The following information was collected for the first year of manufacturing for Appliance AppsDirect Materials per UnitDirect Labar per UnitVariable Manufacturing Overhead per UnitVariable Selling and Administration ExpensesUnits ProducedUnits SoldSales PriceFixed Manufacturing ExpensesFixed Selling and Administration ExpensesPrepare an income statement under variable costing method.Appliance AppsIncome StatementSalesVariable Cost of Goods SoldGross Contribution MarginVariable Selling and Administration ExpensesContribution MarginFixed Manufacturing ExpensesFixed Selling and Administration ExpensesNet Income$2.50$1.50$0.25$1.7539,00035,000$12Appliance AppsReconciliation$117,000$20,000420,000148,750271,25061,230210,000117,00020,00020,000Prepare a reconciliation to the income under the absorption method.

The fixed costs are deferred or released from the inventory under absorption costing. The absorption…

The following information was collected for the first year of manufacturing for Appliance App Direct Materials per Unit $2.50 Direct Labor per Unit $1.50 Variable Manufacturing Overhead per Unit Variable Selling and Administration Expenses Units Produced Units Sold Sales Price Fixed Manufacturing Expenses Fixed Selling and Administration Expenses Prepare an income statement under variable costing method. Appliance Apps Income Statement Variable Cost of Goods Sold Gross Contribution Margin Variable Selling and Administration Expenses Contribution Margin Fixed Manufacturing Expenses Fixed Selling and Administration Expenses $0.25 $1.75 Appliance Apps Reconciliation 39,000 35,000 $12 $117,000 $20,000 148,750 271,250 61.250 210,000 117,000 20,000 20,000 Prepare a reconciliation to the income under the absorption method.

The following information was collected for the first year of manufacturing for Appliance App Direct Materials per Unit $2.50 Direct Labor per Unit $1.50 Variable Manufacturing Overhead per Unit Variable Selling and Administration Expenses Units Produced Units Sold Sales Price Fixed Manufacturing Expenses Fixed Selling and Administration Expenses Prepare an income statement under variable costing method. Appliance Apps Income Statement Variable Cost of Goods Sold Gross Contribution Margin Variable Selling and Administration Expenses Contribution Margin Fixed Manufacturing Expenses Fixed Selling and Administration Expenses $0.25 $1.75 Appliance Apps Reconciliation 39,000 35,000 $12 $117,000 $20,000 148,750 271,250 61.250 210,000 117,000 20,000 20,000 Prepare a reconciliation to the income under the absorption method.

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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