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For 2011. Nichols, Inc., had sales of 150,000 units and production of 200,000 units. Other information for the year...
For 2011, Nichols, Inc., had sales of 150.000 units and production of 200,000 units. Other information for the year included: Direct manufacturing labor $187.500 Variable manufacturing overhead 100.000 Direct materials 150,000 Variable selling expenses 100,000 Fixed administrative expenses 100,000 Fixed manufacturing overhead 200,000 There was no beginning inventory Compute the cost of goods sold under variable costing
10./For 2018, Baggy Green Caps Inc., had sales of 75 000 units and production of 100 000 units. Other information for the year included: Direct manufacturing labour Variable manufacturing overhead Direct materials 150 000 Variable selling expenses Fixed administrative expenses Fixed manufacturing overhead $187 500 100 000 100 000 not inventorichte 100 000 200 000 ! There was no beginning inventory. Required: a Compute the ending finished goods inventory under both absorption and variable costing b. Compute the cost of...
. Andy Basil Industries Inc. reported the following information about the production and sale of its only product during the first month of operations: Selling price per unit $225.00 Sales $360,000 Direct materials used $176,000 Direct labor $100,000 Variable factory overhead $44,000 Fixed factory overhead $80,000 Variable selling and administrative expenses $20,000 Fixed selling and administrative expenses $10,000 Production volume variance 0 Ending inventory, Direct Materials 0 Ending inventory, Work-in-process 0 Ending inventory, Finished Goods 400 units Under absorption costing,...
Complete Absorption Costing vs. Variable Costing Income
statements for Randeris Company, Year 1 & Year 2.
RANDERIS COMPANY - YEAR ONE 30,000 25,000 30 $ $ 10 Number of units produced Number of units sold Unit sales price Variable costs per unit: Direct materials, direct labor variable mfg. overhead Selling & administrative expenses Fixed costs per year: Manufacturing overhead Selling & administrative expenses $ 3 $ 150,000 $100,000 RANDERIS COMPANY - YEAR TWO 20,000 25,000 5,000 30 $ Number of...
Krepps Corporation produces a single product. Last year, Krepps manufactured 20,000 units and sold 15,000 units. Production costs for the year were as follows: Direct materials $ 170,000 Direct labor $ 110,000 Variable manufacturing overhead $ 200,000 Fixed manufacturing overhead $ 240,000 Sales totaled $825,000 for the year, variable selling and administrative expenses totaled $108,000, and fixed selling and administrative expenses totaled $165,000. There was no beginning inventory. Assume that direct labor is a variable cost. Under absorption costing, the...
13) Jimmy Industries Inc. reported the following information about the production and sale of its only product during the first month of operations: Selling price per unit $65.00 Sales $78,000 Direct materials used $25,000 Direct labor $42,000 Variable factory overhead $17,000 Fixed factory overhead ? Variable selling and administrative expenses $3,000 Fixed selling and administrative expenses $5,000 Gross profit $30,000 Production volume variance 0 The company sold one-half of the units it produced. The company uses absorption costing. Fixed factory...
Brooks Inc manufacturer, sold 10,000 shelves in 2011. Below is a partial list of the company accounts: Sales....... 990,000 Direct materials used ......242,000 Direct Labour ......330,000 Variable Manufacturing Overhead..... 55,000 Fixed Manufacturing overhead .....63,000 Variable Selling and Admin Expenses .....110,000 Fixed Selling and Admin Expenses ......90,000 There are 2,000 units in inventory at the beginning of the year and 3,000 units in inventory at the end of the year. The company uses variable costing. There has been no change in...
Fixed Manufacturing overhead
Fixed Selling and administrative expense
sales
Units in Beginning inventory
Units produced
Units Sold
Variable Cost of Goods Sold
variable selling and administrative expense
Ida Sidha Karya Company is a family-owned company located on the Island of Ball In Indonesia. The company produces a handcrafted Balinese musical Instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $880. Selected data for the company's operations last year follow: 3.07 points Skipped 246 40...
Full capacity in units Current capacity in units Direct materials cost per unit Direct materials cost per unit Manufacturing overhead per unit (variable) Total manufacturing overhead (Fixed) Total selling expenses Total general and administrative expenses Normal selling price per unit 200,000 150,000 $6.00 $4.00 $2.00 $300,000 $100,000 $200,000 $40.00 Using the information shown above, provide the cost formula. If a company produces 10,000 units and sells 8,000 units during the period, which method of computing operating income (absorption or variable)...
Altoona Valve Company’s planned production for the year just ended was 18,800 units. This production level was achieved, and 21,900 units were sold. Other data follow: Direct material used $ 580,920 Direct labor incurred 278,240 Fixed manufacturing overhead 407,960 Variable manufacturing overhead 176,720 Fixed selling and administrative expenses 323,360 Variable selling and administrative expenses 113,740 Finished-goods inventory, January 1 4,000 units The cost per unit remained the same in the current year as in the previous year. There were...