Ida Sidha Karya Company is a family-owned company located in the village of Gianyar on the island of Bali in Indonesia. The companyproduces a handcrafted Balinese musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold to aCanadian importer for $850. Selected data for the company's operations last year follow:Units in beginning inventoryUnits producedUnits soldUnits in ending inventoryVariable costs per unit:Direct materialsDirect labourVariable manufacturing overheadVariable selling and administrativeFixed costs:Fixed manufacturing overheadFixed selling and administrativeSalesCost of goods soldGross marginSelling and administrative expensesOperating incomeTotal fixed manufacturing overhead in ending inventory$$$$An absorption costing income statement prepared by the company's accountant appears below:Variable expenses:050045050Fixed expenses:1502704025$120,000$ 40,000$382,500315,00067,50051,250$ 16,250Required:1. Determine how much of the ending inventory consists of fixed manufacturing overhead cost deferred in inventory to the next period.2. Prepare an income statement for the year using the variable costing method.IDA SIDHA KARYA COMPANYVariable Costing Income Statement

Name: Ida Sidha Karya Company is a family-owned company located in the vill
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Description: Ida Sidha Karya Company is a family-owned company located in the village of Gianyar on the island of Bali in Indonesia. The companyproduces a handcrafted Balinese musical instrument called a gamelan that is similar to a xylophone. The gamelans are s

The contribution margin is calculated as the difference between the sales and variable costs. The…

Business

Accounting

Sales Cost of goods sold Gross margin Selling and administrative expenses Operating income $382,500 315,000 67,500 51,250 $ 16,250 Required: 1. Determine how much of the ending inventory consists of fixed manufacturing overhead cost deferred in inventory to Total fixed manufacturing overhead in ending inventory

Sales Cost of goods sold Gross margin Selling and administrative expenses Operating income $382,500 315,000 67,500 51,250 $ 16,250 Required: 1. Determine how much of the ending inventory consists of fixed manufacturing overhead cost deferred in inventory to Total fixed manufacturing overhead in ending inventory

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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Give typing answer with explanation and conclusion nvex Mechanical Supplies produces a product with the following costs as of July 1, 20X1: Material $6 Labor 4 Overhead 3 $13 Beginning inventory at these costs on July 1 was 6,100 units. From July 1 to December 1, Convex produced 17,000 units. These units had a material cost of $10 per unit. The costs for labor and overhead were the same. Convex uses FIFO inventory accounting. a. Assuming that Convex sold 19,000 units during the last six months of the year at $20 each, what would gross profit be? b. What is the value of ending inventory?
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PAS. LO 4.5 Complete the information in the cost computations shown here: Raw Materials Work in Pracess nventory $ 342 S 92 Beginning imventory Purchases Materials avalable for use Ending inentory Beginning inventory Materials used in production Drect labor 1,533 1,535 Overhead applied Manufacturing costs incurred Ending inventory 321 22441 Materials used in production Cost of Geods Marufactured Finished Goods Inventory Beginning inventory Coot of Goeds Mandactured Goods Available for Sale Ending inventory Cost of Goods Sold $25,002 21.788 ANSWER Raw Materials Beginning inventory Purchases Material available for use Ending inventey Materials used in production Work in Process Iaventory Beginning inventory Materials used in production Direct labor Overhead applied Manufacturing costs incurred Ending inventory Cast of goods manufactured Finished Goods Iaventory Beginning inventory Cast of goods manufactured Goods available for sale Ending inventory Cost of goods sold