Variable and full costing income comprehensive problem lo

Assignment Help Accounting Basics
Reference no: EM13606821

Variable and Full Costing Income: Comprehensive Problem [LO 1,2,3] The following information relates to Jorgensen Manufacturing Products for calendar year 2011, the company's first year of operation: Units produced 8,140 Units sold 7,140 Selling price per unit $4,810 Direct material per unit $2,020 Direct labor per unit $1,250 Variable manufacturing overhead per unit $950 Variable selling cost per unit $234 Annual fixed manufacturing overhead $879,120 Annual fixed selling and administrative expense $406,000 Prepare an income statement using full costing. (List multiple entries from largest to smallest amounts, e.g. 10, 5, 2. Enter all amounts as positive amounts and subtract where necessary.) Jorgensen Manufacturing Income Statement For the Year End December 31, 2011 $ Less Gross margin Less: Net income $ Prepare an income statement using variable costing. (List multiple entries from largest to smallest amounts, e.g. 10, 5, 2. Enter all amounts as positive amounts and subtract where necessary.) Jorgensen Manufacturing Income Statement For the Year End December 31, 2011 $ Less: Contribution margin Less: Net income $ Calculate the amount of fixed manufacturing overhead that will be included in ending inventory under full costing. $ What is the difference between income computed under variable costing and income computed under full costing? $ Suppose that the company sold 8,140 units during the year. What would the variable costing net income have been? $ What would the full costing net income have been? $ Click here if you would like to Show Work for this question

Reference no: EM13606821

Questions Cloud

5ft3 of ammonia is initially at 100 psi and a specific : 5ft3 of ammonia is initially at 100 psi and a specific volume of 0.024ft3lbm is heated or cooled to make this an
A 75kg astronaut is holding a 5kg ball while in deepspace : a 75kg astronaut is holding a 5kg ball while in deepspace. he wants to use the ball to travel backwards towards his
Waheed co budgeted manufacturing overhead rate allocated : waheed co budgeted manufacturing overhead rate allocated overhead over under 4.19 waheed company uses normal costing.
Determine the point estimate of the population mean and : determine the point estimate of the population mean and margin of error for the confidence interval. lower bound is 16
Variable and full costing income comprehensive problem lo : variable and full costing income comprehensive problem lo 123 the following information relates to jorgensen
Now sketch the cycle on a pressure-volume diagram determine : a gas within a piston-cylinder assembly undergoes a thrmodynamics cycle consisting of three processesprocess from state
Variable and full costing income comprehensive problem lo : variable and full costing income comprehensive problem lo 123 the following information relates to jorgensen
Cash 60000 accounts receivable 25000 allowances of : united co. has the following account balancescash 60000 accounts receivable 25000 allowances of uncollectible accounts
What is the speed of a car going v 1000 mph in si units : what is the speed of a car going v 1.000 mph in si units? notice that you will need to change from miles to meters and

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Determine the amount of operating cash flows the company

A company provides services on account during the current year totaling $400,000. By the end of the year, $350,000 of this amount had been received on account from customers for services provided in the prior years. Determine the amount of operati..

  Balance in investment in peasant account

Peasant's investment account balance at teh beginning of 2006 was $581.000. during 2006 slave reports a net loss of $60,000 yet pays dividends totaling $25,000. Calculate the balance in the investment in peasant account at the end of 2006?

  Anita zurbrugg was just hired as the assistant treasurer of

anita zurbrugg was just hired as the assistant treasurer of yorktown stores. the company is a specialty chain store

  Compare the amount of overhead allocated to one mobile safe

wilkins corporation manufactures safes-large mobile safes and large walk-in stationary bank safes. as part of its

  Using the high-low method calculate the variable cost

weekmachine hoursoverhead cost168 1190262 1004372nbspnbspnbsp 918446nbspnbspnbsp 710594 1025648nbspnbspnbsp 965answer

  Increase in the total stockholders equity

the common stock had a market value of $xx per share (the shares were originally issued at $xx per share). As a result of this exchange, Abel's total stockholders' equity will increase by ??

  In chapter 16 we learned that companies under the cost

the historical cost principle states that assets should be recorded at the cost of the consideration given at the time

  Afterr the accounts are closed on september 10 2010 prior

afterr the accounts are closed on september 10 2010 prior to liquidating the partnership the capital accounts of kris

  Conducting an attestation engagement

What standards are used to conduct an attestation engagement? These standards differ conceptually from Generally Accepted Auditing Standards (GAAS). Identify the conceptual differences.

  Valuing available-for-sale securities at fair value

the cost of the available-for-sale securities was $62,400, and the fair value was $56,900. Prepare the adjusting entry to record the unrealized gain or loss for available-for-sale securities on December 31, 2012.

  Sanchez manufacturing purchases 45000 of raw materials on

sanchez manufacturing purchases 45000 of raw materials on account and it incurs 50000 of factory labor costs.supporting

  Journalize the transactions and posting

Journalize the Transactions and Posting  them into ledger and Preparation of Trial Balance.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd