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Cool Sky reports the following for its first year of operations. The company produced 42,000 units and sold 34,000 units 2a. Assume the company uses variable costing. Determine its total product cost per unit. at a price of $140 per unit. $ 60 per unit Fixed overhead $ 22 per unit $8 per unit $504,000 per year $10 per unit $ 105,000 per year Variable selling and administrative expenses Fixed selling and administrative expenses 1a. Assume the company uses absorption costing. Determine its total product cost per unit. Direct materials Direct labor. Variable overhead Per unit product cost using: Absorption costing Total product cost per unit 1b. Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing. Income Statement (Absorption Costing) $ 0 0 Per unit product cost using: Variable costing Total product cost per unit 2b. Assume the company uses variable costing. Prepare its income statement for the year under variable costing. Income Income Statement (Variable Costing)

Cool Sky reports the following for its first year of operations. The company produced 42,000 units and sold 34,000 units 2a. Assume the company uses variable costing. Determine its total product cost per unit. at a price of $140 per unit. $ 60 per unit Fixed overhead $ 22 per unit $8 per unit $504,000 per year $10 per unit $ 105,000 per year Variable selling and administrative expenses Fixed selling and administrative expenses 1a. Assume the company uses absorption costing. Determine its total product cost per unit. Direct materials Direct labor. Variable overhead Per unit product cost using: Absorption costing Total product cost per unit 1b. Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing. Income Statement (Absorption Costing) $ 0 0 Per unit product cost using: Variable costing Total product cost per unit 2b. Assume the company uses variable costing. Prepare its income statement for the year under variable costing. Income Income Statement (Variable Costing)

FINANCIAL ACCOUNTING
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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Cool Sky reports the following for its first year of operations. The company produced 42,000 units and sold 34,000 units 2a. Assume the company uses variable costing. Determine its total product cost per unit. at a price of $140 per unit. $ 60 per unit $ 22 per unit $8 per unit $ 504,000 per year. $10 per unit Variable selling and administrative expenses Fixed selling and administrative expenses $ 105,000 per year. 1a. Assume the company uses absorption costing. Determine its total product cost per unit. Direct materials. Direct labor Variable overhead Fixed overhead Per unit product cost using: Absorption costing Total product cost per unit 1b. Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing. Income Statement (Absorption Costing) $ 0 0 Per unit product cost using: Variable costing Total product cost per unit 2b. Assume the company uses variable costing. Prepare its income statement for the year under variable costing. Income Income Statement (Variable Costing)
Transcribed Image Text:Cool Sky reports the following for its first year of operations. The company produced 42,000 units and sold 34,000 units 2a. Assume the company uses variable costing. Determine its total product cost per unit. at a price of $140 per unit. $ 60 per unit $ 22 per unit $8 per unit $ 504,000 per year. $10 per unit Variable selling and administrative expenses Fixed selling and administrative expenses $ 105,000 per year. 1a. Assume the company uses absorption costing. Determine its total product cost per unit. Direct materials. Direct labor Variable overhead Fixed overhead Per unit product cost using: Absorption costing Total product cost per unit 1b. Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing. Income Statement (Absorption Costing) $ 0 0 Per unit product cost using: Variable costing Total product cost per unit 2b. Assume the company uses variable costing. Prepare its income statement for the year under variable costing. Income Income Statement (Variable Costing)
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