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Prepare an income statement for the year ended December 31, through the gross profit for Baxter Company using the following information: Baxter Company sold 9,200 units at $150 per unit. Normal production is 9,600 units. (Do not round fixed overhead rate calculation when determining fixed factory overhead volume variance.) Standard: 5 yards per unit at $6.30 per yard Standard: 2.75 hours per unit at $16.00 Standard: variable overhead $1.05 per unit Standard: fixed overhead $216,000 (budgeted and actual amount) Actual total factory overhead: $237,500 Baxter Company Income Statement Through Gross Profit For the Year Ended December 31 Sales Cost of goods sold - at standard Gross profit - at standard Less variances from standard cost Direct materials price Direct materials quantity Direct labor rate Direct labor time Factory overhead controllable Factory overhead volume Gross profit - actual Favorable Unfavorable $ Actual yards used: 47,020 yards at $6.25 per yard Actual hours worked: 25,050 at $15.90 per hour 00

Prepare an income statement for the year ended December 31, through the gross profit for Baxter Company using the following information: Baxter Company sold 9,200 units at $150 per unit. Normal production is 9,600 units. (Do not round fixed overhead rate calculation when determining fixed factory overhead volume variance.) Standard: 5 yards per unit at $6.30 per yard Standard: 2.75 hours per unit at $16.00 Standard: variable overhead $1.05 per unit Standard: fixed overhead $216,000 (budgeted and actual amount) Actual total factory overhead: $237,500 Baxter Company Income Statement Through Gross Profit For the Year Ended December 31 Sales Cost of goods sold - at standard Gross profit - at standard Less variances from standard cost Direct materials price Direct materials quantity Direct labor rate Direct labor time Factory overhead controllable Factory overhead volume Gross profit - actual Favorable Unfavorable $ Actual yards used: 47,020 yards at $6.25 per yard Actual hours worked: 25,050 at $15.90 per hour 00

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Prepare an income statement for the year ended December 31, through the gross profit for Baxter Company using the following information: Baxter Company sold 9,200 units at $150 per unit. Normal production is 9,600 units. (Do not round fixed overhead rate calculation when determining fixed factory overhead volume variance.) Standard: 5 yards per unit at $6.30 per yard Standard: 2.75 hours per unit at $16.00 Standard: variable overhead $1.05 per unit Standard: fixed overhead $216,000 (budgeted and actual amount) Baxter Company Income Statement Through Gross Profit For the Year Ended December 31 Sales Cost of goods sold - at standard Gross profit - at standard. Less variances from standard cost Direct materials price Direct materials quantity Direct labor rate Direct labor time Factory overhead controllable Factory overhead volume Gross profit actual Favorable Unfavorable $ Actual yards used: 47,020 yards at $6.25 per yard Actual hours worked: 25,050 at $15.90 per hour Actual total factory overhead: $237,500
Transcribed Image Text:Prepare an income statement for the year ended December 31, through the gross profit for Baxter Company using the following information: Baxter Company sold 9,200 units at $150 per unit. Normal production is 9,600 units. (Do not round fixed overhead rate calculation when determining fixed factory overhead volume variance.) Standard: 5 yards per unit at $6.30 per yard Standard: 2.75 hours per unit at $16.00 Standard: variable overhead $1.05 per unit Standard: fixed overhead $216,000 (budgeted and actual amount) Baxter Company Income Statement Through Gross Profit For the Year Ended December 31 Sales Cost of goods sold - at standard Gross profit - at standard. Less variances from standard cost Direct materials price Direct materials quantity Direct labor rate Direct labor time Factory overhead controllable Factory overhead volume Gross profit actual Favorable Unfavorable $ Actual yards used: 47,020 yards at $6.25 per yard Actual hours worked: 25,050 at $15.90 per hour Actual total factory overhead: $237,500
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