Please do not give solution in image format thanku 2. Prepare an income statement for each year using variable costing. (Round your final answers tonearest whole dollar amount.)Less: Cost of goods soldAvailable for saleCost of goods soldContribution marginLess selling and administrative costsOperating incomeSECURITY TECHNOLOGY INC.Variable CostingIncome Statement20153. Prepare a reconciliation and explanation of the difference each year in the operating income resultingfrom the full- and variable-costing methods. (Negative amounts should be indicated by a minus sign.Do not round intermediate calculations. Round your "Fixed overhead rate" answers to 2 decimalplaces, and other final answers to nearest whole dollar amount.)SECURITY TECHNOLOGY INC.Reconciling Difference in Operating Incomebetween Full and Variable Costing2015Change in inventory in unitsMultiply times fixed overhead rateDifference in operating income$0 $201620160 Security Technology Inc. (STI) is a manufacturer of an electronic control system used in the manufacture ofcertain special-duty auto transmissions used primarily for police and military applications. The part sells for$41 per unit and had sales of 24,600 units in the current year, 2015. STI has no inventory on hand at thebeginning of 2015 and is projecting sales of 27,800 units in 2016. STI is planning the same production levelfor 2016 as in 2015, 26,200 units. The variable manufacturing costs for STI are $12 and the variable sellingcosts are only $0.30 per unit. The fixed manufacturing costs are $157,200 per year and the fixed sellingcosts are $620 per year.Required:1. Prepare an income statement for each year using full costing. (Round your final answers to nearestwhole dollar amount.)SalesLess: Cost of goods soldAvailable for saleCost of goods soldGross marginLess selling and administrative costsOperating incomeSECURITY TECHNOLOGY INC.Full CostingIncome Statement2015$1,008,6002016$1,139,800

Full Costing and Variable Costing - All fixed and variable overhead expenses are taken into account…

Security Technology Inc. (STI) is a manufacturer of an electronic control system used in the manufacture of certain special-duty auto transmissions used primarily for police and military applications. The part sells for $41 per unit and had sales of 24,600 units in the current year, 2015. STI has no inventory on hand at the beginning of 2015 and is projecting sales of 27,800 units in 2016. STI is planning the same production level for 2016 as in 2015, 26,200 units. The variable manufacturing costs for STI are $12 and the variable selling costs are only $0.30 per unit. The fixed manufacturing costs are $157,200 per year and the fixed selling costs are $620 per year.

Security Technology Inc. (STI) is a manufacturer of an electronic control system used in the manufacture of certain special-duty auto transmissions used primarily for police and military applications. The part sells for $41 per unit and had sales of 24,600 units in the current year, 2015. STI has no inventory on hand at the beginning of 2015 and is projecting sales of 27,800 units in 2016. STI is planning the same production level for 2016 as in 2015, 26,200 units. The variable manufacturing costs for STI are $12 and the variable selling costs are only $0.30 per unit. The fixed manufacturing costs are $157,200 per year and the fixed selling costs are $620 per year.

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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