Homework Answers
Solution 1:
| Whitman Company | ||
|
Contribution margin income statement (Variable
costing) For the year ended December 31 |
||
| Particulars | Amount | |
| Sales | $1,583,400.00 | |
| Less: Variable cost: | ||
| Direct material | $390,000.00 | |
| Direct labor | $156,000.00 | |
| Variable manufacturing overhead | $78,000.00 | |
| Variable selling and administrative expenses | $117,000.00 | $741,000.00 |
| Contribution margin | $842,400.00 | |
| Less: Fixed costs: | ||
| Fixed manufacturing overhead | $250,000.00 | |
| Fixed selling and administrative expenses | $292,500.00 | $542,500.00 |
| Net Operating Income | $299,900.00 | |
Solution 2:
| Reconciliation of Net Operating income under absorption costing & Variable Costing - Dec 31 | |
| Particulars | Amount |
| Net Operating Income - Variable Costing | $299,900.00 |
| Add : Fixed manufacturing overhead deferred in inventory ($250,000*11000/50000) | $55,000.00 |
| Less: Fixed manufacturing overhead released in inventory | $0.00 |
| Net Operating Income - Absorption Costing | $354,900.00 |
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Whitman Company has just completed its first year of operations. The company's absorption costing income statement...
Whitman Company has just completed its first year of operations. The company's absorption costing income statement for the year follows: Whitman Company Income Statement Sales (40,000 units x $44.10 per unit) Cost of goods sold (40,000 units X $22 per unit) Gross margin Selling and administrative expenses Net operating income $1,764,000 880,000 884,000 500,000 $ 384,000 The company's selling and administrative expenses consist of $300,000 per year in fixed expenses and $5 per unit sold in variable expenses. The $22...
Whitman Company has just completed its first year of operations. The company's absorption costing income statement...
Whitman Company has just completed its first year of operations. The company's absorption costing income statement for the year follows 1 points Whitman Company Incon Statement Sales (40,000 units $42.10 per unit) Cost of goods sold (40,000 units 521 per unit) Gross margin Selling and administrative expenses Net operating income $1,684,000 840.000 144,000 500.000 Him Pri The company's selling and administrative expenses consist of $300.000 per year in fxed expenses and $5 per unit sold in variable expenses. The $21...
Whitman Company has just completed its first year of operations. The company's absorption costing income statement...
Whitman Company has just completed its first year of operations. The company's absorption costing income statement for the year follows: Whitman Company Income Statement Sales (40,000 units X $40.10 per unit) Cost of goods sold (40,000 units X $23 per unit) Gross margin Selling and administrative expenses Net operating income $1,604,000 920,000 684,000 460,000 $ 224,000 The company's selling and administrative expenses consist of $300,000 per year in fixed expenses and $4 per unit sold in variable expenses. The $23...
W Assignment Saved Whitman Company has just completed its first year of operations The company's abso...
W Assignment Saved Whitman Company has just completed its first year of operations The company's abso follows pition.costing income stotement for the year Whitman Income Statenent Sales (40,009 units $44.10 per unit) Cost of goods sold (40,800 units $22 per unit) Gross margin Selling and adeinistrative expenses Net operating incone $1,764,000 589-80e 468,808 5 424,00e The company's selling and administrative expenses consist of $300.000 per year in fixed expenses and $4 per unit sold in variable expenses. The $22 unit...
Whitman Company has just completed its first year of operations. The company's absorption costing income statement...
Whitman Company has just completed its first year of operations. The company's absorption costing income statement for the year follows: $1,685,100 Whitman Company Income Statement Sales (41,000 units X $41.10 per unit) Cost of goods sold (41,000 units x $21 per unit) Gross margin Selling and administrative expenses Net operating income 861,000 824, 100 430, 500 393.600 $ The company's selling and administrative expenses consist of $307,500 per year in fixed expenses and $3 per unit sold in variable expenses....
Whitman Company has just completed its first year of operations. The company's absorption costing income statement...
Whitman Company has just completed its first year of operations. The company's absorption costing income statement for the year follows: Whitman Company Income Statement Sales (40,000 units X $41.60 per unit) Cost of goods sold (40,000 units X $24 per unit) Gross margin Selling and administrative expenses Net operating income $1,664,000 960,000 704,000 460,000 $ 244,000 The company's selling and administrative expenses consist of $300,000 per year in fixed expenses and $4 per unit sold in variable expenses. The $24...
Whitman Company has just completed its first year of operations. The company's absorption costing income statement...
Whitman Company has just completed its first year of operations. The company's absorption costing income statement for the year follows: $1,704,000 Whitman Company Income Statement Sales (40,000 units X $42.60 per unit) Cost of goods sold (40,000 units X $23 per unit) Gross margin Selling and administrative expenses Net operating income 920,000 784,000 420,000 364,000 The company's selling and administrative expenses consist of $300,000 per year in fixed expenses and $3 per unit sold in variable expenses. The $23 unit...
Whitman Company has just completed its first year of operations. The company's absorption costing income statement...
Whitman Company has just completed its first year of operations. The company's absorption costing income statement for the year follows: Whitman Company Income Statement Sales (42,000 units * $43.10 per unit) Coat of goods sold (42,000 units * $22 per unit) Gross margin Selling and administrative expenses Net operating income $1,810,200 924,000 886,200 483.000 $ 403,200 The company's selling and administrative expenses consist of $315,000 per year in fixed expenses and $4 per unit sold in variable expenses. The $22...
need help woth question part 1 & part 2 Suved Whitman Company has just completed its...
need help woth question part 1 & part 2
Suved Whitman Company has just completed its first year of operations. The company's absorption costing income statement for the year follows Whitman Company Inson Batent Sales (40,000 units w $42.10 per unit) Cost of goods sold (40,000 units $21 per unit) Gross margin Selling and administrative expenses Met operating income $1,604,000 840,000 0 References The company's selling and administrative expenses consist of $300,000 per year in fixed expenses and S4 per...
