Please do not give solution in image format thanku Exercise 7-3 (Algo) Reconciliation of Absorption and Variable Costing Net Operating Incomes [LO7-3][The following information applies to the questions displayed below.]Jorgansen Lighting, Incorporated, manufactures heavy-duty street lighting systems for municipalities. The company usesvariable costing for internal management reports and absorption costing for external reports to shareholders, creditors,and the government. The company has provided the following data:InventoriesBeginning (units)Exercise 7-3 (Algo) Part 1Year 1Year 2200150150190Ending (units)Variable costing net operating income$ 300,000$ 269,000The company's fixed manufacturing overhead per unit was constant at $560 for all three years.Variable costing net operating incomeAdd (deduct) fixed manufacturing overhead deferredin (released from) inventory under absorption costingAbsorption costing net operating incomeReconciliation of Variable Costing and Absorption Costing Net Operating IncomesYear 1Year 2Year 3Required:1. Calculate each year's absorption costing net operating income. (Enter any losses or deductions as a negative value.)190240$ 250,000Year 3

Absorption costing is a method in which cost of units produced includes both the variable and fixed…

Exercise 7-3 (Algo) Reconciliation of Absorption and Variable Costing Net Operating Incomes [LO7-3] [The following information applies to the questions displayed below.] Jorgansen Lighting, Incorporated, manufactures heavy-duty street lighting systems for municipalities. The company uses variable costing for internal management reports and absorption costing for external reports to shareholders, creditors, and the government. The company has provided the following data: Inventories Year 1 Exercise 7-3 (Algo) Part 1 Year 2 Year 3 150 Beginning (units) Ending (units) 200 150 190 Variable costing net operating income $ 300,000 $ 269,000 The company's fixed manufacturing overhead per unit was constant at $560 for all three years. 190 240 $ 250,000 Required: 1. Calculate each year's absorption costing net operating income. (Enter any losses or deductions as a negative value.)

Exercise 7-3 (Algo) Reconciliation of Absorption and Variable Costing Net Operating Incomes [LO7-3] [The following information applies to the questions displayed below.] Jorgansen Lighting, Incorporated, manufactures heavy-duty street lighting systems for municipalities. The company uses variable costing for internal management reports and absorption costing for external reports to shareholders, creditors, and the government. The company has provided the following data: Inventories Year 1 Exercise 7-3 (Algo) Part 1 Year 2 Year 3 150 Beginning (units) Ending (units) 200 150 190 Variable costing net operating income $ 300,000 $ 269,000 The company's fixed manufacturing overhead per unit was constant at $560 for all three years. 190 240 $ 250,000 Required: 1. Calculate each year's absorption costing net operating income. (Enter any losses or deductions as a negative value.)

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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