User Account

All Pages

Prepare income statement in accordance with variable costing

Assignment Help Accounting Basics
Reference no: EM131643463

Problem  - On January 1 of the current year, C. F. Hartley Co. commenced operations. It operated its plant at 100% of capacity during January. The following data summarized the results for January:

                                              Units

Production

Sales ($18 per unit)                 50,000

Inventory, January 31              42,000

                                              8,000

Total Cost or Expense

Manufacturing costs:

Variable                                  $575,000

Fixed                                      75,000

Total                                       $ 650,000

Selling and administrative expenses:

Variable                                  $ 33,600

Fixed                                      10,500

Total                                      $ 44,100

(a) Prepare an income statement in accordance with absorption costing.

(b) Prepare an income statement in accordance with variable costing.

Reference no: EM131643463

Questions Cloud

What is the fourth face out of the five faces of oppression : What is the fourth face out of "the Five Faces of Oppression"? How is the term supported in Young's theory? Provide two examples to support your answer.
What is powerlessness : What is powerlessness? How does Iris Young use this to support her theory on "The Five Faces of Oppression"?
Define develop a pros and cons list to assist mary : How would you decide. Develop a pros and cons list to assist Mary in making her decision
Iris youngs theory of the five faces of oppression : What is the second face in Iris Young's theory of "The Five Faces of Oppression"? Use two examples to support your answer.
Prepare income statement in accordance with variable costing : On January 1 of the current year, C. F. Hartley Co. commenced operations. Prepare an income statement in accordance with variable costing
Servant leadership is related to creativity : Direndonck and Rook, in chapter 13 of the textbook, argue that servant leadership is related to creativity.
Design and include forms in the project website : COIT 20268 - Formulate a standard for all alt and title attributes and Examine the flowchart you created for your web site - Design and include forms
Define birth control consequences : Research social, religious, cultural, and geographical consequences of a patient using birth control
What might be the results and consequences of statements : What might be the results and consequences of fraudulent accounting statements, breaking the law, and lack of integrity by top management?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Journalize all entries required for marathon running shoes

Journalize all entries required for Marathon Running Shoes

  Calculate break-even point both in total units

Calculate break-even point both in total units and total sales dollars

  Why is income tax allocation unique

Relative to depreciation, why is comprehensive allocation an example of rigid uniformity and partial allocation an example of finite uniformity?

  What is the total amount of product costs incurred

For financial accounting purposes, what is the total amount of product costs incurred to make 12,000 units?

  Research scholarly empirical journal review

Select a scholarly empirical journal article* in Business and craft a response that adheres to the following: Please do not use quotes or copy definitions. You must also place a reference list at the end of your work containing the textbook and the ..

  Which is a red flag associated with fictitious revenues

Which of the following is a red flag associated with fictitious revenues? Which of the following is not an example of financial statement fraud?

  What is the expected return of each asset

What is the expected return of each asset?

  What was the balance in salaries payable on december

If the company paid $12,500 in salaries in 2010, what was the balance in Salaries Payable on December 31,2009?

  Which investment would yield the greater after-tax return

Which investment would yield the greater after-tax return

  On september 1 2013 triton entertainment borrowed 24

on september 1 2013 triton entertainment borrowed 24 million cash to fund a new fun park. the loan was made by nevada

  What price per unit would have been charged to the customer

If the job contained 520 units and the company billed at 60% above the unit product cost on the job cost sheet, what price per unit would have been charged to the customer?

  Effects of the transactions on the accounting equation

Pass Journal entries for the above transactions of Black and White ltd - Post them to the appropriate Ledger Accounts - Analyse the effects of the transactions on the accounting equation.

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