(b) For 2018, SQU Company had sales of 150,000 units and production of 200,000 units. There was nobeginning inventory. Other information for the year included:Direct manufacturing laborDirect materialsFixed administrative expenses 100,000 Fixed manufacturing overhead187,500 Variable manufacturing overhead 100,000100,000200,000150,000 Variable selling expensesYou are required to calculate under both the variable and absorption costingmethoda the:inventoriable cost per unit,(i)Ending inventory, and(m)Cost of goods sold.

Direct material cost per unit=Direct material costProduction units =150,000200,000=0.94 per unit…

Answered: (b) For 2018, SQU Company had sales of…

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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1)Coronado Industries reported the following year-end information: beginning work in process inventory, $82000; cost of goods manufactured, $760000; beginning finished goods inventory, $52000; ending work in process inventory, S72000; and ending finished goods inventory, $42000. How much is Coronado's cost of goods sold for the year? a) $760000 b) $750000 C) S770000 d) S780000
Prepare the Income Statement for the year ended 31 December 2022 using the Marginal costing and Absorption costing methods. Opening inventory Nil Number of units manufactured 5 000 Number of units sold 4 500 Selling price per unit R200 Direct material cost per unit R14 Direct labour cost per unit R23 Variable manufacturing overheads cost per unit R12 Variable selling and administrative cost per unit sold R3 Fixed manufacturing overhead cost R200 000 Fixed selling and administrative costs R400 000
lomework (i) Jax Incorporated reports the following data for its only product. The company had no beginning finished goods inventory and it uses absorption costing. \table[[Sales price,$56.10 per unit], [ Direct materials, $9.10 per unit], [Direct labor, $6.60 per unit], [Variable overhead,$11.10 per unit], [Fixed overhead,$750,300 per year]] Compute gross profit assuming (a) 61,000 units are produced and 61,000 units are sold and (b)82,000 units are produced and 61,000 units are sold. By how much would the company's gross profit increase or decrease from producing 21,000 more units than it sells?
Accounting PART B Glico Wings uses FIFO actual costing system. The value of fixed manufacturing cost rate calculated at the end of the year through dividing the actual fixed manufacturing cost by the actual production units. Glico Wings sold only 1 product type called Matcha Mochi which has a selling price $3/unit. Glico Wings prepares income statement using absorption costing as below: 2021 (in $) 2022 (in $) Revenues (Price @ $3) Cost of goods sold: Beginning inventory Variable manufacturing costs Fixed manufacturing costs Cost of goods available for sale Deduct ending inventory Cost of goods sold Gross margin Operating costs: Variable operating costs Fixed operating costs Total operating costs Operating income 3000 3600 400 700 500 700 700 1400 1600 (400) (240) 1000 1360 2000 2240 1000 1200 400 400 1400 1600 600 640 Additional information 2021 2022 Production 1400 unit 1000 unit Required: 1. Prepare income statement based on variable costing for 2021 and 2022 2. Prepare a numerical…
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
Absorption costing does not distinguish between variable and fixed costs. All manufacturing costs are included in the cost of goods sold. Saxon, Inc.Absorption Costing Income StatementFor the Year Ended December 31 Sales $1,200,000 Cost of goods sold: Cost of goods manufactured $840,000 Ending inventory (210,000) Total cost of goods sold (630,000) Gross profit $570,000 Selling and administrative expenses (290,000) Operating income $280,000 Variable Statement Under variable costing, the cost of goods manufactured includes only variable manufacturing costs. This type of income statement includes a computation of manufacturing margin. Saxon, Inc.Variable Costing Income StatementFor the Year Ended December 31 Sales $1,200,000 Variable cost of goods sold: Variable cost of goods manufactured $600,000 Ending inventory (150,000) Total variable cost of goods sold (450,000) Manufacturing margin $750,000…
Product Alpha has revenue of $101,590, variable cost of goods sold of $51,430, variable selling expenses of $21,010, and fixed costs of $36,680, creating a loss from operations of $7,530. Required: 1. Prepare a differential analysis as of December 10 to determine whether Product Alpha should be continued (Alternative 1) or discontinued (Alternative 2), assuming that fixed costs are unaffected by the decision. Refer to the list of Amount Descriptions for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign. If there is no amount or an amount is zero, enter "0". A colon (:) will automatically appear if required. 2. Determine if Product Alpha should be continued (Alternative 1) or discontinued (Alternative 2). Prepare a differential analysis as of December 10 to determine whether Product Alpha should be continued (Alternative 1) or discontinued (Alternative 2), assuming that fixed…
Subject: acounting

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