Prepare income statement using contribution approach and absorption approach.PNT has produced and sold 120,000 units. BVariable Costing Exercise2.PNT Company has been producing and selling pint containers for a number of years.The following information was gathered for 2016.34Selling price per unit$15.50Variable Cost per Unit:ManufacturingSelling & Admin$7.50$3.00Fixed CostsManufacturing$220,000$145,000Selling & AdminRequired:a. Prepare an income statement using the contribution approach for both scenariosb. Prepare an income statement using the absorption approach for both scenariosScenario 1

The income statement is prepared to compute the net profits of the business.

PNT Company has been producing and selling pint containers for a number of years. The following information was gathered for 2016. Selling price per unit $15.50 Variable Cost per Unit: Manufacturing Selling & Admin $7.50 $3.00 Fixed Costs Manufacturing $220,000 Selling & Admin $145,000 Required: 1. Prepare an income statement using the contribution approach for both scenarios . Prepare an income statement using the absorption approach for both scenarios Scenario 1

PNT Company has been producing and selling pint containers for a number of years. The following information was gathered for 2016. Selling price per unit $15.50 Variable Cost per Unit: Manufacturing Selling & Admin $7.50 $3.00 Fixed Costs Manufacturing $220,000 Selling & Admin $145,000 Required: 1. Prepare an income statement using the contribution approach for both scenarios . Prepare an income statement using the absorption approach for both scenarios Scenario 1

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter2: Basic Managerial Accounting Concepts

Section: Chapter Questions

Problem 39E: Cost Classification Loring Company incurred the following costs last year: Required: 1. Classify...

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Apps MAP Testing-NWEA myCCSD O CCSD Libraries I Imported From IE pw Del Webb Middle S... Other bookmarks P10-1 Absorption and variable costing income statements Biscayne Industries has determined the cost of manufacturing a unit of product as follows, based on normal production of 100,000 units per year: L01 Direct materials.... Direct labor..... $ 5 Search ********.... Variable factory overhead Fixed factory overhead... Total cost..... .....* ********* $15 VitalSource Bookshelf: Principles X A bookshelf.vitalsource.com/#/books/9781305480520/cfi/585!/4/4@0.00:2.39 Apps MAP Testing - NWEA myCCSD O CCSD Libraries Imported From IE DW Del Webb Middle S... 0 Other bookmarks 564 Principles of Cost Accounting Operating statistics for March and April include the following: March April Units produced. 12,000 18,000 Units sold.. 8,000 02.000 Selling and administrative expenses (all fixed).. $12,000 $12.000 The selling price is S20 per unit. There were no inventories on March 1, and there is no…
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Evaluating Selected Cost Driver Assume that a manufacturer of specialized machine parts developed the following total cost estimating equation for manufacturing costs. Y = $14,400 + $1,250 (actual units) a. What is total estimated manufacturing costs if 180 units are produced? $Answer 0
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1. What is the net income under variable costing method? 2. What is the net income under absorption costing method?
Answer the questions from the information provided.2.1 Use the information given below to prepare the Income Statement for March 2022 according to theabsorption costing method.INFORMATIONThe following information was extracted from the accounting records of Alpha Enterprises for the month ended 31March 2022: Sales 3200 units Selling price per unit R100 Finished products on 01 March 2022 400 units products manufactured during the month 3600 units variable manufacturing costs per unit R26 variable selling and administatrive costs per units sold R12 fixed manufacturing costs R25 200 fixed selling and administractive costs R12 400 Additional informationThe variable manufacturing cost per unit and total manufacturing cost per unit of the finished goods on 01 March2022 was R21.60 and R26.20 respectively. 2.2 Use the information provided below to calculate the following manufacturing variances for March2022. Note: Each answer must state whether the variance is…
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1. Prepare an income statement for the year using variable costing.1B. Prepare an income statement for the year using absorption costing.
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Cost Behavior Cover-to-Cover Company is a manufacturer of shelving for books. The company has compiled the following cost data, and wants your help in determining the cost behavior. After reviewing the data, complete requirements (1) and (2) that follow. UnitsProduced TotalLumberCost TotalUtilitiesCost Total MachineDepreciationCost 7,000 shelves $84,000 $9,550 $140,000 14,000 shelves 168,000 17,600 140,000 28,000 shelves 336,000 33,700 140,000 35,000 shelves 420,000 41,750 140,000 1. Determine whether the costs in the table are variable, fixed, mixed, or none of these. Lumber Utilities Depreciation 2. For each cost, determine the fixed portion of the cost, and the per-unit variable cost. If there is no amount or an amount is zero, enter "0". Recall that, for N = Number of Units Produced, Total Costs = (Variable Cost Per Unit x N) + Fixed Cost. Complete the following table with your answers. Round variable portion…
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in Feed | LinkedIn studenthomeworks.... Hours Calculator: S... Compute conversion costs given the following data: direct materials, $347,500; direct labor, $196,300; factory overhead, $187,900; and selling expenses, $45,290. Oa. $384,200 Ob. $731,700 Oc. $187,900 Od. $543,800 Chock M. Marl البال ghmentSessionLocator=&inprogress=false Login to Applicant... 3 BMTX: Card Status South University Disney+ | Movies a... W a O 2 46°F Previous 4x » (? Next ENG 10:09 PM US 3/25/2023