please can someone help me to solve this problem ? please solve with working and steps so that I can easily understand answer in text Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for$870. Selected data for the company's operations last year follow.Units in beginning inventoryUnits producedUnits soldUnits in ending inventoryVariable costs per unit:Direct materialsDirect laborVariable manufacturing overheadVariable selling and administrativeFixed costs:26023030SalesCost of goods soldGross marginSelling and administrative expenseNet operating income$ 105$325$ 45$15Fixed manufacturing overhead$ 65,000Fixed selling and administrative$ 21,000The absorption costing income statement prepared by the company's accountant for last year appears below:$ 200,100166,75033,35024,450$ 8,900Required:1. Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of lastyear?2. Prepare an income statement for last year using variable costing.

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Description: please can someone help me to solve this problem ? please solve with working and steps so that I can easily understand answer in text Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans

The fixed manufacturing overhead Costs are included in the product cost under Absorption costing.…

Business

Accounting

da Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $870. Selected data for the company's operations last year follow. Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs: 0 260 230 30 Sales Cost of goods sold Gross margin Selling and administrative expense Net operating income $ 105 $325 $ 45 $ 15 Fixed manufacturing overhead $ 65,000 Fixed selling and administrative $ 21,000 The absorption costing income statement prepared by the company's accountant for last year appears below: $ 200,100 166,750 33,350 24,450 $ 8,900 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.

da Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $870. Selected data for the company's operations last year follow. Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs: 0 260 230 30 Sales Cost of goods sold Gross margin Selling and administrative expense Net operating income $ 105 $325 $ 45 $ 15 Fixed manufacturing overhead $ 65,000 Fixed selling and administrative $ 21,000 The absorption costing income statement prepared by the company's accountant for last year appears below: $ 200,100 166,750 33,350 24,450 $ 8,900 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.

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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