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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 unit Units produced this year Units sold this year. Units in beginning-year inventory Beginning inventory costs Variable (3,250 units $135) Fixed (3,250 unita* $70) Total Manufacturing costs this year Direct materials Direct labor Overhead costs this year Variable overhead Fixed overhead Selling and administrative costs this year Variable Fixed 310 per unit 105,000 units 108,250 units 3,250 units $ 438,750 227,500 $ 666,250 $ 44 per unit 70 per unit $3,200,000 $7,000,000 $1,350,000 4,400,000
Transcribed Image Text: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 unit Units produced this year Units sold this year. Units in beginning-year inventory Beginning inventory costs Variable (3,250 units $135) Fixed (3,250 unita* $70) Total Manufacturing costs this year Direct materials Direct labor Overhead costs this year Variable overhead Fixed overhead Selling and administrative costs this year Variable Fixed 310 per unit 105,000 units 108,250 units 3,250 units $ 438,750 227,500 $ 666,250 $ 44 per unit 70 per unit $3,200,000 $7,000,000 $1,350,000 4,400,000
ces 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 Vanshie nuemead nete Required information Less: Ending finished goods inventory Variable cost of goods sold Variable selling and administrative expenses Contribution margin Fixed overhead costs Fixed selling and administrative costs Net income (loss) 0 # 4 0
Transcribed Image Text:ces 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 Vanshie nuemead nete Required information Less: Ending finished goods inventory Variable cost of goods sold Variable selling and administrative expenses Contribution margin Fixed overhead costs Fixed selling and administrative costs Net income (loss) 0 # 4 0
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