Home / Questions / The variable costing income statement for Jackson Company for this year is as follows
The variable costing income statement for Jackson Company for this year is as follows:
Sales (5,000 units)$100,000
Variable expenses:
Cost of goods sold$30,000
Selling (10% of sales)10,00040,000
Contribution margin$ 60,000
Fixed expenses:
Manufacturing overhead$24,000
Administrative14,40038,400
Net income$ 21,600
Selected data for this year concerning the operations of the company are as follows:
Beginning inventory-0- units
Units produced8,000 units
Manufacturing costs:
Direct labour$3.00 per unit
Direct materials1.60 per unit
Variable overhead1.40 per unit
Required: Prepare an absorption costing income statement for this year.
2.Baker Company produced 30,000 units and sold 28,000 units in 2010. Beginning inventory was zero. During the period, the following costs were incurred:
Indirect labour$ 60,000
Indirect materials30,000
Other90,000
Fixed manufacturing overhead180,000
Fixed administrative expenses150,000
Fixed selling expenses120,000
Variable selling expenses, per unit40
Direct labour, per unit80
Direct materials, per unit20
Required: Compute the dollar amount of ending inventory using:
A.Absorption costing
B.Variable costing
3.Ellie Manufacturing Company produces three products: A, B, and C. The income statement for this year is as follows:
Sales$200,000
Less: Variable expenses127,000
Contribution margin$ 73,000
Less fixed expenses:
Manufacturing$20,000
Selling and administrative14,00034,000
Net income$ 39,000
The sales, contribution margin ratios, and direct fixed expenses for the three types of products are as follows:
A BC
Sales$60,000$40,000$100,000
Contribution margin ratio35%30%40%
Direct fixed expenses of products$ 8,000$ 5,000$4,000
Required: Prepare income statements segmented by products. Include a column for the entire firm in the statement.
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