This is Managerial accounting. Detailed answer pls...... base on the photoPrepare 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. 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. 31Jan. 1Number of unitsUnit Costs: Direct Materials4,000123,000P 12Direct Labor1010Factory OverheadVariable88Fixed7.209.Operating ExpensesVariableFixed663.204Required:A. Determine the following:1. The number of units produced in 2020 was2. Total Fixed Factory Overhead was3.The number of units produced in 2019 wasB. Determine the following for the year ended December 31, 2020 underVariable CostingFull Costing1. Product Unit Cost2. Finished Goods Inventory, End3. Total Fixed Costs4. Total Variable Costs and Expenses5. Total Period Cost6. Net Income

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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

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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Prepare the Income Statement for the month ended 31 December 2021 using the variable costing method.
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