Change all of the numbers in the data area of your worksheet so that it looks like thisa) what is the net operating income in year 1 under absoption costingb)what is the net operating income in year 2 under absoption costingC) what is the net operating income in year 1 under variable costingD)what is the net operating income in year 2 under variable costing 2. Change all of the numbers in the data area of your worksheet so that it looks like thA1Chapter 8: Applying ExcelBC3Data4Selling price per unit3275Manufacturing costs:6Variable per unit produced:7Direct materials$1208Direct labor$779Variable manufacturing overhead$2410Fixed manufacturing overhead per year$161,20011 Selling and administrative expenses:12Variable per unit sold13Fixed per year$4$91,000141516 Units in beginning inventory17 Units produced during the year18Units sold during the yearYear 1Year 203,1002,6002,8002,800

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Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter9: Responsibility Accounting And Decentralization

Section: Chapter Questions

Problem 1PA: Use the following information to answer the questions that follow. A. Calculate the operating income...

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The Chapter 6 Form worksheet is to be used to create your own worksheet version of the Review Problem in the text. 2. Change all of the numbers in the data area of your worksheet so that it looks like this: If your formulas are correct, you should get the correct answers to the following questions. (a) What is the net operating income (loss) in Year 1 under absorption costing? (b) What is the net operating income (loss) in Year 2 under absorption costing? (c) What is the net operating income (loss) in Year 1 under variable costing? (d) What is the net operating income (loss) in Year 2 under variable costing? (e) The net operating income (loss) under absorption costing is less than the net operating income (loss) under variable costing in Year 2 because: (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer.…
Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: Variable costs per unit: Manufacturing: Direct materials 14 Direct labor 3 Variable manufacturing overhead Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead Fixed selling and administrative 1 2$ 1 $330,000 $240,000 During the year, the company produced 33,000 units and sold 24,000 units. The selling price of the company's product is $44 per unit. Required: 1. Assume that the company uses absorption costing: a. Compute the unit product cot. b. Prepare an income statement for the year. 2. Assume that the company uses variable costing: a. Compute the unit product cost. b. Prepare an income statement for the year.
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Direction: Read carefully and answer the questions below. Encircle the letter of the correct answer. 1. Which of the following is an example of a variable cost? а. interest b. ingredients с. insurance d. lease 2. What type of cost varies depending on the quantity of products being produced? а. fixed b. net sales с. total d. variable 3. Which among the following concepts is usually seen on the top item in an income statement from which all costs and expenses is subtracted to arrive at net income? a. fixed cost b. net sales с. total cost d. variable cost 4. When do we obtain the break-even point? When the fixed cost is equal to the total cost When the total cost is equal to the variable cost When the variable cost is equal to the fixed cost d. When the number of units of goods sold covers the all the costs а. b. с. 5. Which of the following is NOT true? а. The fixed cost does not vary over time. b. The total cost is the sum of the fixed cost and the variable cost. с. The total cost is…
Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $880. Selected data for the company's operations last year follow: Units in beginning inventory Units produced Units sold 280 240 Units in ending inventory Variable costs per unit: 40 Direct materials 115 2$ 2$ 2$ Direct labor 335 Variable manufacturing overhead Variable selling and administrative Fixed costs: 35 25 Fixed manufacturing overhead Fixed selling and administrative $ 63,000 $ 23,000 The absorption costing income statement prepared by the company's accountant for last year appears below: $ 211,200 170,400 40,800 29,000 Sales Cost of goods sold Gross margin Selling and administrative expense Net operating income $ 11,800 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.
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Check my work During Heaton Company's first two years of operations, It reported absorption costing net operating income as follows: Sales (@ $63 per unit) Cost of goods sold (@ $35 per unit) Gross margin Selling and administrative expenses* Year 1 $ 1, 008, 00 560, 000 448, 000 295, 000 Year 2 $ 1, 638, 00 910, 000 728, 000 325, 000 Net operating income 153, 000 403, 000 * $3 per unit variable; $247,000 fixed each year. The company's $35 unit product cost is computed as follows: Direct materials $ 5 Direct labor Variable manufacturing overhead Fixed manufacturing overhead ($357, 000 + 21, 000 units) Absorption costing unit productlcost 10 3 17 $ 35 Production and cost data for the first two years of operations are: Year 2 21, 000 Year 1 Units produced Units sold 21, 000 16, 000 26, 000 Required: 1. Using variable costing, what is the unit product cost for both years? 2. What is the variable costing net operating income in Year 1 and in Year 2? 3. Reconcile the absorption costing and…
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