please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) Total cost of goods soldGross marginSelling expenseOperating IncomeIncome Statement-Variable CostingSalesVariable production expensesVariable selling expensesContribution marginFixed manufacturing expensesFixed selling expensesOperating income(a)Compute the unit product cost for 2019, 2020, and 2021 for variable and absorption costing. Assume that variable costs per unitand total fixed costs do not change from one year to the next. (Round answers to 2 decimal places, eg 15.25)Unit product cost usingvariable costingCompute the unit product cost for 2019, 2020, and 2021 for variable and absorption costing. Assume that variable costs per unitand total fixed costs do not change from one year to the next. (Round answers to 2 decimal places, e.g. 15.25.)Unit product cost usingabsorption costing(3,627,000)2,028,000(630,000)$ 1,398,000eTextbook and Media5,655,000(2,145,000)(273,000)3,237,000(1.520,000)(357,000)1.360,000Save for Later20192020Attempts: 0 of 3 used2021Submit Answer Laura Hall, CEO of Wildhorse industries, is concerned about the recent volatility in the company's operating income. She believes thatsince the number of units sold has been fairly stable over the past three years that operating income also should have been stable.Laura asked Kevin Allen, Wildhorse's inventory manager, to help her understand the issue.Kevin reviewed the company's records and compiled the following changes to Finished Goods Inventory (in units) for the years 2019,2020, and 2021.Beginning inventoryProductionSalesEnding Inventory20191,00040,000(39,000)2,000Year20202,00038,000(39,500)Cost of goods soldUnits in beginning inventoryUnits sold from current year productionTotal cost of roods sold500202150040,000(39,500)1,000Kevin also gathered the 2019 Income statements prepared using absorption costing and variable costing, which follow.Income Statement-Absorption Costing.Sales$ 5,655,000(93,000)(3,534,000)13.627.0001

The unit product cost under the variable costing, here, would be determined by dividing the variable…

Laura Hall, CEO of Wildhorse Industries, is concerned about the recent volatility in the company's operating income. She believes that since the number of units sold has been fairly stable over the past three years that operating income also should have been stable. Laura asked Kevin Allen, Wildhorse's inventory manager, to help her understand the issue. Kevin reviewed the company's records and compiled the following changes to Finished Goods Inventory (in units) for the years 2019, 2020, and 2021. Beginning inventory Production Sales Ending Inventory 2019 1,000 40,000 (39,000) 2,000 Year 2020 2,000 38,000 (39,500) 500 2021 500 40,000 (39.500) 1,000 Kevin also gathered the 2019 Income statements prepared using absorption costing and variable costing, which follow Income Statement-Absorption Costing Sales Cost of goods sold Units in beginning inventory Units sold from current year production Total cost of roods sold $ 5,655,000 (93,000) (3,534,000) 13.627.0001

Laura Hall, CEO of Wildhorse Industries, is concerned about the recent volatility in the company's operating income. She believes that since the number of units sold has been fairly stable over the past three years that operating income also should have been stable. Laura asked Kevin Allen, Wildhorse's inventory manager, to help her understand the issue. Kevin reviewed the company's records and compiled the following changes to Finished Goods Inventory (in units) for the years 2019, 2020, and 2021. Beginning inventory Production Sales Ending Inventory 2019 1,000 40,000 (39,000) 2,000 Year 2020 2,000 38,000 (39,500) 500 2021 500 40,000 (39.500) 1,000 Kevin also gathered the 2019 Income statements prepared using absorption costing and variable costing, which follow Income Statement-Absorption Costing Sales Cost of goods sold Units in beginning inventory Units sold from current year production Total cost of roods sold $ 5,655,000 (93,000) (3,534,000) 13.627.0001

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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