Trio Company reports the following information for the current year, which is its first year of operations. Assume instead that TrioCompany uses variable costing. (Round intermediate calculations and final answers to two decimal places.)Direct materials$8.00 per unit9.00 per unitDirect laborOverhead costs for the year4.00 per unit$ 230,000 per year35,800 units27,000 units8,800 unitSVariable overhead$Fixed overheadUnits produced this yearUnits sold this yearEnding finished goods inventory in units1. Compute the product cost per unit using variable costing.Cost per unit of finished goods using:Variable costingCost per unit of finished goods2. Determine the cost of ending finished goods inventoryusing variable costing.Variable costingCost per unit of finished goods using:Number of units in finished goodsTotal cost of finished goods inventory3. Determine the cost of goods sold using variable costing.Variable costingCost per unit of goods sold using:Number of units in sold goodsTotal cost of sold goods

Name: Trio Company reports the following information for the current year,
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Description: Trio Company reports the following information for the current year, which is its first year of operations. Assume instead that TrioCompany uses variable costing. (Round intermediate calculations and final answers to two decimal places.)Direct mater

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Trio Company reports the following information for the current year, which is its first year of operations. Assume instead that Trio Company uses variable costing. (Round intermediate calculations and final answers to two decimal places.) Direct materials 8.00 per unit 9.00 per unit $ Direct labor $ Overhead costs for the year Variable overhead 4.00 per unit $ 230,000 per year Fixed overhead Units produced this year Units sold this year Ending finished goods inventory in units 35,800 units 27,000 units 8,800 units 1. Compute the product cost per unit using variable costing. Cost per unit of finished goods using: Variable costing Cost per unit of finished goods 2. Determine the cost of ending finished goods inventory using variable costing. Cost per unit of finished goods using: Variable costing Number of units in finished goods Total cost of finished goods inventory 3. Determine the cost of goods sold using variable costing. Variable costing Cost per unit of goods sold using: Number of units in sold goods Total cost of sold goods

Trio Company reports the following information for the current year, which is its first year of operations. Assume instead that Trio Company uses variable costing. (Round intermediate calculations and final answers to two decimal places.) Direct materials 8.00 per unit 9.00 per unit $ Direct labor $ Overhead costs for the year Variable overhead 4.00 per unit $ 230,000 per year Fixed overhead Units produced this year Units sold this year Ending finished goods inventory in units 35,800 units 27,000 units 8,800 units 1. Compute the product cost per unit using variable costing. Cost per unit of finished goods using: Variable costing Cost per unit of finished goods 2. Determine the cost of ending finished goods inventory using variable costing. Cost per unit of finished goods using: Variable costing Number of units in finished goods Total cost of finished goods inventory 3. Determine the cost of goods sold using variable costing. Variable costing Cost per unit of goods sold using: Number of units in sold goods Total cost of sold goods

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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Dowell Company produces a single product. Its Income under variable costing for its first two years of operation follow. Variable Costing Income Income Units Units produced Units sold Additional Information a. Sales and production data for these first two years follow. Year 1 $ 43,000 Year 1 44,300 33,000 Direct materials Direct labor Variable overhead Fixed overhead ($430,000/43,000 units) Total product cost per unit Variable costing income Year 2 b. The company's $32 per unit product cost (for both years) using absorption costing consists of the following. Absorption costing income 44,300 55,600 Year 2 $ 610,000 Required: Prepare a statement to convert variable costing income to absorption costing income for both years. (Leave no cells blank - be certain to enter "0" wherever required.) $6 Dowell Company Convert Variable Costing Income to Absorption Costing Income Year 1 $ 9 7 10 $32 43,000 $ Year 2 610,000
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Trio Company reports the following information for the current year, which is its first year of operations. Direct materials $ 14 per unit Direct labor $ 19 per unit Overhead costs for the year Variable overhead $ 2 per unit Fixed overhead $ 100,000 per year Units produced this year 25,000 units Units sold this year 19,000 units Ending finished goods inventory in units 6,000 units
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Dowell Company produces a single product. Its income statements under absorption costing for its first two years of operation follow. Income Statements (Absorption Costing) Sales ($52 per unit) Cost of goods sold ($36 per unit) Year 2 Year 1 $ 1,508,000 1,044,000 $ 2,756,000 1,908,000 Gross profit Selling and administrative expenses Income Additional Information a. Sales and production data for these first two years follow. Units Units produced Units sold Year 1 41,000 29,000 Year 2 41,000 53,000 464,000 366,000 848,000 462,000 $ 98,000 $ 386,000 b. Variable costs per unit and fixed costs per year are unchanged during these years. The company's $36 per unit product cost using absorption costing consists of the following. Direct materials Direct labor Variable overhead Fixed overhead ($451,000/41,000 units) Total product cost per unit $ 11 11 3 11 $ 36 c. Selling and administrative expenses consist of the following. Selling and Administrative Expenses Variable selling and administrative…
Sims Company began operations on January 1. Its cost and sales information for this year follow. $ 30 per unit $ 50 per unit $ 40 per unit Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses Units produced Units sold Sales price $ 6,000,000 per year $ 11 per unit $ 4,000,000 per year 100,000 units 70,000 units $360 per unit 1. Prepare an income statement for the year using variable costing. 2. Prepare an income statement for the year using absorption costing, Complete this question by entering your answers in the tabs below. Required 1 Required 2