Please do not give solution in image format thanku The following absorption income statement and additional data are available from the accounting records of Bernon co. for the monthended May 31, XXXX. During the accounting period, 17,000 units were manufactured and sold at a price of $60 per unit. There were nobeginning inventories.Bernon Co.Absorption Costing Income StatementFor the Month ended May 31, XXXXSales (17,000 @ $60)1,020,000Cost of goods soldGross Profit612,000408,000Selling and administrative expanses 66,000Income from operations342,000Additional information:Costtotal costmanufacturing costs:VariableFixedTotalSelling and Administrative expenses :Variable ($2 per unit sold)Fixedtotal442,000170,000612,000number of units17,00017,000unit cost$26103634,00032,00066.000Prepare a new income statement for the year using variable costing. Comment on the differences, if any, between the absorptioncosting and variable costing income statements.

Variable costs are costs that vary with the change in the level of output whereas fixed costs are…

The following absorption income statement and additional data are available from the accounting records of Bernon co. for the mont ended May 31, XXXX. During the accounting period, 17,000 units were manufactured and sold at a price of $60 per unit. There were r beginning inventories. Bernon Co. Absorption Costing Income Statement For the Month ended May 31, XXXX Sales (17,000 @ $60) 1,020,000 Cost of goods sold 612,000 Gross Profit 408,000 Selling and administrative expanses 66,000 Income from operations 342,000 Additional information: Cost total cost 442,000 170,000 number of units 612,000 manufacturing costs: Variable Fixed Total Selling and Administrative expenses : Variable ($2 per unit sold) Fixed 32,000 total 66,000 Prepare a new income statement for the year using variable costing. Comment on the differences, if any, between the absorption costing and variable costing income statements. unit cost 17,000 17,000 10 36 $26 34,000

The following absorption income statement and additional data are available from the accounting records of Bernon co. for the mont ended May 31, XXXX. During the accounting period, 17,000 units were manufactured and sold at a price of $60 per unit. There were r beginning inventories. Bernon Co. Absorption Costing Income Statement For the Month ended May 31, XXXX Sales (17,000 @ $60) 1,020,000 Cost of goods sold 612,000 Gross Profit 408,000 Selling and administrative expanses 66,000 Income from operations 342,000 Additional information: Cost total cost 442,000 170,000 number of units 612,000 manufacturing costs: Variable Fixed Total Selling and Administrative expenses : Variable ($2 per unit sold) Fixed 32,000 total 66,000 Prepare a new income statement for the year using variable costing. Comment on the differences, if any, between the absorption costing and variable costing income statements. unit cost 17,000 17,000 10 36 $26 34,000

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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