Please do not give solution in image format thanku Yale Company manufactures hair brushes that sell at wholesale for $3 per unit. The company had no beginning inventory in the prioryear. These data summarize the current and prior year operations:Sales (000s)Production (000s)Production costFactory-variable (per unit)-fixed (000s)Marketing-variable (per unit)Administrative-fixed (000s)Required 1 Required 2 Required 3Complete this question by entering your answers in the tabs below.Required:1. Prepare an income statement for each year based on full costing.2. Prepare an income statement for each year based on variable costing.3. Prepare a reconciliation of the difference each year in the operating income resulting from using the full costing method andvariable costing method.Less: Cost of goods soldAvailable for salePrior Year2,900 units4,200 unitsCost of goods sold$ 0.60$ 2,100$ 0.40$ 500Prepare an income statement for each year based on full costing. (Enter your answers in thousands of dollars.)YALE COMPANYFull CostingIncome StatementGross marginLess: Selling and administrative costsOperating incomeCurrent Year5,500 units4,200 units$ 0.60$ 2,100$0.40$ 500Prior YearCurrent Year Required 1 Required 2 Required 3Prepare an income statement for each year based on variable costing. (Enter your answers in thousands of dollars.)YALE COMPANYVariable CostingIncome StatementPrior YearLess: Cost of goods soldAvailable for saleCost of goods soldContribution marginLess: Selling and administrative costsOperating incomeRequired 1 Required 2 Required 3< Required 1Complete this question by entering your answers in the tabs below.YALE COMPANYReconciling Difference in Operating IncomeBetween Full and Variable CostingPrior YearChange in inventory in unitsx fixed overhead rateDifference in operating incomeRequired 3 >Prepare a reconciliation of the difference each year in the operating income resulting from using the full costing method andvariable costing method. (Negative amounts should be indicated by a minus sign. Round your "Fixed overhead rate" answersto 2 decimal places. Enter your answers in thousands of dollars.)< Required 2Current YearCurrent YearRequired 3 >

The net income is calculated as excess of total revenue over the total costs incurred for the…

Yale Company manufactures hair brushes that sell at wholesale for $3 per unit. The company had no beginning inventory in the pr year. These data summarize the current and prior year operations: Sales (000s) Production (000s) Production cost Factory-variable (per unit) -fixed (000s) Marketing-variable (per unit) Administrative-fixed (000s) Prior Year 2,900 units 4,200 units $ 0.60 $ 2,100 $ 0.40 $ 500 Required: 1. Prepare an income statement for each year based on full costing. Current Year 5,500 units 4,200 units $ 0.60 $ 2,100 $ 0.40 $ 500 2. Prepare an income statement for each year based on variable costing. 3. Prepare a reconciliation of the difference each year in the operating income resulting from using the full costing method and variable costing method.

Yale Company manufactures hair brushes that sell at wholesale for $3 per unit. The company had no beginning inventory in the pr year. These data summarize the current and prior year operations: Sales (000s) Production (000s) Production cost Factory-variable (per unit) -fixed (000s) Marketing-variable (per unit) Administrative-fixed (000s) Prior Year 2,900 units 4,200 units $ 0.60 $ 2,100 $ 0.40 $ 500 Required: 1. Prepare an income statement for each year based on full costing. Current Year 5,500 units 4,200 units $ 0.60 $ 2,100 $ 0.40 $ 500 2. Prepare an income statement for each year based on variable costing. 3. Prepare a reconciliation of the difference each year in the operating income resulting from using the full costing method and variable costing 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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