answer 4,5 6 Berk Company began operations on January 5, 2018. Cost and sales information for its firsttwo calendar years of operations are summarized below.Manufacturing costsDirect materials..Direct labor.....Factory overhead costsVariable overhead...Fixed overhead (per year)...Nonmanufacturing costsVariable selling and administrative......Fixed selling and administrative...$80 per unit$120 per unit$30 per unit$14,000,000$10 per unit$ 8,000,000Production and sales dataUnits produced, 2018.Units sold, 2018......Units in ending inventory, 2018......Units produced, 2019.Units sold, 2019.....Units in ending inventory, 2019...Sales price per unit...200,000 units140,000 units60,000 units80,000 units140,000 units0 units$600 per unitRequired1. Prepare an income statement for the company for 2018 under absorption costing.2. Prepare an income statement for the company for 2018 under variable costing.3. Explain the source (s) of the difference in reported income for 2018 under the two costingmethods.4. Prepare an income statement for the company for 2019 under absorption costing.5. Prepare an income statement for the company for 2019 under variable costing.6. Prepare a schedule to convert variable costing income to absorption costing income foreach of the years 2018 and 2019.

The income statements can be prepared using various methods as variable costing and absorption…

4. Prepare an income statement for the company for 2019 under absorption costing. 5. Prepare an income statement for the company for 2019 under variable costing. 6. Prepare a schedule to convert variable costing income to absorption costing income for each of the years 2018 and 2019.

4. Prepare an income statement for the company for 2019 under absorption costing. 5. Prepare an income statement for the company for 2019 under variable costing. 6. Prepare a schedule to convert variable costing income to absorption costing income for each of the years 2018 and 2019.

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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