Appliance Apps has the following costs associated with its production and sale of devices that allow appliances to receive commands from cell phones. Beginning Inventory 0 Units Produced 25,000 Units Sold 20,000 Selling Price per Unit $146 Variable Sales and Administration Expenses $4 Fixed Sales and Administration Expenses $975,000 Direct Material Cost per Unit $25 Direct Labor Cost per Unit $10 Variable Manufacturing Overhead Cost per Unit $2 Fixed Manufacturing Overhead Cost per Month $977,500 Prepare an income statement under the absorption method. If an amount box does not require an entry, leave it blank. Appliance Apps Income Statement: Absorption Sales $fill in the blank 86ad0b00b06b05e_2 Cost of Goods Sold: Beginning Inventory $fill in the blank 86ad0b00b06b05e_4 Cost of Goods Manufactured fill in the blank 86ad0b00b06b05e_6 Cost of Goods Available for Sale $fill in the blank 86ad0b00b06b05e_8 Ending Inventory fill in the blank 86ad0b00b06b05e_10 Total Cost of Goods Sold fill in the blank 86ad0b00b06b05e_11 Gross Profit $fill in the blank 86ad0b00b06b05e_13 Sales and Administrative Expenses: Variable $fill in the blank 86ad0b00b06b05e_14 Fixed fill in the blank 86ad0b00b06b05e_15 Total Fixed Sales and Administrative Expenses fill in the blank 86ad0b00b06b05e_17 Net Operating Income $fill in the blank 86ad0b00b06b05e_19 Prepare an income statement under the variable costing method. If an amount box does not require an entry, leave it blank. Appliance Apps Income Statement: Variable Sales $fill in the blank b3bc4bf9805f03b_2 Cost of Goods Sold: Beginning Inventory $fill in the blank b3bc4bf9805f03b_4 Cost of Goods Manufactured fill in the blank b3bc4bf9805f03b_6 Cost of Goods Available for Sale $fill in the blank b3bc4bf9805f03b_8 Ending Inventory fill in the blank b3bc4bf9805f03b_10 Total Cost of Goods Sold fill in the blank b3bc4bf9805f03b_11 Gross Contribution Margin $fill in the blank b3bc4bf9805f03b_13 Sales and Administrative Expenses: Variable fill in the blank b3bc4bf9805f03b_14 Contribution Margin $fill in the blank b3bc4bf9805f03b_16 Fixed Sales and Administrative Expenses $fill in the blank b3bc4bf9805f03b_18 Fixed Manufacturing fill in the blank b3bc4bf9805f03b_20 Total Fixed Sales and Administrative Expenses fill in the blank b3bc4bf9805f03b_22 Net Operating Income $fill in the blank b3bc4bf9805f03b_24 Prepare a reconciliation between the two statements. Reconciliation Net Income under Variable Costing $fill in the blank 5b9d6003afdf04a_2 Add: Fixed Manufacturing Overhead Deferred fill in the blank 5b9d6003afdf04a_4 Net Income under Absorption $fill in the blank 5b9d6003afdf04a_6
Appliance Apps has the following costs associated with its production and sale of devices that allow appliances to receive commands from cell phones. Beginning Inventory 0 Units Produced 25,000 Units Sold 20,000 Selling Price per Unit $146 Variable Sales and Administration Expenses $4 Fixed Sales and Administration Expenses $975,000 Direct Material Cost per Unit $25 Direct Labor Cost per Unit $10 Variable Manufacturing Overhead Cost per Unit $2 Fixed Manufacturing Overhead Cost per Month $977,500 Prepare an income statement under the absorption method. If an amount box does not require an entry, leave it blank. Appliance Apps Income Statement: Absorption Sales $fill in the blank 86ad0b00b06b05e_2 Cost of Goods Sold: Beginning Inventory $fill in the blank 86ad0b00b06b05e_4 Cost of Goods Manufactured fill in the blank 86ad0b00b06b05e_6 Cost of Goods Available for Sale $fill in the blank 86ad0b00b06b05e_8 Ending Inventory fill in the blank 86ad0b00b06b05e_10 Total Cost of Goods Sold fill in the blank 86ad0b00b06b05e_11 Gross Profit $fill in the blank 86ad0b00b06b05e_13 Sales and Administrative Expenses: Variable $fill in the blank 86ad0b00b06b05e_14 Fixed fill in the blank 86ad0b00b06b05e_15 Total Fixed Sales and Administrative Expenses fill in the blank 86ad0b00b06b05e_17 Net Operating Income $fill in the blank 86ad0b00b06b05e_19 Prepare an income statement under the variable costing method. If an amount box does not require an entry, leave it blank. Appliance Apps Income Statement: Variable Sales $fill in the blank b3bc4bf9805f03b_2 Cost of Goods Sold: Beginning Inventory $fill in the blank b3bc4bf9805f03b_4 Cost of Goods Manufactured fill in the blank b3bc4bf9805f03b_6 Cost of Goods Available for Sale $fill in the blank b3bc4bf9805f03b_8 Ending Inventory fill in the blank b3bc4bf9805f03b_10 Total Cost of Goods Sold fill in the blank b3bc4bf9805f03b_11 Gross Contribution Margin $fill in the blank b3bc4bf9805f03b_13 Sales and Administrative Expenses: Variable fill in the blank b3bc4bf9805f03b_14 Contribution Margin $fill in the blank b3bc4bf9805f03b_16 Fixed Sales and Administrative Expenses $fill in the blank b3bc4bf9805f03b_18 Fixed Manufacturing fill in the blank b3bc4bf9805f03b_20 Total Fixed Sales and Administrative Expenses fill in the blank b3bc4bf9805f03b_22 Net Operating Income $fill in the blank b3bc4bf9805f03b_24 Prepare a reconciliation between the two statements. Reconciliation Net Income under Variable Costing $fill in the blank 5b9d6003afdf04a_2 Add: Fixed Manufacturing Overhead Deferred fill in the blank 5b9d6003afdf04a_4 Net Income under Absorption $fill in the blank 5b9d6003afdf04a_6
Chapter5: Process Costing
Section: Chapter Questions
Problem 1PA: The following product Costs are available for Haworth Company on the production of chairs: direct...
