The following data was prepared by the Oriole Company. Total Variable Fixed Sales price $22/unit Direct materials used $82,650 Direct labor $96,000 Manufacturing overhead $113,670 $17,910 $95,760 Selling and administrative expense $22,700 $13,100 $9,600 Units manufactured 25,200 units Beginning Finished Goods Inventory 19,200 units Ending Finished Goods Inventory 7,000 units Cost of goods sold $ Under variable costing, what is the cost of goods sold? (Round cost per unit to 2 decimal places, e.g. 2.52 and final answer to 0 decimal place, e.g. 2,152.) Cost of goods sold$ Under absorption costing, what is the operating income? (Round cost per unit to 2 decimal places, e.g. 2.52 and final answer to 0 decimal place, e.g. 2,152.) Operating income $ Under variable costing, what is the operating income? (Round cost per unit to 2 decimal places, e.g. 2.52 and final answer to 0 decimal place, e.g. 2,152.) Operating income $ Calculate the difference in operating income under absorption costing versus variable costing. (Round cost per unit to 2 decimal places, e.g. 2.52 and final answer to 0 decimal place, e.g. 2,152.)

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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TF 3

The following data was prepared by the Oriole Company.

	Total	Variable	Fixed
Sales price	$22/unit
Direct materials used	$82,650
Direct labor	$96,000
Manufacturing overhead	$113,670	$17,910	$95,760
Selling and administrative expense	$22,700	$13,100	$9,600
Units manufactured	25,200 units
Beginning Finished Goods Inventory	19,200 units
Ending Finished Goods Inventory	7,000 units

Cost of goods sold

Under variable costing, what is the cost of goods sold? (Round cost per unit to 2 decimal places, e.g. 2.52 and final answer to 0 decimal place, e.g. 2,152.)

Cost of goods sold$

Under absorption costing, what is the operating income? (Round cost per unit to 2 decimal places, e.g. 2.52 and final answer to 0 decimal place, e.g. 2,152.)

Operating income

Under variable costing, what is the operating income? (Round cost per unit to 2 decimal places, e.g. 2.52 and final answer to 0 decimal place, e.g. 2,152.)

Operating income

Calculate the difference in operating income under absorption costing versus variable costing. (Round cost per unit to 2 decimal places, e.g. 2.52 and final answer to 0 decimal place, e.g. 2,152.)

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