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. (b) Your answer is correct. 4 Sales Cost of goods sold Beginning inventory Add ✓ Costs of goods manufactured Goods available for sale Less Ending inventory Gross margin Less Selling and administrative expenses Operating income eTextbook and Media Bridgeport Corp. Income Statement-Absorption Costing For the Year Ended December 31, 2022 Variable costing operating income $ Absorption costing operating income Fixed manufacturing overhead costs deferred in ending inventory $ $ 288640 i 288640 0 57728 i 505120 230912 i 274208 Reconcile the difference between the net income under variable costing and the net income under absorption costing. That is, show a calculation that explains what causes the difference in net income between the two approaches. 128140 146068 Assistance Used Attempts: 1 of 3 used

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. (b) Your answer is correct. 4 Sales Cost of goods sold Beginning inventory Add ✓ Costs of goods manufactured Goods available for sale Less Ending inventory Gross margin Less Selling and administrative expenses Operating income eTextbook and Media Bridgeport Corp. Income Statement-Absorption Costing For the Year Ended December 31, 2022 Variable costing operating income $ Absorption costing operating income Fixed manufacturing overhead costs deferred in ending inventory $ $ 288640 i 288640 0 57728 i 505120 230912 i 274208 Reconcile the difference between the net income under variable costing and the net income under absorption costing. That is, show a calculation that explains what causes the difference in net income between the two approaches. 128140 146068 Assistance Used Attempts: 1 of 3 used

Name: During 2022, Bridgeport Corp. produced 45,100 units and sold 36,080 f
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: During 2022, Bridgeport Corp. produced 45,100 units and sold 36,080 for $14.00 per unit. Variable manufacturing costs were $4.00per unit. Annual fixed manufacturing overhead was $108,240. Variable selling and administrative costs were $3.00 per unit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

A review of Parson Corporation's accounting records found that at a volume of 138,000 units, the variable and fixed cost per unit amounted to S5 and $2. respectively. On the basis of this information, what amount of total cost would Parson anticipate at a volume of 128,800 units?
Prapare an Income Statement Using absorption costing. Prapare an Income Statement Using variable costing.
Q5. Sunn company manufactures a single product that sells for $220 per unit and whose variable costs are $176 per unit. The company's annual fixed costs are $664,400. Management targets an annual income of $1,100,000.
[The following information applies to the questions displayed below. Ramort Company reports the following for its single product. Ramort produced and sold 21,600 units this year. Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses Sales price Compute gross profit under absorption costing. RAMORT COMPANY Gross Profit (Absorption Costing) Sales Cost of goods sold Gross profit $ 1,814,400 21,600
Jamison Company produces and sells Product X at a total cost of $1,300 per unit, of which $880 is product cost and $420 is selling and administrative expenses. In addition, the total cost of $1,300 is made up of $740 variable cost and $560 fixed cost. The desired profit is $169 per unit. Determine the markup percentage on total cost.fill in the blank 1 %
Ellie Manufacturing Company produces three products: A, B, and C. The income statement for the most recent year is as follows: $200,000 Sales Less: Variable cost Contribution margin Less fixed cost: Manufacturing Selling and administrative Sales 34,000 Operating income $39,000 The sales, contribution margin ratios, and direct fixed expenses for the three types of products are as follows: Sales Less: Variable expenses Contribution margin Less: Direct fixed expenses Product margin Less: Common expenses $ $20,000 14,000 $ $ A $60,000 Contribution margin ratio Direct fixed expenses of products Required: Prepare income statements segmented by products. Include a column for the entire firm in the statement. Ellie Manufacturing Company Segmented Income Statement For the Most Recent Year A B 127,000 $73,000 $40,000 30% $8,000 $5,000 35% C B $ C Total $100,000 40% $4,000
Last year, Bagger Company had sales revenue of $1,250,000, direct materials of $280,000, directlabor of $310,700, overhead of $449,300 (30% is variable). Bagger calculates sales price using a markup on cost of goods sold. Required1. Calculate the markup Bagger will use.2. If a job has manufacturing cost of $43,000, what is Bagger’s price?
A tile manufacturer has supplied the following data: Boxes of tiles produced and sold Sales revenue Variable manufacturing expense Fixed manufacturing expense Variable selling and administrative expense Fixed selling and administrative expense Net operating income 520,000 $ 2,132,000 $ 650,000 $ 464,000 $ 260,000 $ 312,000 $ 446,000 If the company increases its unit sales volume by 3% without increasing its fixed expenses, then total net operating income should be closest to: Note: Round your intermediate calculations to 2 decimal places.
In the last reporting period, Global Tech Company recorded 140,000 units sold for the first time in the history of the company. The price per unit was $85.63 and variable costs per unit at $35.07. Compute the contribution margin. Next, compute the fixed costs if the operating income is $3,810,000. OA. $4,909,800; $4,528,800 OB. $7,078,400; $3,268,400 OC. $4,909,800; $5,290,800 OD. $11,988,200; $11,607,200
Crane Inc. had sales of $2,390,000 for the first quarter of 2022 (it sold 239,000 units). In making the sales, the company incurred the following costs and expenses. Cost of goods sold Selling expenses Administrative expenses Sales Prepare a CVP income statement for the quarter ended March 31, 2022. (Round per unit answers to 2 decimal places, e.g. 15.25.) Variable Costs Contribution Margin Fixed Costs Variable $976,000 116,000 103,000 Net Income/(Loss) Fixed $488,000 95,000 129,000 CRANE INC. CVP Income Statement For the Quarter Ended March 31, 2022 V Total $ Per Unit Percent of Sales 100 % % %
The contribution margin income statement of Unique Donuts for August 2024 follows: (Click the icon to view the contribution margin income statement.) Data table Unique Donuts Contribution Margin Income Statement Month Ended August 31, 2024 Net Sales Revenue Variable Costs: Cost of Goods Sold Selling Costs Administrative Costs Contribution Margin Fixed Costs: Selling Costs Administrative Costs Operating Income $ 32,300 17,200 1,300 42,210 14,070 $ $ - 127,000 50,800 76,200 56,280 19,920 Requirements Unique sells two dozen plain donuts for every dozen custard-filled donuts. A dozen plain donuts sells for $3.10, with total variable cost of $1.24 per dozen. A dozen custard-filled donuts sells for $7.20, with total variable cost of $2.88 per dozen. d-filled donuts 1. Calculate the weighted-average contribution margin. 2. Determine Unique's monthly breakeven point in dozens of plain donuts and custard-filled donuts. Prove your answer by preparing a summary contribution margin income…
During 2022, Sheridan Corp. produced 38,000 units and sold 38,000 for $14 per unit. Variable manufacturing costs were $4 per unit. Annual fixed manufacturing overhead was $76,000 ($2 per unit). Variable selling and administrative costs were $2 per unit sold, and fixed selling and administrative expenses were $18,000. Prepare a variable-costing income statement. Sales Less Variable cost of goods sold SheridanCorp. Income Statement-Variable Costing For the Month Ended December 31, 2022 LA tA 76000