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Question - The manufacturing and selling data for Abracadabra Inc. for the year 2018 is given below: -
Selling price $35 /unit
Finished goods (beginning) 10200 units
Production 90680 units
Sales 84300 units
Variable costs:
Manufacturing $9 /unit
Selling and administrative $2 /unit
Fixed costs:
Manufacturing $320000 /year
Selling and administrative $297000 /year
Assuming costs per unit were consistent over the years in both the costing methods, prepare
(a) Prepare income statement using absorption costing.
(b) Prepare income statement using variable costing.
(c) Prepare reconciliation of net operating incomes.
Explain the budgeting process and its importance to a business, identifying the components of different budgets, forecast estimates for inclusion in the budgets.
Prepare a retained earnings statement for the year and Prepare a stockholders' equity section of given case.
Prepare a master budget for the three-month period.
Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.
Evaluate the Predetermined Overhead Rate
Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.
Complete the schedule to compute the pool rates for the different activities.
Prepare Company financial statements
This individual assignment is based on the TerraCycle Inc.
Discuss the ethical issues
Calculate the GDP in Income Approach and Expenditure Approach
A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.
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