2The following contains information about April's production for Cabinera, Incorporated.34 Units produced5Units sold6 Sales price7 Direct materials cost per unit8 Direct labor cost per unit9 Variable overhead cost per unit20 Fixed overhead (total)1 Variable selling expense per unit sold2 Fixed administrative expense34Required:5 1. Prepare a Traditional Income Statement (Absorption Costing).6 2. Prepare a Contribution Format Income Statement (Variable Costing).7tadigan10,0009,000$450.00$104.00$91.00$64.00$652,000$22.00$258,000oprede

Introduction:Under traditional method, cost of goods sold is deducted from sales revenue in order to…

The following contains information about April's production for Cabinera Units produced Units sold Sales price Direct materials cost per unit Direct labor cost per unit Variable overhead cost per unit Fixed overhead (total) Variable selling expense per unit sold Fixed administrative expense 10,000 9,000 $450.00 $104.00 $91.00 $64.00 $652,000 $22.00 $258,000 Required: 1. Prepare a Traditional Income Statement (Absorption Costing). 2. Prepare a Contribution Format Income Statement (Variable Costing).

The following contains information about April's production for Cabinera Units produced Units sold Sales price Direct materials cost per unit Direct labor cost per unit Variable overhead cost per unit Fixed overhead (total) Variable selling expense per unit sold Fixed administrative expense 10,000 9,000 $450.00 $104.00 $91.00 $64.00 $652,000 $22.00 $258,000 Required: 1. Prepare a Traditional Income Statement (Absorption Costing). 2. Prepare a Contribution Format Income Statement (Variable Costing).

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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By using the information given below calculate the net income under the traditional costing method. Show your calculations. (No beginning finished goods inventory.) Variable cost of goods sold per unit Fixed cost of goods sold per unit Variable operating expenses per unit Fixed operating expenses per unit Selling price Number of units sold Number of units produced 18,000 20,000 $4.00 $ 3.00 $1.50 $1.25 $12.00
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Menk Corporation has provided the following information: Cost per Unit Cost per Period Direct materials $ 6.80 Direct labor $ 3.80 Variable manufacturing overhead $ 2.00 Fixed manufacturing overhead $ 20,200 Sales commissions $ 0.50 Variable administrative expense $ 0.40 Fixed selling and administrative expense $ 10,100 Required: a. If 5,220 units are sold, what is the variable cost per unit sold? Note: Round "Per unit" answer to 2 decimal places. b. If 5,220 units are sold, what is the total amount of variable costs related to the units sold? c. If 5,220 units are produced, what is the total amount of manufacturing overhead cost incurred? a. Variable cost per unit sold b. Total variable costs c. Total manufacturing overhead cost
show Total Period cost by using absorption costing.
How do I prepare an Income Statement for March 2022 by using the absorption costing method? Other info: The variable manufacturing cost per unit and total manufacturing cost per unit of the finished goods on 01 March 2022 was R21.60 and R26.20 respectively.
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Use the information given in the image to prepare the Income Statement for March 2022 according to theabsorption costing method.
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A manufacturer reports the following. Compute contribution margin. Sales Variable cost of goods sold Fixed overhead Variable selling and administrative costs Fixed selling and administrative costs Multiple Choice $800,000 $642,000 $762,000 $524,000 $ 1,218,000 418,000 338,000 158,000 118,000
V. Prepare a CONTRIBUTION MARGIN (also known as variable costing) income statement given a traditional (also known as absorption costing) income statement Bruno Industries manufactures and sells a single product. The controller has prepared the following income statement for the most recent year: B C D 1 2 3 Bruno Industries Traditional Income Statement (Absorption Costing) For the Year Ended December 31 4 5 Sales revenue 6 Less: Cost of goods sold 7 Gross profit 8 Less: Operating expenses 9 Operating income $ 406,000 329,000 $ 77,000 73,000 $ 4,000 10 The company produced 8,000 units and sold 7,000 units during the year ending December 31. Fixed manufacturing overhead (MOH) for the year was $152,000, while fixed operating expenses were $62,000. The company had no beginning inventory. Requirements 1. Will the company's operating income under variable costing be higher, lower, or the same as its operating income under absorption costing? Why? 2. Prepare a variable costing income…
Prepare the Income Statement of Rotary Limited for the year ended 28 February 2021 using the following methods of costing: 2.1 Marginal costing | 22 Absorption costing INFORMATION The following information was extracted from the accounting records of Rotary Limited for the year ended 28 February 2021: Inventory on 01 March 2020 Nil Production for the year 35 000 units Sales for the year 30 000 units Fixed costs: Manufacturing R700 000 Sales and administration R480 000 Variable costs per unit: Manufacturing R48 Sales and administration R12 Selling price per unit R150