Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

Prepare an income statement for last year using variable costing

06/12/2021 Client: muhammad11 Deadline: 2 Day

W4 Assignment

Complete homework exercises in Word or Excel.

Chapter 5: Exercises 2, 3, 4, 6

EXERCISE 5–2 Variable Costing Income Statement; Explanation of Difference in Net Operating Income [LO 5–2]

Refer to the data in Exercise 5–1 for Ida Sidha Karya Company. The absorption costing income statement prepared by the company’s accountant for last year appears below:

Sales. . . . . . . . . . . . . . . . . . . . . . .

$191,250

Cost of goods sold. . . . . . . . . . . . .

157,500

Gross margin. . . . . . . . . . . . . . . . .

33,750

Selling and administrative expense. . .

24,500

Net operating income. . . . . . . . . . . .

$ 9,250

Required:

1. Determine how much of the ending inventory consists of fixed manufacturing overhead cost deferred in inventory to the next period.

2. Prepare an income statement for the year using variable costing. Explain the difference in net operating income between the two costing methods.

EXERCISE 5–3 Reconciliation of Absorption and Variable Costing Net Operating Incomes [LO 5–3]

Jorgansen Lighting, Inc., manufactures heavy-duty street lighting systems for municipalities. The company uses variable costing for internal management reports and absorption costing for external reports to shareholders, creditors, and the government. The company has provided the following data:

Year 1

Year 2

Year 3

Inventories:

Beginning (units). . . . . . . . . . . . . . . . .

200

170

180

Ending (units). . . . . . . . . . . . . . . . . . .

170

180

220

Variable costing net operating income. . . . .

$1,080,400

$1,032,400

$996,400

The company’s fixed manufacturing overhead per unit was constant at $560 for all three years.

Required:

1. Determine each year’s absorption costing net operating income. Present your answer in the form of a reconciliation report.

2. In Year 4, the company’s variable costing net operating income was $984,400 and its absorption costing net operating income was $1,012,400. Did inventories increase or decrease during Year 4? How much fixed manufacturing overhead cost was deferred or released from inventory during Year 4?

EXERCISE 5–4 Basic Segmented Income Statement [LO 5–4]

Royal Lawncare Company produces and sells two packaged products, Weedban and Greengrow. Revenue and cost information relating to the products follow:

Product

Weedban

Greengrow

Selling price per unit. . . . . . . . . . . . . . . . .

$6.00

$7.50

Variable expenses per unit. . . . . . . . . . . . .

$2.40

$5.25

Traceable fixed expenses per year. . . . . . . .

$45,000

$21,000

Page 201

Common fixed expenses in the company total $33,000 annually. Last year the company produced and sold 15,000 units of Weedban and 28,000 units of Greengrow.

Required:

Prepare a contribution format income statement segmented by product lines.

EXERCISE 5–6 Variable and Absorption Costing Unit Product Costs and Income Statements [LO 5–1, LO 5–2]

Lynch Company manufactures and sells a single product. The following costs were incurred during the company’s first year of operations:

Variable costs per unit:

Manufacturing:

Direct materials. . . . . . . . . . . . . . . . .

$6

Direct labor. . . . . . . . . . . . . . . . . . . .

$9

Variable manufacturing overhead. . . . .

$3

Variable selling and administrative. . . . . . . .

$4

Fixed costs per year:

Fixed manufacturing overhead. . . . . . . . .

$300,000

Fixed selling and administrative. . . . . . . .

$190,000

During the year, the company produced 25,000 units and sold 20,000 units. The selling price of the company’s product is $50 per unit.

Required:

1. Assume that the company uses absorption costing:

· a. Compute the unit product cost.

· b. Prepare an income statement for the year.

2. Assume that the company uses variable costing:

· a. Compute the unit product cost.

· b. Prepare an income statement for the year.

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Financial Analyst
Professor Smith
Calculation Master
Helping Engineer
Math Specialist
Ideas & Innovations
Writer Writer Name Offer Chat
Financial Analyst

ONLINE

Financial Analyst

I will be delighted to work on your project. As an experienced writer, I can provide you top quality, well researched, concise and error-free work within your provided deadline at very reasonable prices.

$19 Chat With Writer
Professor Smith

ONLINE

Professor Smith

I reckon that I can perfectly carry this project for you! I am a research writer and have been writing academic papers, business reports, plans, literature review, reports and others for the past 1 decade.

