Question

Diaz Company reports the following variable costing income statement for its single product. This company's sales...

Diaz Company reports the following variable costing income statement for its single product. This companys sales totaled 58.

Convert Diazs variable costing income statement to an absorption costing income statement. DIAZ COMPANY Absorption Costing I

Required 1 Required 2 Fill in the blanks: (Round the fixed overhead per unit to two decimal places.) The dollar difference in

Diaz Company reports the following variable costing income statement for its single product. This company's sales totaled 58.000 units, but its production was 88.000 units. It had no beginning finished goods inventory for the current period $3,944,000 DIAY COMPANY Income Statement (Variable Costing) Sales (5,000 units * $68.00 per unit) Variable expenses Variable manufacturing expense (58,000 units $28.00 per unit) Variable selling and admin. expense (58,000 units $5.00 per unit) Total variable expenses Contribution margin Fixed expenses Fixed averhead Fixed selling and administrative Total fixed expenses lit 141 14 1.570,400 336, 400 2.886,500 1,937,200 422,400 211,200 633, 60 $1,303,600 1. Convert Diar's variable costing Income statement to an absorption costing income statement. 2. Fill in the blanks: Complete this question by entering your answers in the tabs below. Required 1 Required 2 Convert Diar's variable costing Income statement to an absorption costing income statement DIAZ COMPANY
Convert Diaz's variable costing income statement to an absorption costing income statement. DIAZ COMPANY Absorption Costing Income Statement Sales Selling general and administrative expenses Net income (loss) Required 2 >
Required 1 Required 2 Fill in the blanks: (Round the fixed overhead per unit to two decimal places.) The dollar difference in variable casting income and absorption costing in come units Txed overhead per unit < Required 1
0 0
Add a comment Improve this question
Answer #1

Sign Up to Unlock the answer FREE

Already have an account? Log in

$ 3,944,000 DIAZ COMPANY Absorption Costing Income Statement Sales Less: Cost of goods sold Fixed overhead costs 278,400 Vari

Add a comment
Know the answer?
Add Answer to:
Diaz Company reports the following variable costing income statement for its single product. This company's sales...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Diaz Company reports the following variable costing income statement for its single product. This company's sales...

    Diaz Company reports the following variable costing income statement for its single product. This company's sales totaled 46,000 units, but its production was 76,000 units. It had no beginning finished goods inventory for the current period DIAZ COMPANY Income Statement (Variable Costing) Sales (46,000 units * $56.00 per unit) $2,576,000 Variable expenses Variable manufacturing expense (46,000 units * $27.60 per unit) 1,269,600 Variable selling and admin. expense (46,000 units $4.60 per unit) 211,600 Total variable expenses 1,481,200 Contribution margin 1,094,800...

  • DeAnne Company produces a single product. The company's variable costing income statement for the month August...

    DeAnne Company produces a single product. The company's variable costing income statement for the month August appears below. $745,200 De Anne Company Income Statement For the month ending August 31 Sales ($18 per unit) Variable expenses: Variable cost of goods sold Variable selling expense Total variable expenses Contribution margin Fixed expenses: Fixed manufacturing Fixed selling and administrative Total fixed expenses Net operating income 414,000 82,800 496,800 248.400 143.920 71,960 215,880 $132.520 The company produced 35.980 units in August and the...

  • Requirea: 1. Prepare the company's income statement in the contribution format using variable costing. Whitman Company...

    Requirea: 1. Prepare the company's income statement in the contribution format using variable costing. Whitman Company Variable Costing Income Statement Sales $ 875,000 Variable expenses: 875,000 Contribution margin Fixed expenses: Fixed manufacturing overhead Fixed selling and administrative 160,000 210,000 Fixed selling and administrative 370,000 505,000 Net operating income $ 2. Reconcile any difference between the net operating income on your variable costing income statement and the net operating income on the absorption costing income statement. Reconciliation of Variable Costing and...

  • Exercise 06-5 Absorption costing and variable costing income statements LO P2 Rey Company's single product sells...

    Exercise 06-5 Absorption costing and variable costing income statements LO P2 Rey Company's single product sells at a price of $219 per unit. Data for its single product for its first year of operations follow Direct materials Direct labor Overhead costs 23 per unit 31 per unit 9 per unit $253,000 per year Variable overhead Fixed overhead per year Selling and administrative expenses Variable Fixed 21 per unit $206,000 per year 23,000 units Units produced and sold 1. Prepare an...

  • 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 appears below: Whitman Company Income Statement Sales (39,000 units * $42.10 per unit) Cost of goods sold (39,000 units * $22 per unit) $1,641,900 858,000 Gross margin Selling and administrative expenses 783,900 448,500 Net operating income $335,400 The company's selling and administrative expenses consist of $292,500 per year in fixed expenses and $4 per unit sold in variable expenses. The $22...

  • DeAnne Company produces a single product. The company's variable costing income statement for August appears below:...

    DeAnne Company produces a single product. The company's variable costing income statement for August appears below: DeAnne Company Income Statment For the month ended August 31 Sales ($20 per unit) $ 848,000 Variable expenses: Variable cost of goods sold 508,800 Variable selling expense 84,800 Total variable expenses 593,600 Contribution margin 254,400 Fixed expenses: Fixed manufacturing overhead 141,600 Fixed selling and administrative 70,800 Total fixed expenses 212,400 Net operating income $ 42,000 The company produced 35,400 units in August and the...

  • 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 appears below: Whitman Company Income Statement Sales (41,000 units * $41.10 per unit) Cost of goods sold (41,000 units * $24 per unit) $ 1,685,100 984,000 Gross margin Selling and administrative expenses 701,100 512,500 Net operating income $ 188,600 The company's selling and administrative expenses consist of $307,500 per year in fixed expenses and $5 per unit sold in variable expenses....

  • Columbia Corporation produces a single product. The company's variable costing income statement for November appears below:...

    Columbia Corporation produces a single product. The company's variable costing income statement for November appears below: Columbia Corporation Income Statement For the Month ended November 30 Sales ($20 per unit) $858,000 Variable expenses: Variable cost of goods sold 514,800 Variable selling expense 128,700 Total variable expenses 643,500 Contribution margin 214,500 Fixed expenses: Manufacturing 105,870 Selling and administrative 70,580 Total fixed expenses 176,450 Net operating income $ 38,050 During November, 35,290 units were manufactured and 8,290 units were in beginning inventory....

  • 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: White Company Income Statement Sales (41,000 wats X 166.60 per unit) Cost of goods sold (41.000 units X $22 per unit) Grossargin Selling and administrative expenses Het operating income $1.828,600 902.000 926,600 430.500 $496,100 The company's selling and administrative expenses consist of S307.500 per year in fixed expenses and $3 per unit sold in variable expenses. The $22 unit product...

  • Exercise 19-5 Absorption costing and variable costing income statements LO P2 Rey Company's single product sells...

    Exercise 19-5 Absorption costing and variable costing income statements LO P2 Rey Company's single product sells at a price of $230 per unit. Data for its single product for its first year of operations follow. 34 per unit 42 per unit Direct materials Direct labor Overhead costs Variable overhead Fixed overhead per year Selling and administrative expenses Variable Fixed Units produced and sold 10 per unit $ 318,000 per year $ 32 per unit 32 pe $ 228,000 per year...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT