a deluxe portable cooking unit. Cost and sales data for the first month of operation are shown below: Beginning inventory Units produced Units sold Manufacturing costs Fixed overhead Variable overhead Direct labour Direct material Selling and administrative costs Fixed Variable 0 units 12,000 11,000 $120.000 $7 $11 $25 $204.300 per unit per unit per unit 54 per unit sold The portable cooking unit sells for $110. Management is interested in the opening month's results and has asked for an income statement. Assuming the company uses absorption costing!

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Sheffield Products manufactures and sells a variety of camping products. Recently the company opened a new factory to manufacture
a deluxe portable cooking unit. Cost and sales data for the first month of operation are shown below:
Beginning inventory
Units produced
Units sold
Manufacturing costs
Fixed overhead
Variable overhead
Direct labour
Direct material
Selling and administrative costs
Fixed
Variable
0 units
12,000
11,000
$120,000
$7
$11
$25
$204.300
per unit
per unit
per unit
$4 per unit sold
The portable cooking unit sells for $110. Management is interested in the opening month's results and has asked for an income
statement.
Assuming the company uses absorption costing:
Transcribed Image Text:Sheffield Products manufactures and sells a variety of camping products. Recently the company opened a new factory to manufacture a deluxe portable cooking unit. Cost and sales data for the first month of operation are shown below: Beginning inventory Units produced Units sold Manufacturing costs Fixed overhead Variable overhead Direct labour Direct material Selling and administrative costs Fixed Variable 0 units 12,000 11,000 $120,000 $7 $11 $25 $204.300 per unit per unit per unit $4 per unit sold The portable cooking unit sells for $110. Management is interested in the opening month's results and has asked for an income statement. Assuming the company uses absorption costing:
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