$33 Chat With Writer
Calculation Master

ONLINE

Calculation Master

I have assisted scholars, business persons, startups, entrepreneurs, marketers, managers etc in their, pitches, presentations, market research, business plans etc.

$16 Chat With Writer
Helping Engineer

ONLINE

Helping Engineer

I have written research reports, assignments, thesis, research proposals, and dissertations for different level students and on different subjects.

$27 Chat With Writer
Math Specialist

ONLINE

Math Specialist

I have read your project details and I can provide you QUALITY WORK within your given timeline and budget.

$22 Chat With Writer
Ideas & Innovations

ONLINE

Ideas & Innovations

I find your project quite stimulating and related to my profession. I can surely contribute you with your project.

$40 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

Jabulani)][@DURBAN HAPPY CLINIC +27835179056 SAFE ABORTION CLINIC//PILLS Tembisa,Soweto,Johannesburg, Pretoria, Germiston MIDRAND BIZANA - The sweet hereafter chapter 1 summary - Palm beach state college physical therapy - Average bounced check fees range from - Dreamers rock manitoulin island - Miss Deanna - Informative Essay - How to cite oral presentation - Community interpreting level 3 - Need tomorrow - Application letter for civil engineering job - Push sticks for lifting operations - Lightweight vs heavyweight project management - Leadership and learning are indispensable to each other essay - Flowcharts for Processes - Drishtikon a management journal - Parts of a marketing plan kotler - Family therapy treatment planner pdf - Cloud computing - Figurative language from all summer in a day answer key - 10 strategic points grand canyon university - Lesson 4.7 flowchart thinking answers - Hula hoop personal space activity - INDIVIDUAL ANALYZING RESEARCH PAPER - Www aama ntl org creed - 5ml of vodka standard drink - Yamaha v star 1100 stator - Hairy bikers eve's pudding - "Risk Communication" - Ppc specialist job description - Research paper - Exponential growth calculator with steps - Alpha c chiang mathematical economics pdf download - Esmee fairbairn collections fund - Weldon fuel pump overhaul manual - Satya nadella at microsoft instilling a growth mindset - Cys-d-11 - Corrs chambers westgarth ranking - Floor drain standpipe adapter - What is the circumference of a 21 foot round pool - St francis rc church maidstone - Junot diaz drown discussion questions - A time line is not meaningful unless all cash flows occur annually. - 350 word discussion post soc350 - Boundaries of the quadrangular space - Summary writing - What is the benefit of prewriting - Scholarly Activity written - Lost at sea exercise scenario - Motel 6 commercial voice - Paul mitchell lemon sage energizing body lotion walgreens - Film Study - Separating sand from water is done by - Cisco unified communications manager express ordering guide - Why is alessi successful - Obtain activation code nessus - Apn professional development plan paper - Credit card kermit the frog margarita - Business document cover page - In a harris interactive survey 2303 adults - Structure of a persuasive speech - Interactive session technology ups competes globally with information technology - Wk 5 - Signature Assignment: Agencies, Regulations, Technology, and Electronic Health Records - Super troopers german techno scene - Vroom and yetton decision making model - Mexican History - Ftk lab - Animal farm important events - Java assignment help - Ap calculus bc 2015 - Indirect object pronouns french - Lee v lee's air farming ltd 1961 - Consider the following linear programming problem 20x 30y - Precalculus final exam multiple choice doc - 1 glucose solution is a positive control for - An examined life critical thinking and ethics today - Management Strategy for Performance Paper 3 - Www vspglobal com shipping ups ground html - Yvw com au paying - Fatal error freeze detected war thunder - How to calculate 6 months savings - The dolls house theme - Acer griseum growth rate - First ionisation energy of sodium - Bug off exterminators accounting problem - Condensed financial data of oakley company appear below - Semester Goals- "Feeling Paper" - Cqr security components ltd - Red bull product strategy - Champneys aroma diffuser gift - DISCUSSION - Te whare tapa whā powerpoint - Mort management oversight and risk tree - Why our screens make us less happy summary - Cash cow win page - How to calculate total budgeted selling and administrative expenses - Rad model advantages and disadvantages - American History - Karbon hulk anti fire and theft safe - I need 1200 words total (3 pages 1.5 spacing) on BASED UPON THE PAPERS AND LECTURES, PLEASE COMPARE BRIEFLY SOCIAL MARKET - How to find the volume of a cylinder khan academy