Prepare an income statement for the lincoln company

Assignment Help Accounting Basics

Reference no: EM131902054

Problem

Lincoln Company, which has only one product, has provided the following data concerning its most recent month of operations.

Selling price $125

Units in beginning inventory 600

Units produced 3,000

Units sold 3,500

Units in ending inventory 100

Variable costs per unit:

Direct materials $27

Direct labor $18

Variable manufacturing overhead $10

Variable selling and admin $12

Fixed costs:

Fixed manufacturing overhead $75,000

Fixed selling and admin $30,000

Required:

What is the unit product cost for the month under variable costing?
What is the unit product cost for the month under absorption costing?
Prepare an income statement for the month using the variable costing method.
Prepare an income statement for the month using the absorption costing method.

Reference no: EM131902054

Questions Cloud

How te distributions are taxed to lily grace and christina : Lilly, Grace, and Christina are 20%, 20%, and 60% owners respectively of Widget Corp. Explain how the distributions are taxed to Lily, Grace, and Christina.

How would you apply your new knowledge : Write a critical evaluation of your learning outcomes and Base on the course content, discuss new skills you acquired from this class? How relevant are the new

What about the front page test : Each year, the sale of Girl Scout cookies is the major fund-raiser for local troops. But because the organization was criticized for promoting such unhealthy.

Describe how the internal rate of return method works : What do you think is the reason managers feel most managers feel most comfortable basing capital budget decisions on the IRR method?

Prepare an income statement for the lincoln company : Prepare an income statement for the month using the variable costing method. Prepare an income statement for the month using the absorption costing method.

Define organizational commitment : Identify the key individual outcomes in the studies of organizational behavior and describe the factors that affect these key outcomes.

What are the bank actual and required reserves : What are the bank's actual and required reserves? What action can the bank take and why would it do this? Over time what could be expected

Total amount of consumption : Where +Ig determine the equilibrium level of income (Y). Also, determine at equilibrium the total amount of consumption

What is the leadership paradox : What is the leadership paradox? Give some reasons why a leader can encounter difficulty in newly formed teams or groups using a participative management system

User Account

All Pages