User Account

All Pages

Prepare an income statement using absorption costing

Assignment Help Financial Accounting
Reference no: EM13518989

1. HJ Turner Corporation produces a single product. Data concerning the company's operations last year appear below:

Units in beginning inventory

0

Units produced

10,000

Units sold

9,000

Selling price per unit

$60

Variable costs per unit:

Direct materials

$15

Direct labor

$5

Variable manufacturing overhead

$2

Variable selling and administrative

$4

Fixed costs in total:

Fixed manufacturing overhead

$200,000

Fixed selling and administrative

$70,000

Assume direct labor is a variable cost.

Required:

a. Compute the unit product cost under both absorption and variable costing.

b. Prepare an income statement for the year using absorption costing.

c. Prepare an income statement for the year using variable costing.

d. Prepare a report reconciling the difference in net operating income between absorption and variable costing for the year.

Reference no: EM13518989

Questions Cloud

Define how will the graph compare to the original graph : suppose the original experiment is done on the Moon, where g, the acceleration due to gravity, is about one-sixth of g on Earth. If the magnet is dropped from height H, how will the graph compare to the original graph
What is the leakage resistant : Capacitors won't hold a charge indefinitely; as time goes on, charge gradually migrates from the positive to the negative plate. We can model this as a discharge of the capacitor through an internal "leakage resistance." What is the leakage resist..
Break-even point in sales dollars for each division : Calculate the break-even point in sales dollars for each division and calculate the degree of operating leverage for the Manufacturing Division for each year.
Explain reference solution is made acidic instead of basic : The reference solution is made acidic instead of basic. How would this change the the test for Precipitating the CO32- and how will it change the composition of the precipitate
Prepare an income statement using absorption costing : Compute the unit product cost under both absorption and variable costing and prepare an income statement for the year using absorption costing.
Explain test solution is made basic and drops : A test solution is made basic and drops of 0.1 M Ca(NO3)2 are added but no precipitate forms. What will occur next. Is this an acidic solution. Does a precipitate form. Explain.
Find at what rate is the magnetic field changing : A magnetic field points perpendicular into a 5x12 cm rectangular coil of 44 turns and resistance .25 omega. wa a certain instant, at what rate is the magnetic field changing in telsa per second
Explain mole fraction of each component in solution : A solution of glucose in water is labelled as 10% (w/w) the density of solution is 1.20gm per ml calculate 1.)molarity 2.)molality 3.) mole fraction of each component in solution
Compute the unit product cost in each year : Compute the unit product cost in each year under variable costing - prepare new income statements for each year using variable costing.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Compute the past service costs included in net pension

Calculate the past service costs included in 2009 net pension expense (or revenue) under IAS 19. Compute the past service costs included in 2009 net pension expense (or revenue) under US GAAP

  Qevaluate debit and credit card feesthe local

qevaluate debit and credit card feesthe local japanese-style steakhouse expects sales to be 50000 in january. the

  1 find what purposes are served by shelter partnerships

1. find what purposes are served by shelter partnerships cost information?2. find what are cost objects?3. are ruth

  Prepare the adjusting entry for the accrual of interest

Jan. 1 Purchased 50, $1,000, 12% Clinton Company bonds for $50,000 plus broker's fees of $1,500. Interest is payable semiannually on January 1 and July.

  Check the requirements of aasb framework

Give a response to the shareholder on the basis of these requirements. Check the requirements of both AASB 138 and the AASB Framework in relation to accounting for brands;

  One of your customers is delinquent on his accounts payable

one of your customers is delinquent on his accounts payable balance. youve mutually agreed to a repayment schedule of

  Similarities and differences between u.s. gaap and ifrs

Review the section towards the end of each of chapters 6 through 10 titled "Global View." Discuss the major similarities and differences between U.S. GAAP and IFRS.

  Determine what is your selling price

Imagine you are President of a company (the company is your choice). Tell us about the product you are selling and which of the four pricing strategies you would use to determine your selling price?

  Kirk company gathered the subsequent information for the

kirk company gathered the subsequent information for the year ended 31st december 2015units produced 45000units

  Heather owns a two-story building the building is used 60

heather owns a two-story building. the building is used 60 percent for business use and 40 percent for personal use.

  How christine should treat each of the five transactions

Explain how Christine should treat each of the five transactions listed above according to the appropriate accounting concepts.

  Present value and multiple cash flowsinvestment x offers to

present value and multiple cash flows.investment x offers to pay you 7000 per year for eight years whereas investment y

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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