Please do not give solution in image format thanku Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for$850. Selected data for the company's operations last year follow:Units in beginning inventoryUnits producedUnits soldUnits in ending inventoryVariable costs per unit:Direct materialsDirect laborVariable manufacturing overheadVariable selling and administrativeFixed costs:Fixed manufacturing overheadFixed selling and administrative025022525BalonCost of goods soldCroan marginSelling and administrative expenseMet operating incone$100$320$ 408:20$60,000$20,000The absorption costing income statement prepared by the company's accountant for last year appears below:$191,250157.50033,75024,500$9,250Required:1. Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of lastyear?2. Prepare an income statement for last year using variable costing.Complete this question by entering your answers in the tabs below.< Prov2 of 5Next > Complete this question by entering your answers in the tabs below.Required 1 Required 2Prepare an income statement for last year using variable costing.Ida CompanyVariable Costing Income Statement< Required 1S00

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Description: Please do not give solution in image format thanku Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for$850. Selected data for the company's operations last year follow:Units

Using variable costing, the contribution margin is calculated as the difference between the sales…

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Ida Company produces a handcrafted musical Instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $850. Selected data for the company's operations last year follow: Units in beginning inventory Units produced Units sold 250 225 25 Units in ending inventory Variable costs per unit: Direct materials Direct labor Variable manufacturing overbead Variable selling and administrative Fixed coster Fixed manufacturing overhead $60,000 Fixed selling and administrative $ 20,000 The absorption costing income statement prepared by the company's accountant for last year appears below: $191,250 157,500 33,750 24,500 $9,250 Sales Cost of goods sold Cross margin Selling and administrative expense Met operating incone $ 100 $ 320 $40 8:20 Required: 1. Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of last year? 2. Prepare an income statement for last year using variable costing. Complete this question by entering your answers in the tabs below.

Ida Company produces a handcrafted musical Instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $850. Selected data for the company's operations last year follow: Units in beginning inventory Units produced Units sold 250 225 25 Units in ending inventory Variable costs per unit: Direct materials Direct labor Variable manufacturing overbead Variable selling and administrative Fixed coster Fixed manufacturing overhead $60,000 Fixed selling and administrative $ 20,000 The absorption costing income statement prepared by the company's accountant for last year appears below: $191,250 157,500 33,750 24,500 $9,250 Sales Cost of goods sold Cross margin Selling and administrative expense Met operating incone $ 100 $ 320 $40 8:20 Required: 1. Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of last year? 2. Prepare an income statement for last year using variable costing. Complete this question by entering your answers in the tabs below.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 2PB: The following product costs are available for Kellee Company on the production of eyeglass frames:...

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