22. Last year, XENOMORPH Corporation's variable costing net operatingincome was P52,400 and its ending inventory decreased by 1,400 units.Fixed manufacturing overhead cost was P8 per unit. What was theabsorption costing net operating income last year? *a. P41,200O b. P11,200с. Р63,600O d. P52,400

Formula: Absorption costing net operating income = Variable costing net operating income - Ending…

Answered: 22. Last year, XENOMORPH Corporation's…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Company XYZ made total sales revenue of $400,000. The variable manufacturing costs were $115,000 while the fixed manufacturing costs were $20,000. The variable selling and administrative expenses were $49,000 while the fixed selling and administrative expenses were $10,000. How much was the total contribution margin ($)? O a. 285,000 O b. 265,00O O c. None of the given answers d. 341,000 e. 236,000
A company had fixed costs of 180,000 last year with contribution margin ratio of 32% and selling price of P50 per unit. The company incurred a loss of 32,800. How many units were sold last year?
Apple Inc. designs, manufactures, and markets personal computers and related software. Apple also manufactures and distributes music players (iPod) and mobile phones (iPhone) along with related accessories and services, including online distribution of third-party music, videos, and applications. The following information was taken from a recent annual report of Apple: Property, Plant, and Equipment (in millions): Current Year Preceding Year Land and buildings $16,216 $13,587 Machinery, equipment, and internal-use software 65,982 54,210 Other fixed assets 8,205 7,279 Accumulated depreciation and amortization (49,099) (41,293) a. Compute the book value of the fixed assets for the current year and the preceding year. Current year book value (in millions) $ Preceding year book value (in millions) $ A comparison of the book values of the current and preceding years indicates that they A comparison of the total cost and accumulated depreciation reveals that Apple purchased $ million of…
Bellue Inc. manufactures a single product. Variable costing net operating income was $79,900 last year and its inventory decreased by 2,400 units. Fixed manufacturing overhead cost was $1 per unit for both units in beginning and in ending inventory. What was the absorption costing net operating income last year? Multiple Choice $2,400 $77,500 $79,900 $82,300
At the end of its current financial period, ChainSmokers Ltd reported a variable costing net profit of R100000. The company noted that it held opening stock of 5000 units, produced 40 000 units and had a closing stock at the end of the period of 3000 units. The variable cost per unit was R10 and did not change from the prior period. The absorption cost per unit was R12.5 in the prior period and R13 in the current period. Assuming that ChainSmokers Ltd uses the weighted average method, what is the absorption costing net profit for the current period (Rounded to the nearest Rand)? a. R103500 b. R98140 c. R96333 d. R103667 e. R101860
Last month a manufacturing company’s profit was $ 2,000, calculated using absorption costing principles. If marginal costing principles had been used, a loss of # 3,000 would have occurred. The company fixed production cost is $2 per unit. Sales last month were 10,000 units. What was last month’s production (in units)? 7, 500 9,500 10,500 12,500
Company XYZ made total sales revenue of $300,000. The variable manufacturing costs were $95,000 while the fixed manufacturing costs were $20,000. The variable selling and administrative expenses were $47,000 while the fixed selling and administrative expenses were $10,000. How much was the total contribution margin ($)? a. None of the given answers b. 185,000 O c. 158,000 d. 205,000 e. 243,000 O O
What was Ether Corporation's net operating income for the year using variable costing? P181,000 P281,000 P271,000 P371,000
During 2022, Bridgeport Corp. produced 45,100 units and sold 36,080 for $14.00 per unit. Variable manufacturing costs were $4.00 per unit. Annual fixed manufacturing overhead was $108,240. Variable selling and administrative costs were $3.00 per unit sold, and fixed selling and administrative expenses were $19,900. (a) Prepare an absorption-costing income statement. (b) Your answer is correct. 4 Sales Cost of goods sold Beginning inventory Add ✓ Costs of goods manufactured Goods available for sale Less Ending inventory Gross margin Less Selling and administrative expenses Operating income eTextbook and Media Bridgeport Corp. Income Statement-Absorption Costing For the Year Ended December 31, 2022 Variable costing operating income $ Absorption costing operating income Fixed manufacturing overhead costs deferred in ending inventory $ $ 288640 i 288640 0 57728 i 505120 230912 i 274208 Reconcile the difference between the net income under variable costing and the net income under…
Which of the following statements is not incorrect?
At the end of the accounting period Tubman, Inc. reports operating income of $50,000, a contribution margin of $15, and a fixed overhead rate of $6 per unit. Under variable costing, if this company produces 100 more units of inventory, then operating income: a. will increase by $1,500 b. will decrease by $1,500 c. will increase by $900 d. will decrease by $900 e. will increase by $600 f. will decrease by $600 g. will not be affected h. Cannot be determined
Alder Inc. produced and sold 2,000 units of one product during the year. The company's net income was $40,000, its fixed cost per unit was $60, and the variable cost ratio was .25. What must the company's sales revenue be if it wants to earn $50,000 next year? $192,000 O $208,000 $226,667 $211,111 None of the above

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS

22. Last year, XENOMORPH Corporation's variable costing net operating income was P52,400 and its ending inventory decreased by 1,400 units. Fixed manufacturing overhead cost was P8 per unit. What was the absorption costing net operating income last year? * а. Р41,200