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Home Appliances Inc. produces washing machines and for 2021 budgeted to produce and sell 30,000 units. The company had no price, spending or efficiency variances and writes off production volume variances to cost of goods sold. Actual data for 2021 are: Units produced Units sold Selling price Variable costs: Manufacturing costs per unit produced 26,000 23,500 $500

Home Appliances Inc. produces washing machines and for 2021 budgeted to produce and sell 30,000 units. The company had no price, spending or efficiency variances and writes off production volume variances to cost of goods sold. Actual data for 2021 are: Units produced Units sold Selling price Variable costs: Manufacturing costs per unit produced 26,000 23,500 $500

FINANCIAL ACCOUNTING
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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Home Appliances Inc. produces washing machines and for 2021 budgeted to produce and sell 30,000 units. The company had no price, spending or efficiency variances and writes off production volume variances to cost of goods sold. Actual data for 2021 are: Units produced Units sold Selling price Variable costs: Manufacturing costs per unit produced Direct materials Direct labor Manufacturing overhead Marketing cost per unit sold Fixed costs: Manufacturing costs Administrative costs 26,000 23,500 $500 $40 $33 $50 $53 $1,800,000 $800,000 $1,200,000 Marketing costs Required: (a) Prepare the variable costing income statement (b) Prepare the absorption costing income statement.
Transcribed Image Text:Home Appliances Inc. produces washing machines and for 2021 budgeted to produce and sell 30,000 units. The company had no price, spending or efficiency variances and writes off production volume variances to cost of goods sold. Actual data for 2021 are: Units produced Units sold Selling price Variable costs: Manufacturing costs per unit produced Direct materials Direct labor Manufacturing overhead Marketing cost per unit sold Fixed costs: Manufacturing costs Administrative costs 26,000 23,500 $500 $40 $33 $50 $53 $1,800,000 $800,000 $1,200,000 Marketing costs Required: (a) Prepare the variable costing income statement (b) Prepare the absorption costing income statement.
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