During 2022, Bridgeport Corp. produced 35,910 units and sold 35,910 for $14.00 per unit. Variable manufacturing costs were $5.00 per unit. Annual fixed manufacturing overhead was $71,820 ($2.00 per unit). Variable selling and administrative costs were $2.00 per unit sold, and fixed selling and administrative expenses were $30,780. Suppose the accountant for Bridgeport Corp. uses normal- absorption costing and uses the budgeted volume of 51,300 units to allocate the fixed overhead rather than the actual production volume of 35,910 units. The company expenses production volume variance to cost of goods sold in the accounting period in which it occurs. (a)

During 2022, Bridgeport Corp. produced 35,910 units and sold 35,910 for $14.00 per unit. Variable manufacturing costs were $5.00 per unit. Annual fixed manufacturing overhead was $71,820 ($2.00 per unit). Variable selling and administrative costs were $2.00 per unit sold, and fixed selling and administrative expenses were $30,780. Suppose the accountant for Bridgeport Corp. uses normal- absorption costing and uses the budgeted volume of 51,300 units to allocate the fixed overhead rather than the actual production volume of 35,910 units. The company expenses production volume variance to cost of goods sold in the accounting period in which it occurs. (a)

Name: Please do not give solution in image format thanku Prepare a normal-ab
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Description: Please do not give solution in image format thanku Prepare a normal-absorption-costing income statement for the first year of operation.SalesVariable costsFixed costsAdd: Cost of goods soldBridgeportCorp.Income Statement-Normal-Absorption CostingFor

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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