Direct labor $420,000 Direct materials 210,000 Variable overhead 205,000 Fixed overhead 355,000 Variable SG&A expenses Fixed SG&A expenses 150,000 195,000 Year 3 period costs for Drexler, under both the absorption and variable cost methods, will be Absorption Cost Method Variable Cost Method a. $345,000 $700,000 b. $345,000 $905,000 c. $550,000 d. $550,000 $700,000 $905,000

Direct labor $420,000 Direct materials 210,000 Variable overhead 205,000 Fixed overhead 355,000 Variable SG&A expenses Fixed SG&A expenses 150,000 195,000 Year 3 period costs for Drexler, under both the absorption and variable cost methods, will be Absorption Cost Method Variable Cost Method a. $345,000 $700,000 b. $345,000 $905,000 c. $550,000 d. $550,000 $700,000 $905,000

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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Subject- accounting
Most states require 150 semester Hours of college credit for which professional certification?
The board of directors of Oriole Construction Company is meeting to choose between the cost-recovery method and the percentage-of-completion method of accounting for long-term contracts in the company's financial statements. You have been engaged to assist Oriole's controller in the preparation of a presentation to be given at the board meeting. The controller provides you with the following information: 1. Oriole commenced doing business on January 1, 2024. 2. Construction activities for the year ended December 31, 2024, were as follows: Contract Costs Estimated Additional Costs Incurred Total Contract Billings Through Cash Collections to Through Through Complete 12/31/24 Project Price 12/31/24 12/31/24 Contract A $494,000 $334,000 $304,000 $418,000 $95,000 B 714,000 204,000 204,000 186,000 434,000 C 472,000 469,000 384,000 344,000 -0- D 187,000 94,000 62,000 117,000 91,000 E 444,000 394,000 394,000 314,000 78,500 $2,311,000 $1,495,000 $1,348,000 $1,379,000 $698,500 3. Each contract…
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The board of directors of Oriole Construction Company is meeting to choose between the cost-recovery method and the percentage-of-completion method of accounting for long-term contracts in the company's financial statements. You have been engaged to assist Oriole's controller in the preparation of a presentation to be given at the board meeting. The controller provides you with the following information: 1. Oriole commenced doing business on January 1, 2024. 2. Construction activities for the year ended December 31, 2024, were as follows: 3. 4. (a) Project A B с D E Total Contract Price $494,000 714,000 472,000 187,000 444,000 $2,311,000 * Your answer is incorrect. Billings Through 12/31/24 $334,000 204,000 469,000 (1) The cost-recovery method. 94,000 394,000 $1,495,000 Cash Collections Through 12/31/24 $304,000 204,000 384,000 62,000 394,000 $1,348,000 Contract Costs Incurred Through 12/31/24 Each contract is with a different customer. Any work remaining to be done on the contracts is…
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