Please do not give solution in image format thanku Cool Sky reports the following for its first year of operations. The company produced 40,000 units and sold 32,000 unitsat a price of $120 per unit.Direct materialsDirect laborVariable overheadFixed overheadVariable selling and administrative expensesFixed selling and administrative expensesIncome Statement (Absorption Costing)xercise 19-3 (Algo) Part 1b- Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing.Contribution marginduldContribution margin$ 48 per unit$ 18 per unit$6 per unitGross profitIncomeLossSalesSelling and administrative expenses$ 400,000 per year$ 10 per unit$ 105,000 per year Cool Sky reports the following for its first year of operations. The company produced 40,000 units and sold 32,00at a price of $120 per unit.Direct materialsDirect laborVariable overheadFixed overheadVariable selling and administrative expensesFixed selling and administrative expensesExercise 19-3 (Algo) Part 1a1a. Assume the company uses absorption costing. Determine its total product cost per unit.Per unit product cost using:Direct materialsDirect laborVariable overheadFixed overheadTotal product cost per unitAbsorption costing$$ 48 per unit$ 18 per unit$6 per unit$ 400,000 per year$10 per unit$ 105,000 per year.

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Description: Please do not give solution in image format thanku Cool Sky reports the following for its first year of operations. The company produced 40,000 units and sold 32,000 unitsat a price of $120 per unit.Direct materialsDirect laborVariable overheadFixed

The income statement can be prepared using various methods as FIFO, LIFO and average method. The…

Business

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Cool Sky reports the following for its first year of operations. The company produced 40,000 units and sold 32,000 at a price of $120 per unit. Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses $ 48 per unit $ 18 per unit $6 per unit $ 400,000 per year $10 per unit $ 105,000 per year cise 19-3 (Algo) Part 1b sume the company uses absorption costing. Prepare its income statement for the year under absorption costing.

Cool Sky reports the following for its first year of operations. The company produced 40,000 units and sold 32,000 at a price of $120 per unit. Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses $ 48 per unit $ 18 per unit $6 per unit $ 400,000 per year $10 per unit $ 105,000 per year cise 19-3 (Algo) Part 1b sume the company uses absorption costing. Prepare its income statement for the year under absorption costing.

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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