goods inventory Variable cost of goods sold Variable selling and administrative expenses

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter7: The Master Budget And Flexible Budgeting

Section: Chapter Questions

Problem 5E: Prepare a cost of goods sold budget for MacLaren Manufacturing Inc. for the year ended December 31,...

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Cost of Goods Manufactured, Income Statement W. W. Phillips Company produced 4,000 leather recliners during the year. These recliners sell for 400 each. Phillips had 500 recliners in finished goods inventory at the beginning of the year. At the end of the year, there were 700 recliners in finished goods inventory. Phillips accounting records provide the following information: Required: 1. Prepare a statement of cost of goods manufactured. 2. Compute the average cost of producing one unit of product in the year. 3. Prepare an income statement for external users.
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Prepare a cost of goods sold budget for MacLaren Manufacturing Inc. for the year ended December 31, 2016, from the following estimates. Inventories of production units: Direct materials purchased during the year, 548,000; beginning inventory of direct materials, 36,000; and ending inventory of direct materials, 23,000. Totals from other budgets included:
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At the end of the first year of operations, 21,500 units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows: Determine the cost of the finished goods inventory reported on the balance sheet under (a) the absorption costing concept and (b) the variable costing concept.
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