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[The following information applies to the questions displayed below] Cool Sky reports the following costing data on its product for its first year of operations. During this first year the company produced 44,000 units and sold 36.000 units at a price of $120 per unit. Manufacturing costs Direct materials per unit Direct labor per unit Variable overhead per unit Fised overhead for the year Selling and adeinistrative costs Variable selling and administrative cost per unit Fixed selling and administrative cost per year S 46 18 S S $440,000 € Fiable costing LO P1, P2 S 10 $120,000

[The following information applies to the questions displayed below] Cool Sky reports the following costing data on its product for its first year of operations. During this first year the company produced 44,000 units and sold 36.000 units at a price of $120 per unit. Manufacturing costs Direct materials per unit Direct labor per unit Variable overhead per unit Fised overhead for the year Selling and adeinistrative costs Variable selling and administrative cost per unit Fixed selling and administrative cost per year S 46 18 S S $440,000 € Fiable costing LO P1, P2 S 10 $120,000

FINANCIAL ACCOUNTING
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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Exercise 19-9 Income statement under absorption costing and variable costing LO P1, P2 [The following information applies to the questions displayed below] Cool Sky reports the following costing data on its product for its first year of operations. During this first year the company produced 44,000 units and sold 36,000 units at a price of $120 per unit. Manufacturing costs Direct materials per unit Direct labor per unit Variable overhead per unit Fixed overhead for the year Selling and adeinistrative costs Variable selling and administrative cost per unit Fixed selling and administrative cost per year Exercise 19-9 Part 2b S S 5 40 18 $440,000 10 $ $120,000 2b. Assume the company uses variable costing. Prepare its income statement for the year under variable costing
Transcribed Image Text:Exercise 19-9 Income statement under absorption costing and variable costing LO P1, P2 [The following information applies to the questions displayed below] Cool Sky reports the following costing data on its product for its first year of operations. During this first year the company produced 44,000 units and sold 36,000 units at a price of $120 per unit. Manufacturing costs Direct materials per unit Direct labor per unit Variable overhead per unit Fixed overhead for the year Selling and adeinistrative costs Variable selling and administrative cost per unit Fixed selling and administrative cost per year Exercise 19-9 Part 2b S S 5 40 18 $440,000 10 $ $120,000 2b. Assume the company uses variable costing. Prepare its income statement for the year under variable costing
ok ent LOC vences Exercise 19-9 Part 2b 2b. Assume the company uses variable costing. Prepare its income statement for the year under variable costing. Sales Less: Variable costs COOL SKY Variable Costing Income Statement Variable product costs Variable selling and administrative expenses Variable overhead costs Contribution margin Less: Fixed expenses Fixed overhead costs Fixed selling and administrative costs Net income (loss) 4,320,000
Transcribed Image Text:ok ent LOC vences Exercise 19-9 Part 2b 2b. Assume the company uses variable costing. Prepare its income statement for the year under variable costing. Sales Less: Variable costs COOL SKY Variable Costing Income Statement Variable product costs Variable selling and administrative expenses Variable overhead costs Contribution margin Less: Fixed expenses Fixed overhead costs Fixed selling and administrative costs Net income (loss) 4,320,000
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