Required 1Required 2Prepare an income statement for the year using absorption costing.SIMS COMPANYAbsorption Costing Income StatementSalesLess: Cost of goods soldDirect materialsDirect laborNet income (loss)$3,000,000< Required 1HIa$ 28,800,0003,000,000< PrevRequired 22 of 5H>HHHNext >G OOCI Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this yearfollows.Manufacturing costs$30 per unitDirect materialsDirect labor$50 per unitOverhead costsVariable$Fixed40 per unit.$6,600,000 (per year)Selling and administrative costs for the yearVariableFixed$ 775,000$5,000,000Production and sales for the yearUnits produced110,000 unitsUnits soldSales price per unit80,000 units360 per unit$1. Prepare an income statement for the year using variable costing.2. Prepare an income statement for the year using absorption costing.Complete this question by entering your answers in the tabs below.Required 1 Required 2< Prev2 of 5#GNext >O21

An income statement is a statement that is a part of financial statements which is prepared to…

Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this year follows. Manufacturing costs Direct materials Direct labor 30 per unit $ 50 per unit Overhead costs Variable $ Fixed 40 per unit $6,600,000 (per year). Selling and administrative costs for the year Variable $ 775,000 Fixed $5,000,000 Production and sales for the year Units produced 110,000 units Units sold Sales price per unit 80,000 units 360 per unit $ 1. Prepare an income statement for the year using variable costing. 2. Prepare an income statement for the year using absorption costing.

Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this year follows. Manufacturing costs Direct materials Direct labor 30 per unit $ 50 per unit Overhead costs Variable $ Fixed 40 per unit $6,600,000 (per year). Selling and administrative costs for the year Variable $ 775,000 Fixed $5,000,000 Production and sales for the year Units produced 110,000 units Units sold Sales price per unit 80,000 units 360 per unit $ 1. Prepare an income statement for the year using variable costing. 2. Prepare an income statement for the year using absorption costing.

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter7: Allocating Costs Of Support Departments And Joint Products

Section: Chapter Questions

Problem 1CE: The expected costs for the Maintenance Department of Stazler, Inc., for the coming year include:...

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The expected costs for the Maintenance Department of Stazler, Inc., for the coming year include: Fixed costs (salaries, tools): 64,900 per year Variable costs (supplies): 1.35 per maintenance hour Estimated usage by: Actual usage by: Required: 1. Calculate a single charging rate for the Maintenance Department. 2. Use this rate to assign the costs of the Maintenance Department to the user departments based on actual usage. Calculate the total amount charged for maintenance for the year. 3. What if the Assembly Department used 4,000 maintenance hours in the year? How much would have been charged out to the three departments?
Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this year follows. Manufacturing costs Direct materials $ 30 per unit Direct labor $ 50 per unit Overhead costs Variable $ 20 per unit Fixed $ 8,400,000 (per year) Selling and administrative costs for the year Variable $ 750,000 Fixed $ 4,000,000 Production and sales for the year Units produced 105,000 units Units sold 75,000 units Sales price per unit $ 350 per unit 1. Prepare an income statement for the year using variable costing.2. Prepare an income statement for the year using absorption costing.
Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales Information for this year follows. Manufacturing costs Direct materials 24 24 30 per unit 50 per unit Direct labor Overhead costs 20 per unit $8,800, 000 (per year) variable 24 Fixed selling and administrative costs for the year variable $ 750,000 $4,500,000 Fixed Production and sales for the year Units produced 110,000 units 80, 000 units 360 per unit Units sold Sales price per unit 1. Prepare an Income statement for the year using varlable costing. 2. Prepare an Income statement for the year using absorption costing. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare an income statement for the year using variable costing. SIMS COMPANY Variable Costing Income Statement
Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this year follows. Manufacturing costs Direct materials. Direct labor 30 per unit $ 50 per unit Overhead costs Variable $ 40 per unit Fixed $6,600,000 (per year) Selling and administrative costs for the year Variable $ 775,000 $5,000,000 Fixed Production and sales for the year Units produced 110,000 units Units sold Sales price per unit 80,000 units 360 per unit $ 1. Prepare an income statement for the year using variable costing. 2. Prepare an income statement for the year using absorption costing. Complete this question by entering your answers in the tabs below. Required 1 Required 2 O F9 F10 Ś F11 F12 my wor Fn 3:30 PM 6/16/2022 Insert Drt Sc
Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this year follows. Manufacturing costs Direct materials 35 per unit 55 per unit Direct labor Overhead costs Variable 20 per unit (per year) $ Fixed $8,400,000 Selling and administrative costs for the year $ 750,000 $4,500,000 Variable Fixed Production and sales for the year Units produced 105,000 units 75,000 units 360 per unit Units sold Sales price per unit $ 1. Prepare an income statement for the year using variable costing. 2. Prepare an income statement for the year using absorption costing. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare an income statement for the year using absorption costing. SIMS COMPANY Absorption Costing Income Statement %24
Complete this question by entering your answers in the tabs below. Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this year follows. Manufacturing costs Direct materials $ 35 per unit Direct labor $ 55 per unit Overhead costs Variable $ 30 per unit Fixed $ 7,350,000 (per year) Selling and administrative costs for the year Variable $ 775,000 Fixed $ 4,500,000 Production and sales for the year Units produced 105,000 units Units sold 75,000 units Sales price per unit $ 360 per unit Required 1 Required 2 Prepare an income statement for the year using variable costing. SIMS COMPANY Variable Costing Income Statement Net income (loss)
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The following data related to labor is available for Bramble Repair Shop for 2019: Repair technicians’ wages $420000 Fringe benefits 85000 Overhead 65000 Total $570000 The desired profit margin is $50 per labor hour. The material loading charge is 40% of invoice cost. It is estimated that 5000 labor hours will be worked in 2019.Bramble’ labor charge per hour in 2019 would be $114. $164. $151. $134.