18eBookHayek Bikes prepares the income statement under variable costing for its managerial reports, and it prepares the income statementunder absorption costing for external reporting. For its first month of operations, 425 bikes were produced and 255 were sold. Incomestatement information under variable costing follows.Sales (255 $1,800)Variable cost of goods sold (255 $675)Variable selling and administrative expenses (255 $65)Contribution marginFixed overheadFixed selling and administrative expensesIncomePrepare the company's income statement under absorption costing.HAYEK BIKESIncome Statement (Absorption Costing)00$ 459,000172,12516,575270, 30085,00095,000$ 90,300

ABSORPTION COSTINGAbsorption Costing is a Cost Management Accounting method in which all costs…

Answered: 18 eBook Hayek Bikes prepares the…

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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Variable Costing Income Statement On April 30, the end of the first month of operations, Joplin Company prepared the following income statement, based on the absorption costing concept: Joplin CompanyAbsorption Costing Income StatementFor the Month Ended April 30 Sales (6,600 units) $178,200 Cost of goods sold: Cost of goods manufactured (7,700 units) $146,300 Inventory, April 30 (1,100 units) (20,900) Total cost of goods sold (125,400) Gross profit $52,800 Selling and administrative expenses (32,280) Operating income $20,520 If the fixed manufacturing costs were $39,501 and the fixed selling and administrative expenses were $15,810, prepare an income statement according to the variable costing concept. Round all final answers to whole dollars. Joplin CompanyVariable Costing Income StatementFor the Month Ended April 30 $Sales Variable cost of goods sold: $Variable cost of goods manufactured…
roduct Cost Method of Product Costing MyPhone, Inc., uses the product cost method of applying the cost-plus approach to product pricing. The costs of producing and selling 5,160 units of cell phones are as follows: Variable costs: Fixed costs: Direct materials $90 per unit Factory overhead $199,200 Direct labor 31 Selling and admin. exp. 70,300 Factory overhead 23 Selling and admin. exp. 22 Total variable cost per unit $166 per unit MyPhone desires a profit equal to a 13% rate of return on invested assets of $600,800. a. Determine the amount of desired profit from the production and sale of 5,160 units of cell phones.$fill in the blank 1 b. Determine the product cost per unit for the production of 5,160 of cell phones. If required, round your answer to nearest dollar.$fill in the blank 2 per unit c. Determine the product cost markup percentage (rounded to two decimal places) for cell phones.fill in the blank 3 % d.…
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Trio Company reports the following information for its first year of operations. $ 20 per unit $ 21 per unit $ 9 per unit $ 263,250 per year 20,250 units 15,500 units 4,750 units Direct materials Direct labor Variable overhead Fixed overhead Units produced Units sold Ending finished goods inventory Exercise 19-2 (Algo) Computing unit and inventory costs under variable costing LO P1 Assume instead that Trio Company uses variable costing. 1. Compute the product cost per unit using variable costing. 2. Determine the cost of ending finished goods inventory using variable costing. 3. Determine the cost of goods sold using variable costing. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the product cost per unit using variable costing. Product cost per unit of finished goods using: Total product cost per unit $ Variable costing 0 per unit
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