Cool Sky reports the following for its first year of operations. The company produced 46,000 units and sold 38,000 units at a price of $140 per unit. Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses $ 60 per unit $ 22 per unit $ 8 per unit $ 552,000 per year $ 12 per unit $ 100,000 per year Exercise 6-3 (Algo) Part 1a 1a. Assume the company uses absorption costing. Determine its total product cost per unit. Per unit product cost using: Absorption costing Total product cost per unit Cool Sky reports the following for its first year of operations. The company produced 46,000 units and sold 38,000 units at a price of $140 per unit. Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses $ 60 per unit $ 22 per unit $8 per unit $,552,000 per year $ 12 per unit $ 100,000 per year Exercise 6-3 (Algo) Part 1b 1b. Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing. Income Statement (Absorption Costing)

Cool Sky reports the following for its first year of operations. The company produced 46,000 units and sold 38,000 units at a price of $140 per unit. Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses $ 60 per unit $ 22 per unit $ 8 per unit $ 552,000 per year $ 12 per unit $ 100,000 per year Exercise 6-3 (Algo) Part 1a 1a. Assume the company uses absorption costing. Determine its total product cost per unit. Per unit product cost using: Absorption costing Total product cost per unit Cool Sky reports the following for its first year of operations. The company produced 46,000 units and sold 38,000 units at a price of $140 per unit. Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses $ 60 per unit $ 22 per unit $8 per unit $,552,000 per year $ 12 per unit $ 100,000 per year Exercise 6-3 (Algo) Part 1b 1b. Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing. Income Statement (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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