ces Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $960. Selected data for the company's operations last year follow: Units in beginning inventory Units produced Units sold Units in ending inventory. Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead. Variable selling and administrative Fixed costs: Sales Cost of goods sold Gross margin Selling and administrative expense Net operating income $ 192,000 152,000 40,000 29,000 $ 11,000 8 Fixed manufacturing overhead $ 69,000 Fixed selling and administrative $ 27,000 The absorption costing income statement prepared by the company's accountant for last year appears below: 230 200 30 $110 $ 320 $ 30 $ 10 < Prev Required: 1. Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of last year? 2. Prepare an income statement for last year using variable costing. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of last year? 2 of 4 Next >
ces Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $960. Selected data for the company's operations last year follow: Units in beginning inventory Units produced Units sold Units in ending inventory. Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead. Variable selling and administrative Fixed costs: Sales Cost of goods sold Gross margin Selling and administrative expense Net operating income $ 192,000 152,000 40,000 29,000 $ 11,000 8 Fixed manufacturing overhead $ 69,000 Fixed selling and administrative $ 27,000 The absorption costing income statement prepared by the company's accountant for last year appears below: 230 200 30 $110 $ 320 $ 30 $ 10 < Prev Required: 1. Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of last year? 2. Prepare an income statement for last year using variable costing. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of last year? 2 of 4 Next >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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i need answer in text form
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Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for
$960. Selected data for the company's operations last year follow:
Units in beginning inventory
Units produced
Units sold
Units in ending inventory
Variable costs per unit:
Direct materials
Direct labor
Variable manufacturing overhead.
Variable selling and administrative
Fixed costs:
Sales
Cost of goods sold
Gross margin
Selling and administrative expense
Net operating income.
0
230
200
30
$110
$320
Fixed manufacturing overhead
$ 69,000
Fixed selling and administrative
$ 27,000
The absorption costing income statement prepared by the company's accountant for last year appears below:
$ 192,000
152,000
40,000
29,000
$ 11,000
$30
$ 10
Prev
Required:
1. Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of last
year?
2. Prepare an income statement for last year using variable costing.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of
last year?
2 of 4
Next >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcb1bbf58-5e94-444a-bc1b-96cb0d2eedb7%2F2e3c0622-a892-420b-a964-99d9b56086a5%2Fok5z2to_processed.jpeg&w=3840&q=75)
Transcribed Image Text:bok
nt
nt
nces
Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for
$960. Selected data for the company's operations last year follow:
Units in beginning inventory
Units produced
Units sold
Units in ending inventory
Variable costs per unit:
Direct materials
Direct labor
Variable manufacturing overhead.
Variable selling and administrative
Fixed costs:
Sales
Cost of goods sold
Gross margin
Selling and administrative expense
Net operating income.
0
230
200
30
$110
$320
Fixed manufacturing overhead
$ 69,000
Fixed selling and administrative
$ 27,000
The absorption costing income statement prepared by the company's accountant for last year appears below:
$ 192,000
152,000
40,000
29,000
$ 11,000
$30
$ 10
Prev
Required:
1. Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of last
year?
2. Prepare an income statement for last year using variable costing.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of
last year?
2 of 4
Next >
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