The following information pertains to the first year of operation 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 ($217,500+2,900 units) Total variable selling expenses ($10 per unit sold) Total fixed general and administrative expenses 2,900 2,500 $ 350 $ 55 $ 50 $ 10 $75 Complete this question by entering your answers in the tabs below. $ 25,000 $ 57,000 Required: Prepare Crystal Cold's full absorption costing income statement and variable costing income statement for the year.
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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![Complete this question by entering your answers in the tabs below.
Full Absorption Variable
Costing
Costing
Prepare Crystal Cold's full absorption costing income statement for the year.
Crystal Cold Coolers Incorporated
Full Absorption Costing
Income Statement
Less: Cost of goods sold
Gross margin
Less: Non-manufacturing expenses
Net operating income
Complete
Full Absorption
Costing
question by entering your answers in the tabs below.
Variable
Costing
Prepare variable costing income statement for the year.
Less: Variable cost of goods sold
Contribution margin
Less: Fixed costs
Crystal Cold Coolers Incorporated
Variable Costing
Income Statement
Net operating income
<Full Absorption Costing
Variable Cesting >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2add2073-e493-4d8e-b5ad-5a4b19fe039f%2Fa099d59c-17b6-4321-a14e-fceb9b772b87%2Flf1wuja_processed.jpeg&w=3840&q=75)
![The following information pertains to the first year of operation for Crystal Cold Coolers Incorporated:
Number of units produced
Number of units sold
2,900
2,500
$ 350
Unit sales price
Direct materials per unit
Direct labor per unit
Variable manufacturing overhead per unit
Fixed manufacturing overhead per unit
Total variable selling expenses ($10 per unit sold)
Total fixed general and administrative expenses
($217,500+2,900 units)
Complete this question by entering your answers in the tabs below.
Required:
Prepare Crystal Cold's full absorption costing income statement and variable costing income statement for the year.
Full Absorption
Variable
Costing
Costing
Prepare Crystal Cold's full absorption costing income statement for the year.
Crystal Cold Coolers Incorporated
Full Absorption Costing
Income Statement
Less: Cost of goods sold
Gross margin
Less: Non-manufacturing expenses
$ 55
$ 50
$ 10
$ 75
$ 25,000
$ 57,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2add2073-e493-4d8e-b5ad-5a4b19fe039f%2Fa099d59c-17b6-4321-a14e-fceb9b772b87%2Fu4cc47o_processed.jpeg&w=3840&q=75)
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