Prepare the income statement using the absorption costing method The following information was extracted from the accounting records of Hilton Manufacturers for the year ended September2024:Inventory at the beginning of the yearProduction for the yearSales for the yearSelling price per unitDirect Materials cost per unitDirect Labour cost per unitVariable Manufacturing overheads per unitVariable selling and administrative cost per unitFixed manufacturing overhead costFixed selling and administrative costThe company utilises the first-in-first-out method of inventory valuation.REQUIRED:(Round of to two decimal places)UNITSNil28 50024 000R82R221175274 00095 000

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Description: Prepare the income statement using the absorption costing method The following information was extracted from the accounting records of Hilton Manufacturers for the year ended September2024:Inventory at the beginning of the yearProduction for the yea

The income statement can be prepared using various methods as variable and absorption costing. Net…

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Accounting

The following information was extracted from the accounting records of Hilton Manufacturers for the year ended September 2024: Inventory at the beginning of the year Production for the year Sales for the year Selling price per unit UNITS Nil 28 500 24 000 R82

The following information was extracted from the accounting records of Hilton Manufacturers for the year ended September 2024: Inventory at the beginning of the year Production for the year Sales for the year Selling price per unit UNITS Nil 28 500 24 000 R82

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter1: Introduction To Cost Accounting

Section: Chapter Questions

Problem 9E: The following inventory data relate to Edwards, Inc.: Calculate the following for the year: a....

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Prepare the income statement using the absorption costing method

The following information was extracted from the accounting records of Hilton Manufacturers for the year ended September
2024:
Inventory at the beginning of the year
Production for the year
Sales for the year
Selling price per unit
Direct Materials cost per unit
Direct Labour cost per unit
Variable Manufacturing overheads per unit
Variable selling and administrative cost per unit
Fixed manufacturing overhead cost
Fixed selling and administrative cost
The company utilises the first-in-first-out method of inventory valuation.
REQUIRED:
(Round of to two decimal places)
UNITS
Nil
28 500
24 000
R82
R
22
11
7
5
274 000
95 000

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