BBA 341: MANAGERIAL ACCOUNTINGABC Company produces and sells one product. The following information pertains to thecompany:20192020Production (units)10.00010.000Sales (units)8.00011.000Unit selling price (TL)2025Unit variable costs:Direct material6.Direct labor33Variable overhead3Fixed overhead (TL/year)40.00040.000Selling and Administrative ExpensesVariable (TL/unit sold)1Fixed (TL/year)15.00015.000* There were no beginning and ending work in process inventories in both years. Alsothere were no finished goods inventories at the beginning of the year 2019.REQUIRED: Prepare full (absorption) and variable income statements for theyear2019 and2020.

2019 2020 Sales 160,000 275,000 Less: Variable expenses Direct material 50,000 60,000…

Answered: REQUIRED: Prepare full (absorption) and…

Business

Accounting

REQUIRED: Prepare full (absorption) and variable income statements for the year 2019 and 2020.

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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Concept explainers

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.

Question

BBA 341: MANAGERIAL ACCOUNTING
ABC Company produces and sells one product. The following information pertains to the
company:
2019
2020
Production (units)
10.000
10.000
Sales (units)
8.000
11.000
Unit selling price (TL)
20
25
Unit variable costs:
Direct material
6.
Direct labor
3
3
Variable overhead
3
Fixed overhead (TL/year)
40.000
40.000
Selling and Administrative Expenses
Variable (TL/unit sold)
1
Fixed (TL/year)
15.000
15.000
* There were no beginning and ending work in process inventories in both years. Also
there were no finished goods inventories at the beginning of the year 2019.
REQUIRED: Prepare full (absorption) and variable income statements for the
year
2019 and
2020.

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