The Hoops Corporation manufactures and sells hula hoops. The following data is related to sales and production of the hula hoops for last year. Selling price per unit Variable manufacturing costs per unit Variable selling and administrative expenses per unit Fixed manufacturing overhead (in total) Fixed selling and administrative expenses (in total) Units produced during the year Units sold during year Using variable costing, what is the operating income for last year? A. $312,000 B. $1,260,000 C. $469,000 D. $155,000 $8.40 $1.87 $4.45 $76,000 $81,000 530,000 150,000

The Hoops Corporation manufactures and sells hula hoops. The following data is related to sales and production of the hula hoops for last year. Selling price per unit Variable manufacturing costs per unit Variable selling and administrative expenses per unit Fixed manufacturing overhead (in total) Fixed selling and administrative expenses (in total) Units produced during the year Units sold during year Using variable costing, what is the operating income for last year? A. $312,000 B. $1,260,000 C. $469,000 D. $155,000 $8.40 $1.87 $4.45 $76,000 $81,000 530,000 150,000

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Description: Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. The Hoops Corporation manufactures and sells hula hoops. The following data is related t

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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Concept explainers

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.

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Question

Note:-

Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.
Answer completely.
You will get up vote for sure.

The Hoops Corporation manufactures and sells hula hoops. The following data is related to sales and production of the hula hoops
for last year.
Selling price per unit
Variable manufacturing costs per unit
Variable selling and administrative expenses per unit
Fixed manufacturing overhead (in total)
Fixed selling and administrative expenses (in total)
Units produced during the year
Units sold during year
Using variable costing, what is the operating income for last year?
A. $312,000
B. $1,260,000
C. $469,000
D. $155,000
$8.40
$1.87
$4.45
$76,000
$81,000
530,000
150,000

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Step 1: Introduce to income statement

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Step 2: Working for sales revenue

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Step 3: Working for variable selling and administrative expenses

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Step 4: Working for variable cost of goods sold

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Step 5: Working for net income under variable costing

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