General Accounting Question please correct calculation with explanation for this question Here is the information for Pinnacle Corporation for the year2023. Compute the total operating profit under absorptioncosting:DetailsUnits in Beginning InventoryValues0Units Produced12,000Units Sold6,000Unit Selling Price$400Variable Costs per Unit:- Direct Materials$130- Direct Labor$50- Variable Overhead$40Fixed Costs:- Fixed Costs per Unit Produced$35- Fixed Selling & Administrative Costs $500,000

Step 1: Define Operating Profit under Absorption CostingUnder absorption costing, operating profit…

Answered: Here is the information for Pinnacle…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Financial Accounting
Please provide answer this general accounting question
Advanced Company reports the following information for the current year. All beginning inventory amounts equaled $0 this year. Units produced this year 25,000 units Units sold this year 15,000 units Direct materials $8 per unit Direct labor $10 per unit Variable overhead $3 per unit Fixed overhead $50,000 in total Variable selling and administrative $5 per unit Fixed selling and administrative $20,000 in total Selling price $60 Given Advanced Company's data, compute the dollar amount of contribution margin using variable costing? THERE SEEMS TO BE A LOT OF CONFLICTING ANSWERS ON CHEGG FOR THIS QUESTION, PLEASE LOOK AT CAREFULLY
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The following data refer to Quest Ltd for the current year:Sales Revenues $575 000Work in process inventory, 31December20 000Work in process inventory, 1 January 25 000Product promotion cost 30 000Rental of office space for salespersonnel20 000Cost of idle time: sales employees 20 000Income tax expense 60 000Purchase of raw materials 95 000Raw materials inventory, 31 December 17 500Raw material inventory. 1 January 25 000Direct labour 105 000Electricity: plant 25 000Depreciation plant and equipment 35 000Finished goods inventory, 31December30 000Finished goods inventory, 1 January 15 000Indirect material 5 000Indirect labour 7 500Production supervisor’s salary 40 000Required:a) Prepare the schedule of cost of goods manufactured for Quest Ltd.b) Prepare the schedule of cost of goods sold for Quest Ltd.c) Prepare an income statement for Quest Ltd for the current year.
Moskowitz Corporation has provided the following data for its two most recent years of operation: Selling price per unit $ 91Manufacturing costs: Variable manufacturing cost per unit produced: Direct materials $ 13Direct labor $ 7Variable manufacturing overhead $ 3Fixed manufacturing overhead per year $ 480,000Selling and administrative expenses: Variable selling and administrative expense per unit sold $ 6Fixed selling and administrative expense per year $ 84,000 Year 1 Year 2Units in beginning inventory 0 3,000Units produced during the year 12,000 10,000Units sold during the year 9,000 10,000Units in ending inventory 3,000 3,000 Which of the following statements is true for Year 2?The amount of fixed manufacturing overhead released from inventories is $24,000The amount of fixed manufacturing overhead deferred in inventories is $24,000The amount of fixed manufacturing overhead deferred in inventories is $686,000The amount of fixed manufacturing overhead released from inventories is…
Using the information below, calculate the gross profit for the period. Beginning Raw Materials Inventory $25,000 Ending Raw Materials Inventory 30,000 Beginning Work in Process Inventory 55,000 Ending Work in Process Inventory 64,000 Beginning Finished Goods Inventory 80,000 Ending Finished Goods Inventory 67,000 Cost of Goods Sold for the period 5,40,000 Sales revenues for the period 12,54,000 Operating expenses for the period 2,32,000 A. $727,000. B. $1,022,000. C. $187,000. D. $714,000. E. $482,000.
mpany reports the following information for August: Net Sales Revenue: $835,000 Variable Cost of Goods Sold: 364,000 Fixed Cost of Goods Sold: 188,000 Variable Selling and Administrative Costs 175,000 Fixed Selling and Administrative Costs 82,000 For this company, under absorption costing, Gross Profit is O $296,000 O $253,000 O $317,000 O $283,000 O $471,000
An excerpt from the last year’s final annual report ofKalamia manufacturing company reported the informationprovided in the table.Compute (a) inventory turnover and (b) weeks of supply,assuming an annual operation of 50 weeks and the cost of goodssold was €5,000,000. CATEGORY PART NO. AVERAGEINVENTORY UNIT VALUEUNITS € Raw materials RSI - 1 200 3RSI - 2 50 2RSI - 3 300 1RSI - 4 100 3, 5 Work-in-process CSI - 1 50 10CSI - 2 250 15 Finished goods FJ - 1 890 70FJ - 2 2000 77FJ - 3 870 90
Belle Company reports the following information for the current year. All beginning inventory amounts equaled $0 this year. Units Produced this year 20,000 units sold this year 12,000 Direct Materials $12 per unit Direct Labor $14 per unit Variable overhead $3 per unit Fixed Overhead $90,000 Belle Company's product is sold for $59 per unit. Variable selling and administrative expense is $2 per unit and fixed selling and administrative is $200,000 per year. Compute the net income under absorption costing.
Hayes Inc. provided the following information for the current year: Beginning inventory Units produced 100 units 750 units Units sold 800 units $ $4 2$ $ $24,000/year Selling price Direct materials 150 /unit 35/unit Direct labor 16 /unit Variable manufacturing overhead Fixed manufacturing overhead Variable selling/administrative costs Fixed selling/administrative costs 15/unit 8/unit $15,500/year What is the unit product cost for the year using absorption costing?
b) The following information pertains to Chacon Inc. for last year: Beginning inventory in units Units produced Units sold 5,000 20,000 23,700 Costs per unit: RM 8.00 Direct materials Direct labor 4.00 Variable overhead 1.50 Fixed overhead* 4.15 Variable selling expenses Fixed selling and administrative expenses * Fixed overhead totals $83,000 per year. 3.00 24,300 Required: i. Calculate the cost of one unit of product under absorption costing. ii. Calculate the cost of one unit of product under variable costing. i. How many units are in ending inventory? iv. Calculate the cost of ending inventory under absorption costing. v. Calculate the cost of ending inventory under variable costing.

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