Please do not give solution in image format thanku Data tableBeginning inventory, January 1, 2020Ending inventory, December 31, 20202020 salesSelling price (to listributor)Variable manufacturing cost per unit, including direct materialsVariable operating (marketing) cost per unit soldFixed manufacturing costsDenominator-level machine-hoursStandard production rateFixed operating (marketing) costsPrintDone- X88,000 units31,000 units415,000 units$22.00 per unit$5.30 per unit$1.30 per unit sold$1,728,0006,00060 units per machine-hour$1,070,000 Now prepare the income statement under absorption costing for the year ended December 31, 2020. Corany variances as favorable (F) or unfavorable (U).)RevenuesCost of goods sold:Beginning inventoryVariable manufacturing costsAbsorption costingAllocated fixed manufacturing costsCost of goods available for saleDeduct ending inventoryAdjustment for production-volume varianceCost of goods soldGross margin9130000

Beginning inventory + Production= Sales + Ending inventory 88,000 + Production= 415,000 + 31,000…

Now prepare the income statement under absorption costing for the year ended December 31, 2020. Cor any variances as favorable (F) or unfavorable (U).) Revenues Cost of goods sold: Beginning inventory Variable manufacturing costs Absorption costing Allocated fixed manufacturing costs Cost of goods available for sale Deduct ending inventory Adjustment for production-volume variance Cost of goods sold Gross margin 9130000

Now prepare the income statement under absorption costing for the year ended December 31, 2020. Cor any variances as favorable (F) or unfavorable (U).) Revenues Cost of goods sold: Beginning inventory Variable manufacturing costs Absorption costing Allocated fixed manufacturing costs Cost of goods available for sale Deduct ending inventory Adjustment for production-volume variance Cost of goods sold Gross margin 9130000

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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