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QUESTION: 29 Dart Inc. began operations on January 1, 2019. Dart sells a single product for $10 per unit. During 2019, 50,000 units were produced, and 40,000 units were sold. Costs for 2019 were: Direct materials Direct labor Manufacturing overhead Selling and administrative expenses Fixed Variable Portion Portion $0 $2.00 per unit produced $0 $1.50 per unit produced $50,000 $0.75 per unit produced $80,000 $0.25 per unit sold Under absorption costing the fixed overhead deferred in ending inventory is: a. $10,000. b. $14,000. c. $13,000. d. $9,000. QUESTION: 30 Japan Tobacco has always prepared traditional income statements. The following information is from the budget for the month of December: Direct labor and materials Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses $1.50 per pack $0.50 per pack $5,000 $0.20 per unit $1,000 The company expects to produce 15,000 packs of tobacco and sell 9,000 packs at $5 each. Prepare the company's income statement in traditional format and contribution margin format.

QUESTION: 29 Dart Inc. began operations on January 1, 2019. Dart sells a single product for $10 per unit. During 2019, 50,000 units were produced, and 40,000 units were sold. Costs for 2019 were: Direct materials Direct labor Manufacturing overhead Selling and administrative expenses Fixed Variable Portion Portion $0 $2.00 per unit produced $0 $1.50 per unit produced $50,000 $0.75 per unit produced $80,000 $0.25 per unit sold Under absorption costing the fixed overhead deferred in ending inventory is: a. $10,000. b. $14,000. c. $13,000. d. $9,000. QUESTION: 30 Japan Tobacco has always prepared traditional income statements. The following information is from the budget for the month of December: Direct labor and materials Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses $1.50 per pack $0.50 per pack $5,000 $0.20 per unit $1,000 The company expects to produce 15,000 packs of tobacco and sell 9,000 packs at $5 each. Prepare the company's income statement in traditional format and contribution margin format.

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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QUESTION: 29 Dart Inc. began operations on January 1, 2019. Dart sells a single product for $10 per unit. During 2019, 50,000 units were produced, and 40,000 units were sold. Costs for 2019 were: Direct materials Direct labor Manufacturing overhead Selling and administrative expenses Fixed Variable Portion Portion $0 $2.00 per unit produced $0 $1.50 per unit produced $50,000 $0.75 per unit produced $80,000 $0.25 per unit sold Under absorption costing the fixed overhead deferred in ending inventory is: a. $10,000. b. $14,000. c. $13,000. d. $9,000. QUESTION: 30 Japan Tobacco has always prepared traditional income statements. The following information is from the budget for the month of December: Direct labor and materials Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses $1.50 per pack $0.50 per pack $5,000 $0.20 per unit $1,000 The company expects to produce 15,000 packs of tobacco and sell 9,000 packs at $5 each. Prepare the company's income statement in traditional format and contribution margin format.
Transcribed Image Text:QUESTION: 29 Dart Inc. began operations on January 1, 2019. Dart sells a single product for $10 per unit. During 2019, 50,000 units were produced, and 40,000 units were sold. Costs for 2019 were: Direct materials Direct labor Manufacturing overhead Selling and administrative expenses Fixed Variable Portion Portion $0 $2.00 per unit produced $0 $1.50 per unit produced $50,000 $0.75 per unit produced $80,000 $0.25 per unit sold Under absorption costing the fixed overhead deferred in ending inventory is: a. $10,000. b. $14,000. c. $13,000. d. $9,000. QUESTION: 30 Japan Tobacco has always prepared traditional income statements. The following information is from the budget for the month of December: Direct labor and materials Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses $1.50 per pack $0.50 per pack $5,000 $0.20 per unit $1,000 The company expects to produce 15,000 packs of tobacco and sell 9,000 packs at $5 each. Prepare the company's income statement in traditional format and contribution margin format.
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