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Question
Appliance Apps has the following costs associated with its production and sale of devices that allow appliances to receive commands from cell phones.
Beginning Inventory | 0 |
Units Produced | 25,000 |
Units Sold | 20,000 |
Selling Price per Unit | $146 |
Variable Sales and Administration Expenses | $4 |
Fixed Sales and Administration Expenses | $975,000 |
Direct Material Cost per Unit | $25 |
Direct Labor Cost per Unit | $10 |
Variable |
$2 |
Fixed Manufacturing Overhead Cost per Month | $977,500 |
Prepare an income statement under the absorption method. If an amount box does not require an entry, leave it blank.
Appliance Apps | ||
Income Statement: Absorption | ||
Sales | $fill in the blank 86ad0b00b06b05e_2 | |
Cost of Goods Sold: | ||
Beginning Inventory | $fill in the blank 86ad0b00b06b05e_4 | |
Cost of Goods Manufactured | fill in the blank 86ad0b00b06b05e_6 | |
Cost of Goods Available for Sale | $fill in the blank 86ad0b00b06b05e_8 | |
Ending Inventory | fill in the blank 86ad0b00b06b05e_10 | |
Total Cost of Goods Sold | fill in the blank 86ad0b00b06b05e_11 | |
Gross Profit | $fill in the blank 86ad0b00b06b05e_13 | |
Sales and Administrative Expenses: | ||
Variable | $fill in the blank 86ad0b00b06b05e_14 | |
Fixed | fill in the blank 86ad0b00b06b05e_15 | |
Total Fixed Sales and Administrative Expenses | fill in the blank 86ad0b00b06b05e_17 | |
Net Operating Income | $fill in the blank 86ad0b00b06b05e_19 |
Prepare an income statement under the variable costing method. If an amount box does not require an entry, leave it blank.
Appliance Apps | ||
Income Statement: Variable | ||
Sales | $fill in the blank b3bc4bf9805f03b_2 | |
Cost of Goods Sold: | ||
Beginning Inventory | $fill in the blank b3bc4bf9805f03b_4 | |
Cost of Goods Manufactured | fill in the blank b3bc4bf9805f03b_6 | |
Cost of Goods Available for Sale | $fill in the blank b3bc4bf9805f03b_8 | |
Ending Inventory | fill in the blank b3bc4bf9805f03b_10 | |
Total Cost of Goods Sold | fill in the blank b3bc4bf9805f03b_11 | |
Gross Contribution Margin | $fill in the blank b3bc4bf9805f03b_13 | |
Sales and Administrative Expenses: | ||
Variable | fill in the blank b3bc4bf9805f03b_14 | |
Contribution Margin | $fill in the blank b3bc4bf9805f03b_16 | |
Fixed Sales and Administrative Expenses | $fill in the blank b3bc4bf9805f03b_18 | |
Fixed Manufacturing | fill in the blank b3bc4bf9805f03b_20 | |
Total Fixed Sales and Administrative Expenses | fill in the blank b3bc4bf9805f03b_22 | |
Net Operating Income |
$fill in the blank b3bc4bf9805f03b_24 |
Prepare a reconciliation between the two statements.
Reconciliation | |
Net Income under Variable Costing | $fill in the blank 5b9d6003afdf04a_2 |
Add: Fixed Manufacturing Overhead Deferred | fill in the blank 5b9d6003afdf04a_4 |
Net Income under Absorption | $fill in the blank 5b9d6003afdf04a_6 |
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