V Company's net income computed by the Full Costing Method was Php6,400.00 and its net income computed by the Variable Costing Method was Php9,100.00. The company's unit cost was Php17.00 under Variable Costing Method and Php20.00 under Full Costing Method. If ending inventory consisted of 2,100 units, the beginning inventory in units must have been? 1,200 units O 4,800 units 2,100 units 3,000 units

V Company's net income computed by the Full Costing Method was Php6,400.00 and its net income computed by the Variable Costing Method was Php9,100.00. The company's unit cost was Php17.00 under Variable Costing Method and Php20.00 under Full Costing Method. If ending inventory consisted of 2,100 units, the beginning inventory in units must have been? 1,200 units O 4,800 units 2,100 units 3,000 units

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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74. Subject :- Accounting
A3
The annual data that follows pertain to See It, a manufacturer of swimming goggles (the company had no beginning inventory): Sales price. . . . . . . . . . . . . . . . . . . . . . . . . $49 Variable manufacturing expense per unit. . $17 Sales commission expense per unit. . . . . . $9 Fixed manufacturing overhead. . . . . . . . . . $1,980,000 Fixed operating expenses. . . . . . . . . . . . . . $245,000 Number of goggles produced. . . . . . . . . . . 220,000 Number of goggles sold. . . . . . . . . . . . . . . 200,000 Requirements: 1. Prepare both conventional (absorption costing) and contribution margin (variable costing) income statements for See It for the year. 2. Which statement shows the higher operating income? Why? 3. The company marketing vice president believes a new sales promotion that costs $150,000 would increase sales to 220,000 goggles. Should the company…
A manufacturer has the following per-unit costs and values for its sole product: Cost $10.00 5.50 Current replacement cost Net realizable value 6.00 Net realizable value less normal profit 5.20 margin Under the first-in first-out (FIFO) cost method, what is the per-unit carrying value of inventory in the manufacturer's statement of financial position? O 55.20 $5.50 $6.00 $10.00
Prepare the Income Statement for the year ended 31 December 2022 using the Marginal costing and Absorption costing methods. Opening inventory Nil Number of units manufactured 5 000 Number of units sold 4 500 Selling price per unit R200 Direct material cost per unit R14 Direct labour cost per unit R23 Variable manufacturing overheads cost per unit R12 Variable selling and administrative cost per unit sold R3 Fixed manufacturing overhead cost R200 000 Fixed selling and administrative costs R400 000
WHAT IS THE COST OF GOODS ABAILABLE FOR SALE BASE OFF OF THE CHART? Crane Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 150 $4 600 12 Purchase 450 5 2250 23 Purchase 400 6 2400 30 Inventory 80 Assume a sale of 500 units occurred on June 15 for a selling price of $7 and a sale of 420 units on June 27 for $8.
The following is the year ended data for Tiger Company: Sales Revenue $58,000 Cost of Goods Manufactured 21,000 Beginning Finished Goods Inventory 1,100 Ending Finished Goods Inventory 2,200 Selling Expenses 15,000 Administrative Expenses 3,900 What is the gross profit? A. $22,100 B. $38,100 C. $19,200 D.
The level of inventory of a manufactured product has increased by 7,741 units during a period. The following data are also available: Fixed Unit manufacturing costs of the period $7.00 Unit operating expenses of the period 4.00 1.00 The effect on operating income if variable costing is used rather than absorption costing would be a[n) O $61.920 decrease Ob. 161.928 increase O$54.187 increase d. 554.107 decrease Variable $10.00
Given the following: Numberpurchased Costper unit Total January 1 inventory 32 $ 4 $ 128 April 1 52 6 312 June 1 42 7 294 November 1 47 8 376 173 $ 1,110 a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 53 units). b. Calculate the cost of goods sold using the FIFO (ending inventory shows 53 units).
Required information (The following information applies to the questions displayed below] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Date March 1 March 5 March 9 March 18 March 25 March 25 Activities beginning inventory Purchase Sales Purchase Purchase Bales Totals Units Acquired at Cost 553.60 per unit $50.60 per unit 230 units 290 units 150 unit 200 units 350 units $63.60 per unit $45.00 per unit Perpetual FIFO Perpetual LIFO Weighted Average Specific d Compute the cost assigned to ending inventory using LIFO Complete this question by entering your answers in the tabs below. Units Bold at Retail 390 units # $88.40 per unit 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (d) weighted average, and (d) specific identification. For specific identification, units sold include 130 units from beginning inventory, 260 units from the March 5 purchase. 110 units from the March 18…
Subject: acounting