The following data are for the year ended December 31, 2021: Beginning Inventory 170,000 units Ending Inventory 69,000 units Sales 690,800 units Selling Price 33.00 per unit Variable manufacturing cost per unit 7.65 per unit Variable operating (marketing) cost per unit sold 1.65 per unit sold Fixed manufacturing costs 2,880,000 Fixed operating (marketing) costs 2,160,000 The Company budgeted: units of goods sold in the month in which it occurs. 450,000 Assume standard costs per unit are the same for units in beginning inventory and units produced during the year. Also, assume no price, spending, or efficiency variances. Any production-volume variance is written off to cost of goods sold. Prepare the absorption-costing income statement for the year ended December 31, 2021. Do not type dollar signs (S) or spaces (_). Revenues Cost of Goods Sold: Beginning Inventory Variable Manufacturing Costs (current) $ Fixed Manufacturing Costs (current) Cost of Goods Available for Sale Ending Inventory $ Production-Volume Variance Cost of Goods Sold (Total) Gross Margin Operating Costs: Variable Operating Costs Fixed Operating Costs Total Operating Costs Operating Income %24 %24

The following data are for the year ended December 31, 2021: Beginning Inventory 170,000 units Ending Inventory 69,000 units Sales 690,800 units Selling Price 33.00 per unit Variable manufacturing cost per unit 7.65 per unit Variable operating (marketing) cost per unit sold 1.65 per unit sold Fixed manufacturing costs 2,880,000 Fixed operating (marketing) costs 2,160,000 The Company budgeted: units of goods sold in the month in which it occurs. 450,000 Assume standard costs per unit are the same for units in beginning inventory and units produced during the year. Also, assume no price, spending, or efficiency variances. Any production-volume variance is written off to cost of goods sold. Prepare the absorption-costing income statement for the year ended December 31, 2021. Do not type dollar signs (S) or spaces (_). Revenues Cost of Goods Sold: Beginning Inventory Variable Manufacturing Costs (current) $ Fixed Manufacturing Costs (current) Cost of Goods Available for Sale Ending Inventory $ Production-Volume Variance Cost of Goods Sold (Total) Gross Margin Operating Costs: Variable Operating Costs Fixed Operating Costs Total Operating Costs Operating Income %24 %24

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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