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

Problem 1Q

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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
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…
Georgio Corporation has the following data as of December 31, 2021. Product C Product D Units Produced 10,000 15,000 Beg. Inventory Units Sold 3,000 4,000 11,000 2,000,000 300,000 P60 per unit P275 per unit 15,000 3,000,000 800,000 Total Manufacturing Cost General and Administration Cost Estimated Selling Cost Selling Price P80 per unit P275 per unit At the year end, the manufacture items of inventory have been completed, but no selling cost has yet been incurred. Beginning inventory has the following cost: Product C- P800,000 Product D- P600,000 Georgio observed FIFO method of costing for their inventory. What is the amount of Inventory to be presented at the Balance Sheet date using the LCNRV Individual approach?
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
Winner Company has two products with cost and selling price as follows: Product X Product Y Selling price 2,000,000 3,000,000 Estimated selling cost 600,000 700,000 Materials and conversion cost 1,500,000 1,800,000 General administration cost 300,000 800,000 At year-end, the manufacture of inventory has been completed but no selling cost has yet been incurred. Under LCNRV by individual item, the inventory shall be measured at what amount?
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.
The following data relates to Alpha Company. Units in beginning inventory Units produced Units sold ($350 per unit) Variable costs per unit: Direct materials Direct labor Variable overhead Fixed costs: Fixed overhead per unit produced Fixed selling and administrative expenses - 26,000 19,000 $40 60 25 $50 150,000 Determine the value of ending inventory under variable costing. a. $700,000 O b. $1,225,000 C. $805,000 O d. $875,000
4)The Dorset Corporation produces and sells a single product. The following datarefer to the year just completed:Beginning inventory 0Units produced 32,200Units sold 26,600Selling price per unit $ 422Selling and administrative expenses:Variable per unit $ 19Fixed per year $ 452,200Manufacturing costs:Direct materials cost per unit $ 259Direct labor cost per unit $ 56Variable manufacturing overhead cost per unit $ 34Fixed manufacturing overhead per year $ 450,800Assume that direct labor is a variable cost.Required:a. Compute the unit product cost under both the absorption costing and variablecosting approaches.Cost per unitAbsorption costingVariable costingb. Prepare an income statement for the year using absorption costing.Absorption Costing Income Statement1,569,400$611,800c. Prepare an income statement for the year using variable costing.Variable Costing Income Statement4) 5Variable expenses:9,788,8001,436,400Fixed expenses:903,000$533,400d. Reconcile the absorption costing and…
Belle Company reports the following information for the current year. All beginning inventory amounts equaled $0 this year. Units produced this year Units sold this year Direct materials Direct labor Variable overhead Fixed overhead Belle Company's product is sold for $74 per unit a Variable selling and administrative expense is $2 per unit and fixed selling and administrative is $300,000 per year. Compute the net income under variable costing. Multiple Choice O с $76,000 $176,000 $260,680 70,000 units 42,000 units $ 22 per unit $ 24 per unit $ 3 per unit $ 490,000 in total $126.000

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