Whitman Company has just completed its first year of operations. The company's absorption costing income statement...
Whitman Company has just completed its first year of operations. The company's absorption costing income statement for the year follows: Whitman Company Income Statement Sales (41,000 units x $41.60 per unit) Cost of goods sold (41,000 units $23 per unit) Gross margin Selling and administrative expenses Net operating income $1,705,600 943,000 762,600 471,500 $ 291, 100 The company's selling and administrative expenses consist of $307,500 per year in fixed expenses and $4 per unit sold in variable expenses. The $23...
Whitman Company has just completed its first year of operations. The company's absorption costing income statement for the year follows: Whitman Company Income Statement Sales (40,000 units x $44.10 per unit) Cost of goods sold (40,000 units X $22 per unit) Gross margin Selling and administrative expenses Net operating income $1,764,000 880,000 884,000 500,000 $ 384,000 The company's selling and administrative expenses consist of $300,000 per year in fixed expenses and $5 per unit sold in variable expenses. The $22...
Whitman Company has just completed its first year of operations. The company's absorption costing income statement for the year follows 1 points Whitman Company Incon Statement Sales (40,000 units $42.10 per unit) Cost of goods sold (40,000 units 521 per unit) Gross margin Selling and administrative expenses Net operating income $1,684,000 840.000 144,000 500.000 Him Pri The company's selling and administrative expenses consist of $300.000 per year in fxed expenses and $5 per unit sold in variable expenses. The $21...
Whitman Company has just completed its first year of operations. The company's absorption costing income statement for the year follows: Whitman Company Income Statement Sales (40,000 units X $40.10 per unit) Cost of goods sold (40,000 units X $23 per unit) Gross margin Selling and administrative expenses Net operating income $1,604,000 920,000 684,000 460,000 $ 224,000 The company's selling and administrative expenses consist of $300,000 per year in fixed expenses and $4 per unit sold in variable expenses. The $23...
W Assignment Saved Whitman Company has just completed its first year of operations The company's abso follows pition.costing income stotement for the year Whitman Income Statenent Sales (40,009 units $44.10 per unit) Cost of goods sold (40,800 units $22 per unit) Gross margin Selling and adeinistrative expenses Net operating incone $1,764,000 589-80e 468,808 5 424,00e The company's selling and administrative expenses consist of $300.000 per year in fixed expenses and $4 per unit sold in variable expenses. The $22 unit...
Whitman Company has just completed its first year of operations. The company's absorption costing income statement for the year follows: $1,685,100 Whitman Company Income Statement Sales (41,000 units X $41.10 per unit) Cost of goods sold (41,000 units x $21 per unit) Gross margin Selling and administrative expenses Net operating income 861,000 824, 100 430, 500 393.600 $ The company's selling and administrative expenses consist of $307,500 per year in fixed expenses and $3 per unit sold in variable expenses....
Whitman Company has just completed its first year of operations. The company's absorption costing income statement for the year follows: Whitman Company Income Statement Sales (40,000 units X $41.60 per unit) Cost of goods sold (40,000 units X $24 per unit) Gross margin Selling and administrative expenses Net operating income $1,664,000 960,000 704,000 460,000 $ 244,000 The company's selling and administrative expenses consist of $300,000 per year in fixed expenses and $4 per unit sold in variable expenses. The $24...
Whitman Company has just completed its first year of operations. The company's absorption costing income statement for the year follows: $1,704,000 Whitman Company Income Statement Sales (40,000 units X $42.60 per unit) Cost of goods sold (40,000 units X $23 per unit) Gross margin Selling and administrative expenses Net operating income 920,000 784,000 420,000 364,000 The company's selling and administrative expenses consist of $300,000 per year in fixed expenses and $3 per unit sold in variable expenses. The $23 unit...
Whitman Company has just completed its first year of operations. The company's absorption costing income statement for the year follows: Whitman Company Income Statement Sales (42,000 units * $43.10 per unit) Coat of goods sold (42,000 units * $22 per unit) Gross margin Selling and administrative expenses Net operating income $1,810,200 924,000 886,200 483.000 $ 403,200 The company's selling and administrative expenses consist of $315,000 per year in fixed expenses and $4 per unit sold in variable expenses. The $22...
need help woth question part 1 & part 2
Suved Whitman Company has just completed its first year of operations. The company's absorption costing income statement for the year follows Whitman Company Inson Batent Sales (40,000 units w $42.10 per unit) Cost of goods sold (40,000 units $21 per unit) Gross margin Selling and administrative expenses Met operating income $1,604,000 840,000 0 References The company's selling and administrative expenses consist of $300,000 per year in fixed expenses and S4 per...
Whitman Company has just completed its first year of operations. The company's absorption costing income statement for the year follows: Whitman Company Income Statement Sales (41,000 units x $41.60 per unit) Cost of goods sold (41,000 units $23 per unit) Gross margin Selling and administrative expenses Net operating income $1,705,600 943,000 762,600 471,500 $ 291, 100 The company's selling and administrative expenses consist of $307,500 per year in fixed expenses and $4 per unit sold in variable expenses. The $23...
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