b. Reconcile the variable costing income from operations of $312,000 with the absorption costing income from operations determined in (a).Reconciliation of Variable and Absorption CostingIncomeVariable costing income from operationsAbsorption costing income from operationsDifference Absorption Costing Income StatementOn June 30, the end of the first month of operations, Tudor Manufacturing Co. prepared the following income statement, based on the variable costing concept:Sales (80,000 units)$1,440,000Variable cost of goods sold:Variable cost of goods manufactured (100,000 units x $13 per unit)$1,300,000Less ending inventory (20,000 units x $13 per unit)260,000Variable cost of goods sold1,040,000Manufacturing margin$400,000Variable selling and administrative expenses14,000Contribution margin$386,000Fixed costs:Fixed manufacturing costs$50,000Fixed selling and administrative expenses24,00074,000Income from operations$312,000a. Prepare an absorption costing income statement. In your computations, round unit costs to two decimal places and round final answers to the nearest dollar.Tudor Manufacturing Co.Income Statement-Absorption CostingFor the Month Ended June 30SalesCost of goods sold:Cost of goods manufacturedLess ending inventoryCost of goods soldGross profitSelling and administrative expensesIncome from operations

Name: b. Reconcile the variable costing income from operations of $312,000
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Description: b. Reconcile the variable costing income from operations of $312,000 with the absorption costing income from operations determined in (a).Reconciliation of Variable and Absorption CostingIncomeVariable costing income from operationsAbsorption costin

a)Preparation of Income statement under Absorption costing as follows:- Note:- Cost of goods sold…

Business

Accounting

a. Prepare an absorption costing income statement. In your computations, round unit costs to two decimal places and round final answers to the nearest dollar Tudor Manufacturing Co. Income Statement-Absorption Costing For the Month Ended June 30 Sales Cost of goods sold: Cost of goods manufactured Less ending inventory Cost of goods sold Gross profit Selling and administrative expenses

a. Prepare an absorption costing income statement. In your computations, round unit costs to two decimal places and round final answers to the nearest dollar Tudor Manufacturing Co. Income Statement-Absorption Costing For the Month Ended June 30 Sales Cost of goods sold: Cost of goods manufactured Less ending inventory Cost of goods sold Gross profit Selling and administrative expenses

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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QUESTIONS A. Compute for the ending Finished Goods Inventory under Absorption costing B. Compute for the Ending Finished Goods Inventory under Variable Costing method
The following information applies to Swifty Corporation: Beginning Inventory Ending Inventory Units produced Direct labor per unit Direct materials per unit Variable manufacturing overhead per unit Fixed manufacturing overhead per unit Variable operating expenses per unit Fixed operating expenses 0 Units O $55. O $87. O $45. O $58. 4160 units 41600 units $23 $16 $6 $13 $10 $80600 Using absorption costing, how much will the per unit product cost be?
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eBook Show Me How Calculator E Print Item Cost of Goods Sold, Cost of Goods Manufactured Timbuk 3 Company has the following information for March: Cost of direct materials used in production $65,000 Direct labor 75,000 Factory overhead 27,000 Work in process inventory, March 1 54,000 Work in process inventory, March 31 41,990 Finished goods inventory, March 1 24,000 Finished goods inventory, March 31 16,000 a. For March, determine the cost of goods manufactured. く Using the data given, prepare a statement of Cost of Goods Manufactured. Timbuk 3 Company Statement of Cost of Goods Manufactured KSHEET.A... 24 $4 Total manufacturing costs incurred during March Total manufacturing costs NKSHEET.A... LANKSHEET Cost of goods manufactured CEL.ALGO Check My Work 5 more Check My Work uses remaining. D items : 30% All work saved. MacBook Pro 20 F1 F2 F3 F4 F5 F6 F7 F8 %23 LC
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Income Statements under Absorption Costing and Variable Costing Fresno Industries Inc. manufactures and sells high-quality camping tents. The company began operations on January 1 and operated at 100% of capacity (70,400 units) during the first month, creating an ending inventory of 6,400 units. During February, the company produced 64,000 units during the month but sold 70,400 units at $90 per unit. The February manufacturing costs and selling and administrative expenses were as follows: Manufacturing costs in February 1 beginning inventory: Variable Fixed Total Manufacturing costs in February: Variable Fixed Total Selling and administrative expenses in February: Variable Fixed Total Number of Units Cost of goods sold: 6,400 $36.00 6,400 14.00 64,000 64,000 Unit Cost 70,400 70,400 Total Cost $230,400 89,600 $50.00 $320,000 $36.00 $2,304,000 15.40 985,600 $51.40 $3,289,600 $18.20 $1,281,280 7.00 492,800 $25.20 $1,774,080 a. Prepare an income statement according to the absorption…
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The amount of ending inventory if absorption costing method was used
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