Requirements1. Prepare an income statement for the upcoming year using variable costing.2. Prepare an income statement for the upcoming year using absorption costing.bnuooup boo a toim toodabeion dod boos 1oesonii bon bnsvadi oldiayod benidh vassldarloron olima S6-15 Prepare income statements using variable costing and absorptioncosting with no change in inventory levels (Learning Objective 6)Dalton's Products manufactures a single product. Cost, sales, and production informationfor the company and its single product is as follows:Selling price per unit is $65Variable manufacturing costs per unit manufactured (includes direct materials (DMdirect labor [DL and variable MOH) $31• Variable operating expenses per unit sold $2• Foxed manufacturing overhead (MOH) in total for the year $208,000• Fixed operating expenses in total for the year $89,000• Units manufactured and sold for the year 13,000 units

Absorption costing is the method of costing which accounts for all the costs of manufacturing goods…

Answered: S6-15 Prepare income statements using…

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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PRACTICE EXERCISE 2: Use a separated sheet of paper for your answer. Prepare for the Projected Cost of Goods Manufactured Schedule of SARS Company for 2020 given the following: Direct Materials: Direct Labor: Manufacturing Overhead: Beginning WIP* Inventory Ending WIP Inventory *WIF is Work in Process P100,000 P50,000 P60,000 P10,000 P30,000
Cost Behavior Cover-to-Cover Company is a manufacturer of shelving for books. The company has compiled the following cost data, and wants your help in determining the cost behavior. After reviewing the data, complete requirements (1) and (2) that follow. UnitsProduced TotalLumberCost TotalUtilitiesCost Total MachineDepreciationCost 7,000 shelves $84,000 $9,550 $140,000 14,000 shelves 168,000 17,600 140,000 28,000 shelves 336,000 33,700 140,000 35,000 shelves 420,000 41,750 140,000 1. Determine whether the costs in the table are variable, fixed, mixed, or none of these. Lumber Utilities Depreciation 2. For each cost, determine the fixed portion of the cost, and the per-unit variable cost. If there is no amount or an amount is zero, enter "0". Recall that, for N = Number of Units Produced, Total Costs = (Variable Cost Per Unit x N) + Fixed Cost. Complete the following table with your answers. Round variable portion…
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8:23 W WY □ s21-1 ⠀⠀⠀ S21-1 Classifying costs Classify each cost by placing an X in the appropriate columns. The first cost is completed as an example. Learning Objective 1 a. Direct materials b. Direct labor c. Variable manufacturing overhead d. Fixed manufacturing overhead C Absorption Costing X QAA 1167/1480 Product Period Product Period Cost Cost Cost Cost Word >> Bit French 49,34% Variable Costing X ||| 0 < : X
Please help me with required 2.1 and required 2.2 thanku
5
The objective manufactured. A manufacturer wishes to produce two commodities x and y. The number of units of material, labor and equipment needed to produce one unit of each commodity is Shown below together with the available number of units of each of the items. available no. of units 480 y material 4 labor 4 240 equipment 4 200 profit/unit P120 P100 Find the number of units to produce in order to maximize the profit. 429
Please do not give solution in image format thanku
Please do not give solution in image format thanku
Value- and Non-Value-Added Cost Reporting Cicleta Manufacturing has four activities: receiving materials, assembly, expediting products, and storing goods. Receiving and assembly are necessary activities; expediting and storing goods are unnecessary. The following data pertain to the four activities for the year ending 2014 (actual price per unit of the activity driver is assumed to be equal to the standard price): Activity Activity Driver SQ AQ SP Receiving Receiving orders 10,400 28,500 $18 Assembly Labor hours 117,000 142,500 13 Expediting Orders expedited 0 9,500 43 Storing Number of units 0 19,000 6 Required: 1. Prepare a cost report for the year ending 2014 that shows value-added costs, non-value-added costs, and total costs for each activity. If an amount is zero, enter "0". Cicleta Manufacturing Value and Non-Value-Added Cost Report For the Year Ended 2014 Activity Value-Added…
S17-1 Distinguishing between job order costing and process costing Learning Objective 1 Would the following companies most likely use job order costing or process costing? a. A manufacturer of refrigerators b. A manufacturer of specialty wakeboards c. A manufacturer of luxury yachts d. A professional services firm e. A landscape contractor f. A custom home builder g. A cell phone manufacturer h. A manufacturer of frozen pizzas i. A manufacturer of multivitamins j. A manufacturer of tennis shoes
Question 1 options: Answer the following two questions using the information below:Preston Manufacturing uses a normal cost system and had the following actual data available for 20X5:Ending direct materials inventory $10,000Beginning WIP inventory 64,000Beginning finished goods inventory 58,000Direct materials purchased on account $ 70,000Direct materials used or requisitioned 90,000Direct labor cost incurred 130,000Factory overhead incurred (actual) 190,000Overhead is applied at 150 percent (1.5) of direct-labor costCost of goods manufactured 405,000Cost of goods sold 460,000The beginning balance of direct materials inventory must be: (HINT: use T-Accounts to solve)(Include "$" and "," (commas) in your answers.The ending balance of work-in-process inventory (before closing the manufacturing overhead accounts) must be:…

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