ces 3 Complete this question by entering your answers in the tabs below. Variable Costing Prepare variable costing income statement for the year. Crystal Cold Coolers Incorporated Variable Costing Income Statement Full Absorption Costing Less: Variable cost of goods sold Contribution margin Less: Fixed costs Net operating income The following information pertains to the first year of operation for Crystal Cold Coolers Incorporated: 2,900 2,500 $ 350 $65 $ 55 $ 12 $.70 $ 30,000 $ 59,000 Number of units produced Number of units sold Unit sales price Direct materials per unit Direct labor per unit Variable manufacturing overhead per unit Fixed manufacturing overhead per unit ($203,000+2,900 units) Total variable selling expenses ($12 per unit sold) Total fixed general and administrative expenses Required: Prepare Crystal Cold's full absorption costing income statement and variable costing income statement for the year. Show Transcribed Text Complete this question by entering your answers in the tabs below. Ű Full Absorption Variable Costing Costing Prepare Crystal Cold's full absorption costing income statement for the year. Crystal Cold Coolers Incorporated Full Absorption Costing Income Statement Sales Less: Cost of goods sold Gross margin Less: Non-manufacturing expenses Variable selling expense Fixed general and administrative expenses Net operating income $ 875,000

Q: What are the measure of outputs in accounting?

A: The objective of this question is to understand the various measures of outputs in the field of…

Q: what the difference between accounting income and economic income?

A: Accounting income can be defined as an estimate of the performance in the operations of the company.…

Process Costing

Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.  

Job Costing

Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.

ABC Costing

Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.