Current Attempt in Progress During 2022, Bridgeport Corp. produced 45,100 units and sold 36,080 for $14.00 per unit. Variable manufacturing costs were $4.00 per unit. Annual fixed manufacturing overhead was $108,240. Variable selling and administrative costs were $3.00 per unit sold, and fixed selling and administrative expenses were $19,900. (a) Prepare an absorption-costing income statement. Sales Cost of goods sold Beginning inventory Add Goods available for sale Less Costs of goods manufactured Bridgeport Corp. Income Statement-Absorption Costing For the Year Ended December 31, 2022 V Ending inventory $ 0 288640 288640 $ $ 505120

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Current Attempt in Progress
During 2022, Bridgeport Corp. produced 45,100 units and sold 36,080 for $14.00 per unit. Variable manufacturing costs were $4.00
per unit. Annual fixed manufacturing overhead was $108,240. Variable selling and administrative costs were $3.00 per unit sold, and
fixed selling and administrative expenses were $19,900.
(a)
Prepare an absorption-costing income statement.
Sales
Cost of goods sold
Beginning inventory
Add
Goods available for sale
Less
Costs of goods manufactured
Bridgeport Corp.
Income Statement-Absorption Costing
For the Year Ended December 31, 2022 V
Ending inventory
$
0
288640
288640
$
$
505120
Transcribed Image Text:Current Attempt in Progress During 2022, Bridgeport Corp. produced 45,100 units and sold 36,080 for $14.00 per unit. Variable manufacturing costs were $4.00 per unit. Annual fixed manufacturing overhead was $108,240. Variable selling and administrative costs were $3.00 per unit sold, and fixed selling and administrative expenses were $19,900. (a) Prepare an absorption-costing income statement. Sales Cost of goods sold Beginning inventory Add Goods available for sale Less Costs of goods manufactured Bridgeport Corp. Income Statement-Absorption Costing For the Year Ended December 31, 2022 V Ending inventory $ 0 288640 288640 $ $ 505120
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