Sims Company began operations on January 1. Its cost and sales information for this year follow. $ 40 per unit $ 60 per unit $ 30 per unit Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses Units produced Units sold Sales price $ 7,000,000 per year $ 11 per unit $ 4,500,000 per year 100,000 units 70,000 units $350 per unit 1. Prepare an income statement for the year using variable costing. 2. Prepare an income statement for the year using absorption costing.

Sims Company began operations on January 1. Its cost and sales information for this year follow. $ 40 per unit $ 60 per unit $ 30 per unit Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses Units produced Units sold Sales price $ 7,000,000 per year $ 11 per unit $ 4,500,000 per year 100,000 units 70,000 units $350 per unit 1. Prepare an income statement for the year using variable costing. 2. Prepare an income statement for the year using absorption costing.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

What is cpj
Define Will.
How about Question D and E?
I Need Formulation
can you answer d
I, J, K
what about quesitons E and F?
Trying to find answer a through e
Use the following accounts; Cash Foreign exchange gain Foreign exchange loss Capital Bank Short-term investments Loss on sale of short-term investment Gain on sale of short-term investment RA established his own company, r@ktas Co. The following transactions are the events that occurred during December 2018, the company's first month: Date 12/1 The owner invested $ 200,000 cash for capital. 12/5 r@ktas Co., opened deposit account on Don't Trust Bank and put 2.000 Euro (Exchange rate was 1 Euro= 1,5 Dollar) 12/10 The Company purchased short-term investment with cash for $2,500. 12/18 The Company sold short-term investment with cash for $2.000 Note: • Exchange rate was 1 Euro= 1,4 Dollar at the end of the period. Requirements: 1- Give the journal entry for each transaction. 2- Post each transaction to Taccounts.
What is APR?
Define Profi t and loss (P&L) statement
Thebankbalanceinthecashbookandthatofthebankstatementmaydisgracebecauseofinformationalandtimingdifferences.Explain.