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Requirement 2. Prepare ZUZU Income statement for Baker Company using absorption costing.

Requirement 2. Prepare ZUZU Income statement for Baker Company using absorption costing.

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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Baker Company manufacturers a professional-grade vacuum cleaner and began operations in 2020. For 2020, Baker budgeted to produce and sell 24,000 units. The company had no price, spending, or efficiency variances and writes off production-volume variance to cost of goods sold. Actual data for 2020 are given as follows: (Click the icon to view the actual data for 2020.) Read the requirements. Requirement 2. Prepare a ZuZu income statement for Baker Company using absorption costing. Complete the top half of the income statement first, then complete the bottom portion. (For amounts with a $0 balance, make sure to enter "0" in the appropriate input field. Label any variances as favorable (F) or unfavorable (U).) Absorption Costing Revenues Cost of goods sold: Beginning inventory Variable manufacturing costs Allocated fixed manufacturing costs Cost of goods available for sale Deduct ending inventory Adjustment for production-volume variance Cost of goods sold Gross margin ▼
Transcribed Image Text:Baker Company manufacturers a professional-grade vacuum cleaner and began operations in 2020. For 2020, Baker budgeted to produce and sell 24,000 units. The company had no price, spending, or efficiency variances and writes off production-volume variance to cost of goods sold. Actual data for 2020 are given as follows: (Click the icon to view the actual data for 2020.) Read the requirements. Requirement 2. Prepare a ZuZu income statement for Baker Company using absorption costing. Complete the top half of the income statement first, then complete the bottom portion. (For amounts with a $0 balance, make sure to enter "0" in the appropriate input field. Label any variances as favorable (F) or unfavorable (U).) Absorption Costing Revenues Cost of goods sold: Beginning inventory Variable manufacturing costs Allocated fixed manufacturing costs Cost of goods available for sale Deduct ending inventory Adjustment for production-volume variance Cost of goods sold Gross margin ▼
ages Units produced Units sold 3 Selling price 4 Variable costs: 5 6 7 8 9 10 11 12 13 1 2 Manufacturing cost per unit produced: Direct materials Direct manufacturing labor Manufacturing overhead Marketing cost per unit sold Fixed costs: A Manufacturing costs Administrative costs Marketing costs Print Get more help - A Done $ $ B 22,000 15,500 450 30 20 51 41 $ 1,224,000 1,045,100 1,393,700 operations or efficien en as follo sorption cc tion. (For able (F) or Clear all
Transcribed Image Text:ages Units produced Units sold 3 Selling price 4 Variable costs: 5 6 7 8 9 10 11 12 13 1 2 Manufacturing cost per unit produced: Direct materials Direct manufacturing labor Manufacturing overhead Marketing cost per unit sold Fixed costs: A Manufacturing costs Administrative costs Marketing costs Print Get more help - A Done $ $ B 22,000 15,500 450 30 20 51 41 $ 1,224,000 1,045,100 1,393,700 operations or efficien en as follo sorption cc tion. (For able (F) or Clear all
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