Fairchild produces jet bridges for many domestic and international airports. Costinformation for 's jet bridges is as follows:Data tableVariable costs per jet bridge:Materials5,300Labor3,300Manufacturing Overhead6,600Selling900General and administrative1,100Fixed costs for the first 3 quarters of 2020:$ 999,000 allocated based on budgeted production$ 440,000$ 785,000Manufacturing OverheadSellingGeneral and administrativeAdditional information for the first three quarters of 2020 for Fairchild are shown below:Data table1st Quarter 2nd Quarter 3rd QuarterBudgeted production717774Actual production717774Sales667164Sales price: $37,000 per jet bridgeFixed selling costs by quarter150,000150,000140,000Fixed G&A costs by quarter345,000220,000220,000Requirement 1. Prepare an absorption costing income statement.Requirement 2. Prepare a variable costing income statementRequirement 3. Prepare a throughput costing income statement.

The income statement is prepared to estimate the profitability of the business. The income statement…

Fairchild produces jet bridges for many domestic and international airports. Cost information for 's jet bridges is as follows: Data table Variable costs per jet bridge: Materials 5,300 Labor 3,300 Manufacturing Overhead 6,600 Selling 900 General and administrative 1,100 Fixed costs for the first 3 quarters of 2020: Manufacturing Overhead $ 999,000 allocated based on budgeted production Selling %24 440,000 General and administrative 785.000

Fairchild produces jet bridges for many domestic and international airports. Cost information for 's jet bridges is as follows: Data table Variable costs per jet bridge: Materials 5,300 Labor 3,300 Manufacturing Overhead 6,600 Selling 900 General and administrative 1,100 Fixed costs for the first 3 quarters of 2020: Manufacturing Overhead $ 999,000 allocated based on budgeted production Selling %24 440,000 General and administrative 785.000

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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