Question
In: Accounting
Advanced Company reports the following information for the current year. All beginning inventory amounts equaled $0...
Advanced Company reports the following information for the current year. All beginning inventory amounts equaled $0 this year. Units produced this year 34,000 units Units sold this year 20,400 units Direct materials $ 18 per unit Direct labor $ 20 per unit Variable overhead $ 3 per unit Fixed overhead $ 170,000 in total
A. Given Advanced Company's data, compute cost per unit of finished goods under variable costing.
B. Given Advanced Company's data, compute cost per unit of finished goods under absorption costing.
C. Given Advanced Company's data, compute cost of finished goods in inventory under absorption costing.
D. Given Advanced Company's data, compute cost of finished goods in inventory under variable costing.
E.Given Advanced Company's data, and the knowledge that the product is sold for $70 per unit and operating expenses are $290,000, compute the net income under absorption costing.
F.Given Advanced Company's data, and the knowledge that the product is sold for $70 per unit and operating expenses are $290,000, compute the net income under variable costing.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Advanced Company reports the following information for the current year. All beginning inventory amounts equaled $0...
Advanced Company reports the following information for the
current year. All
beginning inventory amounts equaled $0 this year
Units produced this year 40,000 units
Units sold this year 24,000 units
Direct materials $ 24 per unit
Direct labor $ 26 per unit
Variable overhead $ 3 per unit
Fixed overhead $ 200,000 in total
Given Advanced Company's data, and the knowledge that the product
is sold for $80
per unit and operating expenses are $350,000, compute the net
income under...
a company reports the following information for the current year. all beginning inventory amounts =$0 this...
a company reports the following information for the current
year. all beginning inventory amounts =$0 this year.
unites produced this year 43,000 units, units sold this year
25,800, direct materials 27, direct labor 29 variable overheard
129,000 fixed overheard $215,000.
units sold this year 25,800. Given the data, and the knowledge
that the product is sold for $83 per unit and operating expenses
are $380,000, compute the net income under absorption and variable
costing?
XYZhas the following financial information: Current Year Prior Year # Units in Beginning Inventory ? ...
XYZhas the following financial information:
Current Year
Prior Year
# Units in Beginning Inventory
?
0
# Units Sold
570,000
580,000
# Units Manufactured (Actual)
610,000
590,000
# Units Manufactured (Budget)
640,000
600,000
Selling Price
(per unit)
10.00
9.90
Variable Manufacturing Costs
(per unit)
5.00
4.80
Variable Sales+Admin Costs
(per unit)
1.00
1.00
Fixed Manufacturing Costs (Budget and Actual)
(total)
1,600,000
1,560,000
Fixed sales+admin costs...
Riley Incorporated reports the following amounts at the end of the year (all amounts in $000):...
Riley Incorporated reports the following amounts at the end of
the year (all amounts in $000): Cash $16,140 Product Revenues
$112,500 Depreciation Expense 3,210 Mortgage Payable 38,000 Taxes
Payable 1,020 Treasury Stock 650 Buildings 79,000 Salaries 62,800
Land 40,000 Accumulated Depreciation 21,730 Current Portion - Notes
and Mortgage Payable 2,200 Accounts Payable 18,500 Equipment 42,000
Net Accounts Receivable 23,500 Income Tax Expense 3,650 Discounts
on Notes Payable 7,950 Interest Expense 4,000 Inventory 6,400 Notes
Payable 25,650 Costs of Goods Sold...
Riley Incorporated reports the following amounts at the end of the year (all amounts in $000):...
Riley Incorporated reports the following amounts at the
end of the year (all amounts in $000):
Cash
Depreciation Expense
Taxes Payable
$ 16,140
3,210
1,020
Product Revenues
Mortgage Payable
Treasury Stock
$ 112,500
38,000
650
Buildings
Land
Current Portion of Notes and Mortgages Payable
79,000
40,000
2,200
Salaries
Accumulated Depreciation
62,800
21,730
Accounts Payable
Net Accounts Receivable
18,500
23,500
Equipment
Income Tax Expense
Discount on Notes Payable
42,000
3,650
7,950
Interest Expense
Notes Payable
Utilities
4,000
25,650
350
Inventory
Costs...
Riley Incorporated reports the following amounts at the end of the year (all amounts in $000):...
Riley Incorporated reports the following amounts at the end of
the year (all amounts in $000): Cash Depreciation Expense Taxes
Payable $ 16,140 3,210 1,020 Product Revenues Mortgage Payable
Treasury Stock $ 112,500 38,000 650 Buildings Land Current Portion
of Notes and Mortgages Payable 79,000 40,000 2,200 Salaries
Accumulated Depreciation 62,800 21,730 Accounts Payable Net
Accounts Receivable 18,500 23,500 Equipment Income Tax Expense
Discount on Notes Payable 42,000 3,650 7,950 Interest Expense Notes
Payable Utilities 4,000 25,650 350 Inventory Costs...
YYZ has the following financial information: Current Year Prior Year # Units in Beginning Inventory ?...
YYZ has the following financial information:
Current Year
Prior Year
# Units in Beginning Inventory
?
0
# Units Sold
570,000
580,000
# Units Manufactured (Actual)
610,000
590,000
# Units Manufactured (Budget)
640,000
600,000
Selling Price
(per unit)
10.00
9.90
Variable Manufacturing Costs
(per unit)
5.00
4.80
Variable Sales+Admin Costs
(per unit)
1.00
1.00
Fixed Manufacturing Costs (Budget and Actual)
(total)
1,600,000
1,560,000
Fixed sales+admin...
Given the following information: Prior Year (Budget and Actual) Current Year (Budget and Actual) Beginning Inventory...
Given the following information:
Prior Year (Budget and Actual)
Current Year (Budget and Actual)
Beginning Inventory (Units)
0
?
Sales (Units)
600,000
575,000
Manufactured (Units)
600,000
640,000
Selling Price ($/unit)
9.90
10.00
Variable Manufacturing Cost ($/unit)
4.80
5.00
Total Fixed Manufacturing Costs ($)
1,560,000
1,600,000
Variable Selling Cost ($/unit)
1.00
1.00
Total Fixed SG&A Costs ($)
351,000
358,000
Other information:
The manufacturer uses FIFO.
All Variable costs are direct costs
Required:
Prepare an income statement for the Current Year based...
Given the following information: Prior Year (Budget and Actual) Current Year (Budget and Actual) Beginning Inventory...
Given the following information:
Prior Year (Budget and Actual)
Current Year (Budget and Actual)
Beginning Inventory (Units)
0
?
Sales (Units)
600,000
575,000
Manufactured (Units)
600,000
640,000
Selling Price ($/unit)
9.90
10.00
Variable Manufacturing Cost ($/unit)
4.80
5.00
Total Fixed Manufacturing Costs ($)
1,560,000
1,600,000
Variable Selling Cost ($/unit)
1.00
1.00
Total Fixed SG&A Costs ($)
351,000
358,000
Other information:
The manufacturer uses FIFO.
All Variable costs are direct costs
Required:
Prepare an income statement for the Current Year based...
Perpetual: Inventory costing with FIFO A company reports the following beginning inventory and two purchases for...
Perpetual: Inventory costing with FIFO
A company reports the following beginning inventory and two
purchases for the month of January. On January 26, the company
sells 360 units. Ending inventory at January 31 totals 130
units.
Units
Unit Cost
Beginning inventory on January 1
320
$
3.10
Purchase on January 9
70
3.30
Purchase on January 25
100
3.40
Required:
Assume the perpetual inventory system is used and then determine
the costs assigned to ending inventory when costs...
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