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A 1 VARCOST Variable Costing 2 4 Data Section 6 7 Bennining Inventory Beginning Inventory cost (obsorption) 9 Beginning Inventory cost (variable) 10 Actual production in units 11 Sales in units 12 Sales price per unit 13 Variable manufacturing costs per unit 14 Variable selling costs per unit 15 Fixed manufacturing costs 16 Fixed selling expenses 15,000 $266,875 8. $210,000 70,000 80,000 $30 $14 $2 $315,000 $100,000 $4.50 17 18 Answer Section 19 20 Income statement: Absorption costing 21 22 Sales 23 Cost of goods sold: 24 Beginning inventory cost $2,400,000 Variable manufacturing costs Fixed manufacturing costs Total goods available for sale Less ending inventory Cost of goods sold $266,875 $980,000 315,000 $1,561,875 25 26 27 28 91,875 1,470,000 $930,000 29 30 Gross profit 31 Selling expenses: Fixed selling expenses Variable selling expenses Total selling expenses 32 $100,000 33 160,000 34 260,000 35 Operating income $670,000 36 37 38 Income statement: Variable costing 39 40 Sales 41 Cost of goods sold: 42 Beginning Inventory $2,400,000 210,000 $980,000 Variable manufacturing costs Less ending inventory Variable cost of goods sold 43 44 70,000 910,000 $1,490,000 45 46 Manufacturing margin 47 Variable selling expenses 48 Contribution margin 49 Fixed costs: 160,000 $1,330,000 Fixed manufacturing costs Fixed selling expenses Total fixed costs $315,000 100,000 50 51 52 415,000 53 Operating income $915,000 54

A 1 VARCOST Variable Costing 2 4 Data Section 6 7 Bennining Inventory Beginning Inventory cost (obsorption) 9 Beginning Inventory cost (variable) 10 Actual production in units 11 Sales in units 12 Sales price per unit 13 Variable manufacturing costs per unit 14 Variable selling costs per unit 15 Fixed manufacturing costs 16 Fixed selling expenses 15,000 $266,875 8. $210,000 70,000 80,000 $30 $14 $2 $315,000 $100,000 $4.50 17 18 Answer Section 19 20 Income statement: Absorption costing 21 22 Sales 23 Cost of goods sold: 24 Beginning inventory cost $2,400,000 Variable manufacturing costs Fixed manufacturing costs Total goods available for sale Less ending inventory Cost of goods sold $266,875 $980,000 315,000 $1,561,875 25 26 27 28 91,875 1,470,000 $930,000 29 30 Gross profit 31 Selling expenses: Fixed selling expenses Variable selling expenses Total selling expenses 32 $100,000 33 160,000 34 260,000 35 Operating income $670,000 36 37 38 Income statement: Variable costing 39 40 Sales 41 Cost of goods sold: 42 Beginning Inventory $2,400,000 210,000 $980,000 Variable manufacturing costs Less ending inventory Variable cost of goods sold 43 44 70,000 910,000 $1,490,000 45 46 Manufacturing margin 47 Variable selling expenses 48 Contribution margin 49 Fixed costs: 160,000 $1,330,000 Fixed manufacturing costs Fixed selling expenses Total fixed costs $315,000 100,000 50 51 52 415,000 53 Operating income $915,000 54

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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Help with what formulas were used in this excel spreadsheet.
A B VARCOST Variable Costing 2 3 Data Section 7 Bennining Inventory 8 Beginning Inventory cost (obsorption) 9 Beginning Inventory cost (variable) 10 Actual production in units 11 Sales in units 12 Sales price per unit 13 Variable manufacturing costs per unit 14 Variable selling costs per unit 15 Fixed manufacturing costs 16 Fixed selling expenses 15,000 $266,875 $210,000 70,000 80,000 $30 $14 $2 $315,000 $100,000 $4.50 17 18 Answer Section 19 20 Income statement: Absorption costing 21 22 Sales 23 Cost of goods sold: 24 Beginning inventory cost $2,400,000 $266,875 Variable manufacturing costs Fixed manufacturing costs Total goods available for sale Less ending inventory Cost of goods sold Gross profit $980,000 315,000 $1,561,875 25 26 27 28 91,875 1,470,000 $930,000 29 30 31 Selling expenses: Fixed selling expenses Variable selling expenses Total selling expenses 32 $100,000 33 160,000 260,000 $670,000 34 35 Operating income 36 37 38 Income statement: Variable costing 39 40 Sales 41 Cost of goods sold: 42 Beginning Inventory $2,400,000 210,000 $980,000 Variable manufacturing costs Less ending inventory Variable cost of goods sold 43 44 70,000 910,000 $1,490,000 45 46 Manufacturing margin Variable selling expenses 48 Contribution margin 160,000 $1,330,000 47 49 Fixed costs: Fixed manufacturing costs Fixed selling expenses 50 $315,000 51 100,000 52 Total fixed costs 415,000 53 Operating income $915.000 54
Transcribed Image Text:A B VARCOST Variable Costing 2 3 Data Section 7 Bennining Inventory 8 Beginning Inventory cost (obsorption) 9 Beginning Inventory cost (variable) 10 Actual production in units 11 Sales in units 12 Sales price per unit 13 Variable manufacturing costs per unit 14 Variable selling costs per unit 15 Fixed manufacturing costs 16 Fixed selling expenses 15,000 $266,875 $210,000 70,000 80,000 $30 $14 $2 $315,000 $100,000 $4.50 17 18 Answer Section 19 20 Income statement: Absorption costing 21 22 Sales 23 Cost of goods sold: 24 Beginning inventory cost $2,400,000 $266,875 Variable manufacturing costs Fixed manufacturing costs Total goods available for sale Less ending inventory Cost of goods sold Gross profit $980,000 315,000 $1,561,875 25 26 27 28 91,875 1,470,000 $930,000 29 30 31 Selling expenses: Fixed selling expenses Variable selling expenses Total selling expenses 32 $100,000 33 160,000 260,000 $670,000 34 35 Operating income 36 37 38 Income statement: Variable costing 39 40 Sales 41 Cost of goods sold: 42 Beginning Inventory $2,400,000 210,000 $980,000 Variable manufacturing costs Less ending inventory Variable cost of goods sold 43 44 70,000 910,000 $1,490,000 45 46 Manufacturing margin Variable selling expenses 48 Contribution margin 160,000 $1,330,000 47 49 Fixed costs: Fixed manufacturing costs Fixed selling expenses 50 $315,000 51 100,000 52 Total fixed costs 415,000 53 Operating income $915.000 54
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