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Aces Incorporated, a manufacturer of tennis rackets, began operatio 5,800. Each racket was sold at a price of $99. Fixed overhead costs, are $66,100 for the year. The company also reports the following per

Aces Incorporated, a manufacturer of tennis rackets, began operatio 5,800. Each racket was sold at a price of $99. Fixed overhead costs, are $66,100 for the year. The company also reports the following per

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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Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 6.900 rackets and sold 5,800, Each racket was sold at a price of $99. Fixed overhead costs are $95,910 for the year, and fixed selling and administrative costs are $66,100 for the year. The company also reports the following per unit variable costs for the year. Direct materials Direct labor Variable overhead Variable selling and administrative expenses. Required: Prepare an income statement under variable costing. ACES INCORPORATED Variable Costing Income Statement $ 12.27 8.27 5.36 2.90
Transcribed Image Text:Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 6.900 rackets and sold 5,800, Each racket was sold at a price of $99. Fixed overhead costs are $95,910 for the year, and fixed selling and administrative costs are $66,100 for the year. The company also reports the following per unit variable costs for the year. Direct materials Direct labor Variable overhead Variable selling and administrative expenses. Required: Prepare an income statement under variable costing. ACES INCORPORATED Variable Costing Income Statement $ 12.27 8.27 5.36 2.90
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