Annabelle Co. sold 7,000 units at P 50 per unit in 2020. The inventories at the beginning and end of the same year were as follows: Dec. 31 3,000 P 12 10 Jan. 1 4,000 P Number of units Unit Costs: Direct Materials 12 10 Direct Labor Factory Overhead Variable 8 8 9 Fixed 7.20 Operating Expenses Variable Fixed 3.20 4 Required: A. Determine the following: 1. The number of units produced in 2020 was Total Fixed Factory Overhead was The number of units produced in 2019 was B. Determine the following for the year ended December 31, 2020 under Variable Costing Full Costing 1. Product Unit Cost 2. Finished Goods Inventory, End 3. Total Fixed Costs 4. Total Variable Costs and Expenses 5. Total Period Cost 6. Net Income
Annabelle Co. sold 7,000 units at P 50 per unit in 2020. The inventories at the beginning and end of the same year were as follows: Dec. 31 3,000 P 12 10 Jan. 1 4,000 P Number of units Unit Costs: Direct Materials 12 10 Direct Labor Factory Overhead Variable 8 8 9 Fixed 7.20 Operating Expenses Variable Fixed 3.20 4 Required: A. Determine the following: 1. The number of units produced in 2020 was Total Fixed Factory Overhead was The number of units produced in 2019 was B. Determine the following for the year ended December 31, 2020 under Variable Costing Full Costing 1. Product Unit Cost 2. Finished Goods Inventory, End 3. Total Fixed Costs 4. Total Variable Costs and Expenses 5. Total Period Cost 6. Net Income
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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This is Managerial accounting . Detailed answer pls...... base on the photo
Prepare the Income Statement of Annabelle Co. for the year ended Dec 31, 2020 under both the Absorption and Variable Costing Methods and prepare the reconciliation of net income figures.
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