AJ Manufacturing Company Incurred $55,500 of fixed product cost and $44,400 of variable product cost during its first year of operation. Also during its first year, AJ incurred $17.650 of fixed and $14,100 of variable selling and administrative costs. The company sold all of the units it produced for $182.000 Required a. Prepare an income statement using the format required by generally accepted accounting Principles (GAAP) b. Prepare an income statement using the contribution margin approach. Complete this question by entering your answers in the tabs below. Required A Required 8 Prepare an income statement using the format required by generally accepted accounting Principles (GAAP). AJ MANUFACTURING CO ANY Income Statement

AJ Manufacturing Company Incurred $55,500 of fixed product cost and $44,400 of variable product cost during its first year of operation. Also during its first year, AJ incurred $17.650 of fixed and $14,100 of variable selling and administrative costs. The company sold all of the units it produced for $182.000 Required a. Prepare an income statement using the format required by generally accepted accounting Principles (GAAP) b. Prepare an income statement using the contribution margin approach. Complete this question by entering your answers in the tabs below. Required A Required 8 Prepare an income statement using the format required by generally accepted accounting Principles (GAAP). AJ MANUFACTURING CO ANY Income Statement

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter25: Departmental Accounting

Section: Chapter Questions

Problem 1CE

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AJ Manufacturing Company incurred $50,500 of fixed product cost and $40,400 of variable product cost during its first year of operation. Also during its first year, AJ incurred $16,150 of fixed and $13,100 of variable selling and administrative costs. The company sold all of the units it produced for $162,000. Required a. Prepare an income statement using the format required by generally accepted accounting Principles (GAAP). b. Prepare an income statement using the contribution margin approach. Complete this question by entering your answers in the tabs below. Required A Required B Prepare an income statement using the format required by generally accepted accounting Principles (GAAP). AJ MANUFACTURING COMPANY Income Statement
AJ Manufacturing Company incurred $50,500 of fixed product cost and $40.400 of variable product cost during its first year of operation. Also during its first year, AJ incurred $16,150 of fixed and $13,100 of variable selling and administrative costs. The company sold all of the units it produced for $162,000. Required a. Prepare an income statement using the format required by generally accepted accounting Principles (GAAP). b. Prepare an income statement using the contribution margin approach. Complete this question by entering your answers in the tabs below. Required A Required B Prepare an income statement using the format required by generally accepted accounting Principles (GAAP). AJ MANUFACTURING COMPANY Income Statement Required B > Mc Graw Hill
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AJ Manufacturing Company incurred $55,000 of fixed product cost and $44,000 of variable product cost during its first year of operation. Also during its first year, AJ incurred $17,500 of fixed and $14,000 of variable selling and administrative costs. The company sold all of the units it produced for $180,000. Required a. Prepare an income statement using the format required by generally accepted accounting Principles (GAAP). b. Prepare an income statement using the contribution margin approach.
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All applicable Cases are available with McGraw-Hill’s Connect™Accounting. Cost of goods manufactured, cost of goods sold, and income statement Determine each of the following missing amounts:Firm A Firm B Firm CBeginning raw materials inventory . . . . . . . . . . . . . . . . . $ 17,000 $ ? $ 42,000Purchases of raw materials during the year . . . . . . . . . . ? 96,000 226,000Raw materials available for use . . . . . . . . . . . . . . . . . . . ? 119,000 ?Ending raw materials inventory . . . . . . . . . . . . . . . . . . . 12,000 ? 51,000Cost of raw materials used . . . . . . . . . . . . . . . . . . . . . . 90,000 101,000 ?Direct labor costs incurred. . . . . . . . . . . . . . . . . . . . . . . 130,000 ? 318,000Variable manufacturing overhead applied. . . . . . . . . . . . ? 34,000 72,000Fixed manufacturing overhead applied. . . . . . . . . . . . . . 100,000 60,000 ?Total manufacturing costs incurred . . . . . . . . . . . . . . . . 370,000 ? ?Beginning work in process. . . . . . . . .…
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