Ida Sidha Karya Company is a family-owned company located on the island of Ball in Indonesia. The company produces a handcrafted Balinese musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $880. Selected data for the company's operations last year follow: Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labor 0 Sales Cost of goods sold Gross margin Selling and administrative expense Net operating income 280 255 $ 105 S 315 Variable manufacturing overhead S 35 Variable selling and administrative S 40 Fixed costs: Fixed manufacturing overhead $ 63,000 Fixed selling and administrative $ 32,000 Required: 25 The absorption costing income statement prepared by the company's accountant for last year appears below: $ 224,400 173,400 51,000 42,200 $ 8,800 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. 1 10:24 ✓

Ida Sidha Karya Company is a family-owned company located on the island of Ball in Indonesia. The company produces a handcrafted Balinese musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $880. Selected data for the company's operations last year follow: Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labor 0 Sales Cost of goods sold Gross margin Selling and administrative expense Net operating income 280 255 $ 105 S 315 Variable manufacturing overhead S 35 Variable selling and administrative S 40 Fixed costs: Fixed manufacturing overhead $ 63,000 Fixed selling and administrative $ 32,000 Required: 25 The absorption costing income statement prepared by the company's accountant for last year appears below: $ 224,400 173,400 51,000 42,200 $ 8,800 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. 1 10:24 ✓

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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