Required information [The following information applies to the questions displayed below.] Jorgansen Lighting, Incorporated, manufactures heavy-duty street lighting systems for municipalities. The company uses variable costing for internal management reports and absorption costing for external reports. The company provided the following data: Year 1 Inventories Beginning (units) Ending (units) 190 200 150 230 Variable costing net operating income $ 290,000 $ 279,000 $ 250,000 The company's fixed manufacturing overhead per unit was constant at $560 for all three years. Required; 1. Calculate each year's absorption costing net operating income. Note: Enter any losses or deductions as a negative value. Year 2 Variable costing net operating income Add (deduct) fixed manufacturing overhead deferred in (released from) inventory under absorption costing Absorption costing net operating income 150 190 Reconciliation of Variable Costing and Absorption Costing Net Operating Incomes Year 1 Year 2 Year 3 Year 3

Required information [The following information applies to the questions displayed below.] Jorgansen Lighting, Incorporated, manufactures heavy-duty street lighting systems for municipalities. The company uses variable costing for internal management reports and absorption costing for external reports. The company provided the following data: Year 1 Inventories Beginning (units) Ending (units) 190 200 150 230 Variable costing net operating income $ 290,000 $ 279,000 $ 250,000 The company's fixed manufacturing overhead per unit was constant at $560 for all three years. Required; 1. Calculate each year's absorption costing net operating income. Note: Enter any losses or deductions as a negative value. Year 2 Variable costing net operating income Add (deduct) fixed manufacturing overhead deferred in (released from) inventory under absorption costing Absorption costing net operating income 150 190 Reconciliation of Variable Costing and Absorption Costing Net Operating Incomes Year 1 Year 2 Year 3 Year 3

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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The following information applies to the questions displayed below.] Jorgansen Lighting, Incorporated, manufactures heavy-duty street lighting systems for municipalities. The company uses variable costing for internal management reports and absorption costing for external reports. The company provided the following data: Year 1 Year 2 Year 3 Inventories Beginning (units) 210 150 190 Ending (units) 150 190 230 Variable costing net operating income $ 290,000 $ 269,000 $ 260,000 The company's fixed manufacturing overhead per unit was constant at $550 for all three years. 2. Assume in Year 4 the company's variable costing net operating income was $250,000 and its absorption costing net operating income was $300,000. Did inventories increase or decrease during Year 4? How much fixed manufacturing overhead cost was deferred or released from inventory during Year 4 ?
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[The following information applies to the questions displayed below.] Benton Corporation manufactures computer microphones, which come in two models: Standard and Premium. Data for a representative quarter for the two models follow: Units produced Production runs per quarter Direct materials cost per unit Direct labor cost per unit Supervision Setup labor Incoming inspection Total overhead Manufacturing overhead in the plant has three main functions: supervision, setup labor, and incoming material inspection. Data on manufacturing overhead for a representative quarter follow: Standard 10,400 50 $ 30 50 $ 214,500 249,600 179,400 $ 643,500 a. Overhead rate b. Supervision b. Setup labor b. Incoming inspection Premium 2,600 25 $ 64 75 Required: a. Benton currently applies overhead on the basis of direct labor cost. What is the predetermined overhead rate for the quarter? b. The CFO and the plant controller at Benton are thinking of adopting an ABC system. They have tentatively chosen the…
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Parker Plastic, Incorporated, manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($461,000 +922,000 units) Parker Plastic had the following actual results for the past year: Number of units produced and sold Number of square feet of plastic used Cost of plastic purchased and used Number of labor hours worked Direct labor cost S Variable overhead cost Fixed overhead cost 1,160,000 12,000,000 $ 16,800,000 320,000 $ 3,744,000 $ 1,100,000 $377,000 Standard Quantity 12 square foot 0.3 hour Standard Price (Rate) $ 1.45 per square foot $ 11.90 per hour Standard Unit Cost $ 17.40 3.57 0.3 hour $ 2.30 per hour 0.69 0.50 Required: Calculate Parker Plastic's direct materials price and quantity variances. Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for…
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Jorgansen Lighting. Incorporated, manufactures heavy-duty street lighting systems for municipalities. The company uses variable costing for Internal management reports and absorption costing for external reports. The company provided the following data: Inventories: Beginning (units) Ending (units) Variable costing net operating income Year 1 Year 2 Year 3 200 178 180 170 180 220 $ 1,080,400 $ 1,032,400 $ 996,400 The company's fixed manufacturing overhead per unit was constant at $560 for all three years. Exercise 7-3 (Static) Part 1 Required: 1. Calculate each year's absorption costing net operating Income. Note: Enter any losses or deductions as a negative value. Reconciliation of Variable Costing and Absorption Costing Net Operating Incomes Variable costing net operating income Add (deduct) fixed manufacturing overhead deferred in (released from) inventory under absorption costing Absorption costing net operating income Year 1 Year 2 Year 3