Information taken from Kombucha Cooperative's records for the most recent year is as follows: Direct material used Direct labor Variable manufacturing overhead Fixed manufacturing overhead Variable selling and administrative costs Fixed selling and administrative costs Required: $ 215,000 79,600 41,000 68,000 35,200 20,000 1. Assuming Kombucha Cooperative's uses absorption costing, compute the inventoriable costs for the year. 2. Compute the year's inventoriable costs using variable costing. 1. Absorption costing 2. Variable costing Inventoriable costs

Information taken from Kombucha Cooperative's records for the most recent year is as follows: Direct material used Direct labor Variable manufacturing overhead Fixed manufacturing overhead Variable selling and administrative costs Fixed selling and administrative costs Required: $ 215,000 79,600 41,000 68,000 35,200 20,000 1. Assuming Kombucha Cooperative's uses absorption costing, compute the inventoriable costs for the year. 2. Compute the year's inventoriable costs using variable costing. 1. Absorption costing 2. Variable costing Inventoriable costs

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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Godiva company has two products, A and B. The company uses activity-based costing to allocate overhead costs of $100,000. Data relating to the company's activity pools for the current year are given below: Cost Pool Total cost in Total Number of Activity Measures Used Cost Pool Product A Product B Total Activity 1 $42,000 100 200 300 Activity 2 $10,000 20 5 25 Activity 3 $48,000 3,000 3,000 6,000 Compute the activity rate (allocation rate) for Activity 2: $500 $2,000 $400 $140
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Compute for the net income under variable costing Without preparing an income statement, determine the absorption costing net operating income for the month.
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Walsh Company manufactures and sells one product. The following information pertains to each of the company's first two years operations: es aw all Variable costs per unit: Manufacturing: Direct materials. Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead Fixed selling and administrative expenses Required: 1. Assume the company uses variable costing: a. Compute the unit product cost for Year 1 and Year 2. b. Prepare an income statement for Year 1 and Year 2. During its first year of operations, Walsh produced 50,000 units and sold 40,000 units. During its second year of operations, it produced 40,000 units and sold 50,000 units. The selling price of the company's product is $53 per unit. Req 1A 2. Assume the company uses absorption costing: a. Compute the unit product cost for Year 1 and Year 2. b. Prepare an income statement for Year 1 and Year 2. 3. Reconcile the difference between variable costing and…
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Brindle Arts uses Variable Costing for internal purposes, but uses Absorption Costing for their financial reports. The following information is for Quarter 4, 2021 and Quarter 1, 2022. Calculate unit product costs for Quarters 4 and 1 for Variable and Absorption Costing. Prepare an income statement for each method, then show why there is a difference between the two. Selling price per unit $ 150 Quarter 4 Quarter 1 Variable costs per unit Units in beginning inventory - 1,750 Direct materials $ 45.00 Production (in units) 15,000 10,750 Direct labor $ 20.00 Sales (in units) 13,250 12,500 Variable overhead $ 15.00 Ending inventory 1,750 - Variable S&A $ 10.00 Fixed Costs in total per quarter Fixed manufacturing overhead…
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show Total Period cost by using absorption costing.