The following information pertains to the first year of operation for Crystal Cold Coolers Inc.: Number of units produced Number of units sold Unit sales price Direct materials per unit Direct labor per unit Variable manufacturing overhead per unit Fixed manufacturing overhead per unit ($182,000/2,800 units) Total variable selling expenses ($14 per unit sold) Total fixed general and administrative expenses 2,800 2,500 350 55 60 13 65 %24 2$ $ 35,000 $ 61,000 Required: Prepare Crystal Cold's full absorption costing income statement and variable costing income statement for the year. Complete this question by entering your answers in the tabs below. Full Absorption Costing Variable Costing Prepare Crystal Cold's full absorption costing income statement for the year. CRYSTAL COLD COOLERS INC. Full Absorption Costing Income Statement Less: Cost of Goods Sold Gross Margin Less: Non-Manufacturing Expenses
The following information pertains to the first year of operation for Crystal Cold Coolers Inc.: Number of units produced Number of units sold Unit sales price Direct materials per unit Direct labor per unit Variable manufacturing overhead per unit Fixed manufacturing overhead per unit ($182,000/2,800 units) Total variable selling expenses ($14 per unit sold) Total fixed general and administrative expenses 2,800 2,500 350 55 60 13 65 %24 2$ $ 35,000 $ 61,000 Required: Prepare Crystal Cold's full absorption costing income statement and variable costing income statement for the year. Complete this question by entering your answers in the tabs below. Full Absorption Costing Variable Costing Prepare Crystal Cold's full absorption costing income statement for the year. CRYSTAL COLD COOLERS INC. Full Absorption Costing Income Statement Less: Cost of Goods Sold Gross Margin Less: Non-Manufacturing Expenses
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter2: Basic Managerial Accounting Concepts
Section: Chapter Questions
Problem 39E: Cost Classification Loring Company incurred the following costs last year: Required: 1. Classify...
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Concept explainers
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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The following information pertains to the first year of operation for Crystal Cold Coolers Inc.:
Number of units produced
Number of units sold
Unit sales price
Direct materials per unit
Direct labor per unit
Variable manufacturing overhead per unit
Fixed manufacturing overhead per unit ($182,000/2,800 units)
Total variable selling expenses ($14 per unit sold)
Total fixed general and administrative expenses
2,800
2,500
350
55
60
13
65
$
$35,000
$ 61,000
Required:
Prepare Crystal Cold's full absorption costing income statement and variable costing income statement for the year.
Complete this question by entering your answers in the tabs below.
Full Absorption
Costing
Variable
Costing
Prepare Crystal Cold's full absorption costing income statement for the year.
CRYSTAL COLD COOLERS INC.
Full Absorption Costing
Income Statement
Less: Cost of Goods Sold
Gross Margin
Less: Non-Manufacturing Expenses
Net Operating Income
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Number of units sold
Unit sales price
Direct materials per unit
Direct labor per unit
Variable manufacturing overhead per unit
Fixed manufacturing overhead per unit ($182,000/2,800 units)
Total variable selling expenses ($14 per unit sold)
Total fixed general and administrative expenses
2,500
350
55
60
13
65
2$
2$
24
%24
$4
$35,000
$ 61,000
Required:
Prepare Crystal Cold's full absorption costing income statement and variable costing income statement for the year.
Complete this question by entering yqur answers in the tabs below.
Full Absorption
Costing
Variable
Costing
Prepare variable costing income statement for the year.
CRYSTAL COLD COOLERS INC.
Variable Costing
Income Statement
Less: variable cost of goods sold
Contribution Margin
Less: Fixed Costs
Net Onerating Income
Drou
Noxt
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