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Novak Centre Inc. sells Frisbees. In 2022, the company produced 3,070,000 units but sold only 2,590,000 units. The unit selling price was $1.50 per Frisbee. The company had no beginning inventory. Costs and expenses for the year ended December 31, 2022 were as follows: Variable costs per unit: Direct materials Direct labour Variable manufacturing overhead Variable selling and administrative expenses Annual fixed costs and expenses: Manufacturing overhead Selling and administrative expenses $0.46 0.09 0.21 0.23 $368,400 340,000

Novak Centre Inc. sells Frisbees. In 2022, the company produced 3,070,000 units but sold only 2,590,000 units. The unit selling price was $1.50 per Frisbee. The company had no beginning inventory. Costs and expenses for the year ended December 31, 2022 were as follows: Variable costs per unit: Direct materials Direct labour Variable manufacturing overhead Variable selling and administrative expenses Annual fixed costs and expenses: Manufacturing overhead Selling and administrative expenses $0.46 0.09 0.21 0.23 $368,400 340,000

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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Prapare an Income Statement Using absorption costing. 

Prapare an Income Statement Using variable costing. 

 

Novak Centre Inc. sells Frisbees. In 2022, the company produced 3,070,000 units but sold only 2,590,000 units. The unit selling price was $1.50 per Frisbee. The company had no beginning inventory. Costs and expenses for the year ended December 31, 2022 were as follows: Variable costs per unit: Direct materials Direct labour Variable manufacturing overhead Variable selling and administrative expenses Annual fixed costs and expenses: Manufacturing overhead Selling and administrative expenses $0.46 0.09 0.21 0.23 $368,400 340,000
Transcribed Image Text:Novak Centre Inc. sells Frisbees. In 2022, the company produced 3,070,000 units but sold only 2,590,000 units. The unit selling price was $1.50 per Frisbee. The company had no beginning inventory. Costs and expenses for the year ended December 31, 2022 were as follows: Variable costs per unit: Direct materials Direct labour Variable manufacturing overhead Variable selling and administrative expenses Annual fixed costs and expenses: Manufacturing overhead Selling and administrative expenses $0.46 0.09 0.21 0.23 $368,400 340,000
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