Question
In: Accounting
Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and...
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 $ 20 per unit Fixed $ 8,800,000 (per year) Selling and administrative costs for the year Variable $ 725,000 Fixed $ 4,500,000 Production and sales for the year Units produced 110,000 units Units sold 80,000 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.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and...
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
$
40
per unit
Fixed
$
6,300,000
(per year)
Selling and administrative costs for the year
Variable
$
750,000
Fixed
$
5,000,000
Production and sales for the year
Units produced
105,000
units
Units sold
75,000
units
Sales price per unit
$...
Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and...
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 $ 40 per
unit Fixed $ 6,600,000 (per year) Selling and administrative costs
for the year Variable cost $ 775,000 Fixed cost $ 4,500,000
Production and sales for the year Units produced 110,000 units
Units sold 80,000 units Sales price per...
Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and...
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
$
5,000,000
Production and sales for the year
Units produced
105,000
units
Units sold
75,000
units
Sales price per unit
$...
Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and...
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
$
775,000
Fixed
$
5,000,000
Production and sales for the year
Units produced
105,000
units
Units sold
75,000
units
Sales price per unit
$...
Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and...
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 $ 20 per
unit Fixed $ 8,800,000 (per year) Selling and administrative costs
for the year Variable $ 725,000 Fixed $ 4,500,000 Production and
sales for the year Units produced 110,000 units Units sold 80,000
units Sales price per unit $...
Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and...
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
$
40
per unit
Direct labor
$
60
per unit
Overhead costs
Variable
$
30
per unit
Fixed
$
7,000,000
(per year)
Selling and administrative costs for the year
Variable
$
770,000
Fixed
$
4,250,000
Production and sales for the year
Units produced
100,000
units
Units sold
70,000
units
Sales price per unit
$...
Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and...
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 $ 40 per
unit Fixed $ 6,600,000 (per year) Selling and administrative costs
for the year Variable $ 700,000 Fixed $ 4,500,000 Production and
sales for the year Units produced 110,000 units Units sold 80,000
units Sales price per unit $...
Sims Company, a manufacturer of tablet computers, began operations on January 1, 2015. Its cost and...
Sims Company, a manufacturer of tablet computers, began
operations on January 1, 2015. Its cost and sales information for
this year follows.
Manufacturing
costs
Direct materials
$
35
per unit
Direct labor
$
55
per unit
Overhead costs for the year
Variable
overhead
$
4,200,000
Fixed
overhead
$
6,300,000
Selling and
administrative costs for the year
Variable
$
800,000
Fixed
$
4,500,000
Production and sales
for the year
Units produced
105,000
units
Units sold
75,000
units
Sales price per unit...
Sims Company, a manufacturer of tablet computers, began operations on January 1, 2017. Its cost and...
Sims Company, a manufacturer of tablet computers, began
operations on January 1, 2017. Its cost and sales information for
this year follows.
Manufacturing costs
Direct materials
$
35
per unit
Direct labor
$
55
per unit
Overhead costs for the year
Variable overhead
$
2,100,000
Fixed overhead
$
8,400,000
Selling and administrative costs for the year
Variable
$
800,000
Fixed
$
4,750,000
Production and sales for the year
Units produced
105,000
units
Units sold
75,000
units
Sales price per unit...
Sims Company, a manufacturer of tablet computers, began operations on January 1, 2017. Its cost and...
Sims Company, a manufacturer of tablet computers, began
operations on January 1, 2017. Its cost and sales information for
this year follows.
Manufacturing
costs
Direct materials
$
30
per unit
Direct labor
$
50
per unit
Overhead costs for the year
Variable overhead
$
2,000,000
Fixed overhead
$
8,000,000
Selling and administrative costs
for the year
Variable
$
775,000
Fixed
$
4,250,000
Production and sales for the
year
Units produced
100,000
units
Units sold
70,000
units
Sales price per unit...
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