The following information pertains to the first year of operation for Crystal Cold Coolers Incorporated:Number of units producedNumber of units soldUnit sales priceDirect materials per unitDirect labor per unitVariable manufacturing overhead per unitFixed manufacturing overhead per unit ($188,500÷2,900 units)Total variable selling expenses ($13 per unit sold)Total fixed general and administrative expenses2,9002,500$355$ 55$ 40$11$ 65$ 32,500$ 63,000Required:Prepare Crystal Cold's full absorption costing income statement and variable costing income statement for the year.

Income statement is a financial statement that shows profitability, total revenue and total expenses…

Answered: The following information pertains to…

The following information pertains to the first year of operation for Crystal Cold Coolers Incorporated: Number of units produced Number of units sold Unit sales price 2,900 2,500 $355

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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Question

The following information pertains to the first year of operation for Crystal Cold Coolers Incorporated:
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 ($188,500÷2,900 units)
Total variable selling expenses ($13 per unit sold)
Total fixed general and administrative expenses
2,900
2,500
$355
$ 55
$ 40
$11
$ 65
$ 32,500
$ 63,000
Required:
Prepare Crystal Cold's full absorption costing income statement and variable costing income statement for the year.

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