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In: Accounting
Summarized data for 2016 (the first year of operations) for Trenton Products, Inc., are as follows:...
Summarized data for 2016 (the first year of operations) for Trenton Products, Inc., are as follows: Sales (200,000 units) $16,000,000 Production costs (210,000 units) Direct material 4,200,000 Direct labor 3,360,000 Manufacturing overhead: Variable 2,520,000 Fixed 2,100,000 Operating expenses: Variable 1,120,000 Fixed 1,280,000
a. Prepare an income statement based on full absorption costing. Only use a negative sign with your answer for net income (loss), if the answer represents a net loss. Otherwise, do not use negative signs with any answers. Round answers to the nearest whole number, when applicable.
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ekkarill92 answered 1 year agoRelated Solutions
Summarized data for 2016 (the first year of operations) for Gorman Products, Inc., are as follows:...
Summarized data for 2016 (the first year of operations) for
Gorman Products, Inc., are as follows:
Sales (75,000 units)
$1,500,000
Production costs (80,000 units)
Direct material
440,000
Direct labor
360,000
Manufacturing overhead:
Variable
272,000
Fixed
160,000
Operating expenses:
Variable
84,000
Fixed
120,000
Depreciation on equipment
30,000
Real estate taxes
9,000
Personal property taxes (inventory & equipment)
14,400
Personnel department expenses
15,000
a. Prepare an income statement based on full absorption
costing.
Only use a negative sign with your answer for...
Variable and Absorption Costing Summarized data for 2016 (the first year of operations) for Gorman Products,...
Variable and Absorption Costing
Summarized data for 2016 (the first year of operations) for Gorman
Products, Inc., are as follows:
Sales (75,000 units)
$1,500,000
Production costs (80,000 units)
Direct material
440,000
Direct labor
360,000
Manufacturing overhead:
Variable
272,000
Fixed
160,000
Operating expenses:
Variable
84,000
Fixed
120,000
Depreciation on equipment
30,000
Real estate taxes
9,000
Personal property taxes (inventory & equipment)
14,400
Personnel department expenses
15,000
a. Prepare an income statement based on full absorption
costing.
Only use a negative sign...
Variable and Absorption Costing Summarized data for 2019 (the first year of operations) for Gorman Products,...
Variable and Absorption Costing
Summarized data for 2019 (the first year of operations) for Gorman
Products, Inc., are as follows:
Sales (70,000 units)
$2,800,000
Production costs (80,000 units)
Direct material
880,000
Direct labor
720,000
Manufacturing overhead:
Variable
544,000
Fixed
320,000
Operating expenses:
Variable
175,000
Fixed
240,000
Depreciation on equipment
60,000
Real estate taxes
18,000
Personal property taxes (inventory & equipment)
28,800
Personnel department expenses
30,000
a. Prepare an income statement based on full absorption
costing.
Only use a negative sign...
Summarized data for Walrus Co. for its first year of operations are: $ .
Summarized data for Walrus Co. for its first year of operations
are:
$
.
Summarized data for Walrus Co. for its first year of operations are: Sales (110,000 units) $5,500,000...
Summarized data for Walrus Co. for its first year of operations
are:
Sales (110,000 units)
$5,500,000
Production Costs (132,000 units):
Direct Material
1,848,000
Direct Labor
1,584,000
Manufacturing Overhead:
Variable
924,000
Fixed
330,000
Selling and Administrative Expenses:
Variable
275,000
Fixed
473,000
A. Prepare an income statement under absorption
costing.
Walrus Co.
Absorption Costing Income Statement
Sales
$
Cost of Goods Sold:
Direct Material
$
Direct Labor
Variable Overhead
Fixed Overhead
$
Ending Inventory
Total Cost of Goods Sold
Gross Profit
$...
Summarized data for Walrus Co. for its first year of operations are: Sales (100,000 units) $6,000,000...
Summarized data for Walrus Co. for its first year of operations
are:
Sales (100,000 units)
$6,000,000
Production Costs (120,000 units):
Direct Material
1,800,000
Direct Labor
1,440,000
Manufacturing Overhead:
Variable
840,000
Fixed
300,000
Selling and Administrative Expenses:
Variable
250,000
Fixed
430,000
A. Prepare an income statement under absorption
costing.
Walrus Co.
Absorption Costing Income Statement
Sales
$fill in the blank 09ad3007df85f95_2
Cost of Goods Sold:
Direct Material
$fill in the blank 09ad3007df85f95_4
Direct Labor
fill in the blank 09ad3007df85f95_6
Variable Overhead...
Data on Trenton Travel Inc. for the most recent year are shown below, along with the...
Data on Trenton Travel Inc. for the most recent year are shown
below, along with the days sales outstanding of the firms against
which it benchmarks. The firm's new CFO believes that the company
could reduce its receivables enough to reduce its DSO to the
benchmarks' average. If this were done, by how much would
receivables decline? Use a 365-day year.
Sales
$110,000
Days sales outstanding (DSO)
49.78
Benchmark days sales outstanding (DSO)
20
During the first month of operations ended July 31, YoSan Inc. manufactured 9,200 flat panel televisions, of which 8,600 were sold. Operating data for the month are summarized as follows:
Absorption and Variable Costing Income StatementsDuring the first month of operations ended July 31, YoSan Inc.
manufactured 9,200 flat panel televisions, of which 8,600 were
sold. Operating data for the month are summarized as follows:Sales$1,505,000Manufacturing costs: Direct materials$754,400 Direct labor230,000 Variable manufacturing cost193,200 Fixed manufacturing cost101,2001,278,800Selling and administrative expenses: Variable$120,400 Fixed55,400175,800Required:1. Prepare an income statement based on the
absorption costing concept.YoSan Inc.Absorption Costing Income StatementFor the Month Ended July 31$fill in the blank a89d36fd7f84fe8_2Cost of goods sold:$fill in the blank...
Hurricane Inc. purchased a portfolio of available-for-sale securities in 2016, its first year of operations. The...
Hurricane Inc. purchased a portfolio of available-for-sale
securities in 2016, its first year of operations. The cost and fair
value of this portfolio on December 31, 2016, was as follows:
1
Name
Number of Shares
Total Cost
Total Fair Value
2
Tornado Inc.
830.00
$14,857.00
$16,185.00
3
Tsunami Corp.
1,230.00
31,488.00
34,809.00
4
Typhoon Corp.
2,170.00
44,268.00
43,834.00
5
Total
$90,613.00
$94,828.00
On June 12, 2017, Hurricane purchased 1,400 shares of Rogue Wave
Inc. at $50 per share plus a...
Hurricane Inc. purchased a portfolio of available-for-sale securities in 2016, its first year of operations. The...
Hurricane Inc. purchased a portfolio of available-for-sale
securities in 2016, its first year of operations. The cost and fair
value of this portfolio on December 31, 2016, was as follows:
1
Name
Number of Shares
Total Cost
Total Fair Value
2
Tornado Inc.
760.00
$12,920.00
$14,820.00
3
Tsunami Corp.
1,220.00
30,988.00
34,648.00
4
Typhoon Corp.
2,170.00
44,051.00
43,400.00
5
Total
$87,959.00
$92,868.00
On June 12, 2017, Hurricane purchased 1,440 shares of Rogue Wave
Inc. at $48 per share plus a...
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