Required information Exercise 19-11 (Algo) Absorption costing and variable costing income statements LO P2 [The following information applies to the questions displayed below.] Oak Mart, a producer of solid oak tables, reports the following data from its first year of business. Sales price per unit $350 per unit Units produced this year Units sold this year Variable selling and administrative expenses Fixed selling and administrative expenses Direct materials Direct labor Variable overhead Fixed overhead OAK MART Income Statement (Absorption Costing) $ Exercise 19-11 (Algo) Part 2 2. Prepare the current-year income statement using absorption costing. Sales Cost of goods sold Gross profit Selling and administrative expenses Income 42,700,000 122,000 units 122,000 units $18 per unit $ 4,630,000 per year $ 46 per unit $ 68 per unit $ 34 per unit $ 7,930,000 per year

Required information Exercise 19-11 (Algo) Absorption costing and variable costing income statements LO P2 [The following information applies to the questions displayed below.] Oak Mart, a producer of solid oak tables, reports the following data from its first year of business. Sales price per unit $350 per unit Units produced this year Units sold this year Variable selling and administrative expenses Fixed selling and administrative expenses Direct materials Direct labor Variable overhead Fixed overhead OAK MART Income Statement (Absorption Costing) $ Exercise 19-11 (Algo) Part 2 2. Prepare the current-year income statement using absorption costing. Sales Cost of goods sold Gross profit Selling and administrative expenses Income 42,700,000 122,000 units 122,000 units $18 per unit $ 4,630,000 per year $ 46 per unit $ 68 per unit $ 34 per unit $ 7,930,000 per year

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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