Please help me 2. A manufacturing company called Kelly Lid. produces a single product with a selling price of $65per unit, the following data regarding it's operation in the recent years is available :Units in Beginning Inventory in Year IO unitsUnits produced in Year 118,000 unitsUnits sold in Year 115.500 unitsUnits produced in Year 215,000 unitsUnits sold in Year 217,000 unitsPage 2 of 5Variable costs of the company during Year I operations:DM$25SI1.50$2.75DLмонSelling & Admin$7.70Variable costs of the company during Year 2 operations :DM$25.75$12$3.5DI.монSelling & Admin$8Fixed costs of the company during Year I and Year 2 operations :3/5Selling & Admin expensesS70,000Manufacturing Overheadss200,000Required:a. Caleulate the product cost per unit for Year I and Year 2, under the Variable Costing System.b. Calculate the product cost per unit for Year 1I and Year 2, under the Absorption Costing System.c. Prepare the Income Statements for Year 2 only , using the variable costing system.

The income statement is prepared to record revenues and expenses for the current period and further…

2. A manufacturing company called Kelly Ltd. produces a single product with a selling price of $65 per unit, the following data regarding it's operation in the recent years is available : Units in Beginning Inventory in Year 1 O units Units produced in Year I 18,000 units Units sold in Year I 15.500 units Units produced in Year 2 15.000 units Units sold in Year 2 17,000 units Page 2 of 5 Variable costs of the company during Year I operations: DM $25 DL SI1.50 мон $2.75 Selling & Admin S7.70 Variable costs of the company during Year 2 operations: DM $25.75 DL. s12 мон $3.5 Selling & Admin S8 Fixed costs of the company during Year I and Year 2 operations : 3/5 Selling & Admin expenses S70,000 Manufacturing Overheads $200,000 Required: a Calculate the product cost per unit for Year Il and Year 2, under the Variable Costing System. b. Calculate the product cost per unit for Year I and Year 2, under the Absorption Costing System. c. Prepare the Income Statements for Year 2 only, using the variable costing system.

2. A manufacturing company called Kelly Ltd. produces a single product with a selling price of $65 per unit, the following data regarding it's operation in the recent years is available : Units in Beginning Inventory in Year 1 O units Units produced in Year I 18,000 units Units sold in Year I 15.500 units Units produced in Year 2 15.000 units Units sold in Year 2 17,000 units Page 2 of 5 Variable costs of the company during Year I operations: DM $25 DL SI1.50 мон $2.75 Selling & Admin S7.70 Variable costs of the company during Year 2 operations: DM $25.75 DL. s12 мон $3.5 Selling & Admin S8 Fixed costs of the company during Year I and Year 2 operations : 3/5 Selling & Admin expenses S70,000 Manufacturing Overheads $200,000 Required: a Calculate the product cost per unit for Year Il and Year 2, under the Variable Costing System. b. Calculate the product cost per unit for Year I and Year 2, under the Absorption Costing System. c. Prepare the Income Statements for Year 2 only, using the variable costing system.

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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