Aces Incorporated, a manufacturer of tennis rackets, began operations this year The company produced 7,550 rackets and sold 5.680. Each racket was sold at a price of $90. Fixed overhead costs are $98,150 per year, and fixed selling anc administrative costs are $68,400 per year The company also reports the following per unit variable costs for the year, Direct materials birect labon Variable overhead Variable selling and adeinistrative expenses $ 12 QS 6-5 (Algo) Reporting Inventory using varlable costing LO P2 Compute the cost of ending finished goods inventory reported on the balance sheet using variable costing. Finished goods inventory under variable costing Product cost per unit Finished goods inventory reported on balanoe sheet

Aces Incorporated, a manufacturer of tennis rackets, began operations this year The company produced 7,550 rackets and sold 5.680. Each racket was sold at a price of $90. Fixed overhead costs are $98,150 per year, and fixed selling anc administrative costs are $68,400 per year The company also reports the following per unit variable costs for the year, Direct materials birect labon Variable overhead Variable selling and adeinistrative expenses $ 12 QS 6-5 (Algo) Reporting Inventory using varlable costing LO P2 Compute the cost of ending finished goods inventory reported on the balance sheet using variable costing. Finished goods inventory under variable costing Product cost per unit Finished goods inventory reported on balanoe sheet

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Description: Required InformationUse the following information for the Quick Study below. (Algo)The following information applies to the questions displayed belowAces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produce

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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Required information [The following information applies to the questions displayed below.] Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company produced 6,850 rackets and sold 5,330. Each racket was sold at a price of $90. Fixed overhead costs are $89,050 per year, and fixed selling and administrative costs are $67,000 per 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 Prepare an income statement under variable costing. ACES INCORPORATED Income Statement (Variable Costing) Sales Less: Variable expenses Variable cost of goods sold Vanable selling and administrative expenses Contribution margin Fixed overhead Fixed selling and administrative expenses 333 X x X > $ 89,050✔ 67,000 $479,700 335,790 $12 8 5 2 156,050 Income $ 179,740 "Red text indicates no response was expected in a cell or a formula-based calculation is…
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am. 121.
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