The following information pertains to the first year of operation for Crystal Cold Coolers Inc.: Number of...

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Accounting

The following information pertains to the first year ofoperation for Crystal Cold Coolers Inc.:

Number of units produced 2,800
Number of units sold 2,600
Unit sales price $ 340
Direct materials per unit $ 65
Direct labor per unit $ 40
Variable manufacturing overhead per unit $ 10
Fixed manufacturing overhead per unit ($224,000/2,800units) $ 80
Total variable selling expenses ($14 per unit sold) $ 36,400
Total fixed general and administrative expenses $ 59,000
Required:
Prepare Crystal Cold’s full absorption costing income statementand variable costing income statement for the year.
Variable costing statement please

Answer & Explanation Solved by verified expert

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Answer Crystal Cold Coolers Inc Contribution Margin statement Using variable costing approach Particulars Amount Sales a 2600 units340 per unit 884000 Less Variable cost of goods sold b Opening inventory Add Variable cost of goods manufatured 322000 Direct materials 2800 units65 per unit 182000 Direct labor 2800 units40 per unit 112000 Variable factory See Answer

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The following information pertains to the first year ofoperation for Crystal Cold Coolers Inc.: Number of units produced2,800Number of units sold2,600Unit sales price$340Direct materials per unit$65Direct labor per unit$40Variable manufacturing overhead per unit$10Fixed manufacturing overhead per unit ($224,000/2,800units)$80Total variable selling expenses ($14 per unit sold)$36,400Total fixed general and administrative expenses$59,000Required:Prepare Crystal Cold’s full absorption costing income statementand variable costing income statement for the year.Variable costing statement please

The following information pertains to the first year of operation for Crystal Cold Coolers Inc.: Number of...

80.2K

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Question

Accounting

Answer & Explanation Solved by verified expert

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Number of units produced		2,800
Number of units sold		2,600
Unit sales price	$	340
Direct materials per unit	$	65
Direct labor per unit	$	40
Variable manufacturing overhead per unit	$	10
Fixed manufacturing overhead per unit ($224,000/2,800units)	$	80
Total variable selling expenses ($14 per unit sold)	$	36,400
Total fixed general and administrative expenses	$	59,000