Topple company produces a single product operating data for

Assignment Help Accounting Basics
Reference no: EM13590583

Topple Company produces a single product. Operating data for the company and its absorption costing income statement for the last year are presented below:                                                                                                                                                                      

Units in beginning inventory 2,000
Units produced 9,000
Units sold 10,000
Sales $100,000

Less cost of goods sold:                                                                                                                                                                                                                                                                                                                                   

Beginning inventory 12,000
Add cost of goods manufactured 54,000
Goods available for sale 66,000
Less ending inventory 6,000
Cost of goods sold 60,000
Gross margin 40,000
Less selling and admin. expenses 28,000
Net operating income $12,000

Variable manufacturing costs are $4 per unit. Fixed factory overhead totals $18,000 for the year. This overhead was applied at a rate of $2 per unit. Variable selling and administrative expenses were $1 per unit sold.  

Required: Prepare a new income statement for the year using variable costing. Comment on the differences between the absorption costing and the variable costing income statements.

Reference no: EM13590583

Previous Q& A

  A bond has a par value of 1000 coupon interest rate of 4

a bond has a par value of 1000 coupon interest rate of 4 maturity of 15 years and yield to maturity of 5. please

  A laser emits a narrow beam of light the radius of the beam

question a laser emits a narrow beam of light. the radius of the beam is 1.5 mm and the power is 2.9 mw. what is the

  The team still has 45 games to play how many of the

a basketball team won 50 games of 75 played. the team still has 45 games to play. how many of the remaning games must

  Costs added during period direct materials 119637 direct

department g had 3453 units one-third completed at the beginning of the period 12515 units were completed during the

  Mehta company traded a used welding machine cost 26082

mehta company traded a used welding machine cost 26082 accumulated depreciation 8694 for office equipment with an

  On december 1 martin company signed a 90-day 8 note payable

on december 1 martin company signed a 90-day 8 note payable with a face value of 13800. what amount of interest expense

  On june 5 2013 dan purchased and placed in service a

on june 5 2013 dan purchased and placed in service a seven-year class asset costing 550000. determine the maximum cost

  The chandra satellite telescope orbits as much as 87000

the chandra satellite telescope orbits as much as 87000 mile above earth. this is about 13 of the distance of the

  Assume that you are the nurse manager planning the staffing

assume that you are the nurse manager planning the staffing for a 20-bed short-term surgical unit that will be open

  The fair value of the trading securities at the end of last

presented below are unrelated cases involving investments in equity securities.case i. the fair value of the trading

Reviews

Write a Review

 

Similar Q& A

  Find breakeven and target profit volume

Find breakeven and target profit volume

  Comparing actual performance of the operations

The benefits of comparing actual performance of the operations against planned goals include all of the following except:

  After numerous campus interviews alex sanchi a student at

after numerous campus interviews alex sanchi a student at bc received two office interview invitations from the orlando

  Determining annual rate of return

A financial analyst tells you that investing in stocks will allow you to triple your money in 15 years. What annual rate of return is the analyst assuming you can earn?

  Calculate the firm-s eva and mva

Calculate the firm's EVA and MVA for 2005. Assume that Cumberland had 10 million shares outstanding that the year end closing stock price was $17.25 per share, and after tax cost capital was (WACC) 12%.

  What is the market value of a 1000 bond which has a coupon

what is the market value of a 1000 bond which has a coupon interest rate of 8 and will mature in 20 years if it is

  Norman concrete company pours concrete slabs for

norman concrete company pours concrete slabs for single-family dwellings. wayne construction company which operates

  Partnership income-sharing agreement

Partnership income-sharing agreement

  How much total bond interest expense

The bonds mature in three years. The annual market rate at the date of issuance is 12%, and the bonds are sold for $277,872. How much total bond interest expense?

  Prepare the entry to record depreciation for 2013

Machinery purchased for $72,280 by Carver Co. in 2008 was originally estimated to have a life of 8 years with a salvage value of $5,560 at the end of that time. Depreciation has been entered for 5 years on this basis.

  Maintaining current market share and profitability

Calculate the target cost for maintaining current market share and profitability.

  Computing amount paid to common shareholders

Intrepid Inc. declared a $1,000,000 cash dividend. It currently has 15,000 shares of 6%, $100 par value cumulative preferred stock outstanding. It is one year in arrears on its preferred stock. How much cash will Intrepid distribute to the common ..

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