L-Ida Sidha Karya Company is a famly-owned compay located on the Island of Balı In Indonesla. The company produces a handcraftedBalinese musical Instrument called a gamelan that Is similar to a xylophone. The gamelans are sold for $910. Selected data for thecompany's operations last year follow:Units in beginning inventoryUnits producedз00Units sold26535Units in ending inventoryVariable costs per unit:Direct materials115Direct labor325Variable manufacturing overheadVariable selling and administrative4528Fixed costs:Fixed manufacturing overheadFixed selling and administrative$ 72,900$ 34,800The absorption costing Income statement prepared by the company's accountant for last year appears below:$ 241, 150192, 125SalesCost of goods soldGross marginSelling and administrative expense49,82539,3009,725Net operating incomeRequlred:1. Under absorption costing, how much fixed manufacturing overhead cost Is Included in the company's Inventory at the end cof lastyear?2 Prepare an Income statement for last year using varlable costing. What is the amount of the difference in net operating incomebetween the two costing methods?

Cost accounting is the branch of accounting that inspects the cost structure of a business. This…

Answered: L- Ida Sidha Karya Company is a…

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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Ida Sidha Karya Company is a family owned company located on the island of Bali in Indonesia. The company produces a handcrafted Balinese musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $898. 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 Variable manufacturing overhead Variable selling and administrative Fixed costs: Fixed manufacturing overhead Fixed selling and administrative $ $ $ 1 Absorption costing unit product cost 22,000 20,000 2,000 240 470 49 16 $ 640,000 $ 520,000 4 Required: 1. Assume that the company uses absorption costing. Compute the unit product cost for one gamelan (Round your intermediate calculations and final answer to the nearest whole dollar amount.) 2. Assume that the company uses variable costing Compute the unit product cost for one gamelan.
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Required information [The following information applies to the questions displayed below.] The cash records and bank statement for the month of May for Diaz Entertainment are shown below. DIAZ ENTERTAINMENT Cash Account Records May 1, 2021, to May 31, 2021 Cash Balance Cash Balance May 1, 2021 + Cash Receipts − Cash Disbursements = May 31, 2021 $5,410 $11,390 $11,440 $5,360 Cash Receipts Cash Disbursements Date Desc. Amount Date Check# Desc. Amount 5/3 Sales $ 1,330 5/7 471 Legal fees $ 1,170 5/10 Sales 1,760 5/12 472 Property tax 1,540 5/17 Sales 2,390 5/15 473 Salaries 3,470 5/24 Sales 2,860 5/22 474 Advertising 1,370 5/31 Sales 3,050 5/30 475 Supplies 420 5/31 476 Salaries 3,470 $ 11,390 $ 11,440 P.O. Box 162647 Midwest Bank Member FDIC…

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