From the following data: 1- Selling price per unit = $80 2- Manufacturing costs: Direct material per unit = $8 Direct labor per unit = $6 Variable MOH = $4 Fixed MOH = $120,000 3- Selling and administrative costs: Variable cost per unit sold = $7 Fixed costs = $70,000 4- Inventory, production and sold units: 2016 2000 6,000 Units Sold 8,000 *Budgeted Production = 6,000 units Required: Prepare the cost statement and income statement using: Inventory Beginning Inventory Production a. Absorption costing b. Variable costing

From the following data: 1- Selling price per unit = $80 2- Manufacturing costs: Direct material per unit = $8 Direct labor per unit = $6 Variable MOH = $4 Fixed MOH = $120,000 3- Selling and administrative costs: Variable cost per unit sold = $7 Fixed costs = $70,000 4- Inventory, production and sold units: 2016 2000 6,000 Units Sold 8,000 *Budgeted Production = 6,000 units Required: Prepare the cost statement and income statement using: Inventory Beginning Inventory Production a. Absorption costing b. Variable costing

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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