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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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Nelter Corporation, which has only one product, has provided the following data concerning its most recent month of operations: Selling price Units in beginning inventory Units produced 2$ 125 395 6,210 6,420 Units sold Units in ending inventory Variable costs per unit: 185 Direct materials $ $ $ $ 47 Direct labor 24 Variable manufacturing overhead Variable selling and administrative expense 3 18 Fixed costs: Fixed manufacturing overhead Fixed selling and administrative expense $105,570 $ 89,880 The company produces the same number of units every month, although the sales in units vary from month to month. The company's variable costs per unit and total fixed costs have been constant from month to month. Required: a. Prepare a contribution format income statement for the month using variable costing. b. Prepare an income statement for the month using absorption costing. Complete this question by entering your answers in the tabs below. Required A Required B
Transcribed Image Text:Nelter Corporation, which has only one product, has provided the following data concerning its most recent month of operations: Selling price Units in beginning inventory Units produced 2$ 125 395 6,210 6,420 Units sold Units in ending inventory Variable costs per unit: 185 Direct materials $ $ $ $ 47 Direct labor 24 Variable manufacturing overhead Variable selling and administrative expense 3 18 Fixed costs: Fixed manufacturing overhead Fixed selling and administrative expense $105,570 $ 89,880 The company produces the same number of units every month, although the sales in units vary from month to month. The company's variable costs per unit and total fixed costs have been constant from month to month. Required: a. Prepare a contribution format income statement for the month using variable costing. b. Prepare an income statement for the month using absorption costing. Complete this question by entering your answers in the tabs below. Required A Required B
statement för the month using absorption costing. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a contribution format income statement for the month using variable costing. Variable Costing Income Statement Variable expenses: Fixed expenses: < Required A Required B >
Transcribed Image Text:statement för the month using absorption costing. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a contribution format income statement for the month using variable costing. Variable Costing Income Statement Variable expenses: Fixed expenses: < Required A Required B >
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