Exercise 19-22A (Algo) Converting variable costing Income to absorption costing Income LO A2A manufacturer reports the following Information for the past three years.Variable costing incomeBeginning finished goods inventory (units)Ending finished goods Inventory (units)Fixed overhead (FOH) per unitYear 1$125,000130,400Year 3$131,4501,7881,2001,7001,2001,388$ 3.20$3.20$3.20Compute Income for each of the three years using absorption costing. Hint Fixed overhead In Inventory equals the FOH per unit *Units In Inventory. (Amounts to be deducted should be indicated with a minus sign.)Answer is not complete.Year 1Year 2Year 3Variable costing income$125.000$ 130,400 $131,450Fixad overhead in beginning FG Inventory0Fixed overhead in ending FG InventoryAbsorption costing income

Ise 19-22A (Algo) Converting variable costing Income to absorption costing Income LO A2 A manufacturer reports the following Information for the past three years. Variable costing income Beginning finished goods inventory (units) Ending finished goods inventory (units) Fixed overhead (FOH) per unit Year 1 $125,000 Year $ 130,400 Year 3 $131,450 B 1,788 1,200 1,700 $ 3.20 1,200 1,388 $3.20 $3.20 Compute Income for each of the three years using absorption costing. Hint Fixed overhead In Inventory equals the FOH per un Units In Inventory. (Amounts to be deducted should be indicated with a minus sign.) Answer is not complete. Variable costing income Year 125.000 Year 2 Year 3

Ise 19-22A (Algo) Converting variable costing Income to absorption costing Income LO A2 A manufacturer reports the following Information for the past three years. Variable costing income Beginning finished goods inventory (units) Ending finished goods inventory (units) Fixed overhead (FOH) per unit Year 1 $125,000 Year $ 130,400 Year 3 $131,450 B 1,788 1,200 1,700 $ 3.20 1,200 1,388 $3.20 $3.20 Compute Income for each of the three years using absorption costing. Hint Fixed overhead In Inventory equals the FOH per un Units In Inventory. (Amounts to be deducted should be indicated with a minus sign.) Answer is not complete. Variable costing income Year 125.000 Year 2 Year 3

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Rahul
A-5
CS_3_WR_LA:
Please do not give solution in image format thanku
aj.3
Exercise 19-7 (Algo) Income reporting under absorption costing and variable costing LO P2 Sims Company began operations on January 1. Its cost and sales information for this year follow. Direct materials $ 40 per unit Direct labor $ 60 per unit Variable overhead $ 40 per unit Fixed overhead $ 6,300,000 per year Variable selling and administrative expenses $ 11 per unit Fixed selling and administrative expenses $ 5,000,000 per year Units produced 105,000 units Units sold 75,000 units Sales price $ 350 per unit 1. Prepare an income statement for the year using variable costing.2. Prepare an income statement for the year using absorption costing.
Please do not give solution in image format thanku
Selling price Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labor Multiple Choice $133,100 $93,100 Variable manufacturing overhead Variable selling and administrative expense Fixed costs: Fixed manufacturing overhead $ 40,000 Fixed selling and administrative expense $ 73,500 What is the total period cost for the month under the absorption costing? $40,000 $95 $73,500 5,000 4,900 100 $ 26 $ 40 ta ta ta ta $ $ 4
Please don't give image format
Problem 19-4AA (Algo) Converting variable costing income to absorption costing income LO A2 Dowell Company produces a single product. Its income under variable costing for its first two years of operation follow. Variable Costing Income Income Additional Information a. Sales and production data for these first two years follow. Unite Units produced Units sold Direct materials Direct labor Year 1. Year 2 $ 47,000 $ 650,000 Year 1 48,700 37,000 b. The company's $37 per unit product cost (for both years) using absorption costing consists of the following. Year 2 48,700 60,400 Variable overhead Fixed overhead ($470,000/47,000 units) Total product cost per unit Variable costing income Absorption costing income $7 11 9 Required: Prepare a statement to convert variable costing income to absorption costing income for both years. (Leave no cells blank - be certain to enter "0" wherever required.) 10 $ 37 Dowell Company Convert Variable Costing Income to Absorption Costing Income Year 1 $ 47,000…
nku.4
Trio Company reports the following information for its first year of operations. $ 20 per unit $ 21 per unit $ 9 per unit $ 263,250 per year 20,250 units 15,500 units 4,750 units Direct materials Direct labor Variable overhead Fixed overhead Units produced Units sold Ending finished goods inventory Exercise 19-2 (Algo) Computing unit and inventory costs under variable costing LO P1 Assume instead that Trio Company uses variable costing. 1. Compute the product cost per unit using variable costing. 2. Determine the cost of ending finished goods inventory using variable costing. 3. Determine the cost of goods sold using variable costing. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the product cost per unit using variable costing. Product cost per unit of finished goods using: Total product cost per unit $ Variable costing 0 per unit