Can someone assist me in figuring out what I'm doing incorrect? Required information [The...
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Can someone assist me in figuring out what I'm doing incorrect?
Required information [The following information applies to the questions displayed below. Barnes Company reports the following for its product for its first year of operations. Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses $ 35 per unit $ 25 per unit $10 per unit $ 48,000 per year $ 3 per unit $ 20,000 per year The company sells its product for $150 per unit. Compute gross profit using absorption costing assuming the company (a) produces and sells 2,000 units and (b) produces 2,400 units and sells 2,000 units. Answer is complete but not entirely correct. (a) 2,000 Units (b) 2,400 Units Gross profit using absorption costing Produced and 2,000 Produced and 2,000 Units Sold Units Sold Sales 300,000 $ 300,000 Cost of goods sold 138,000 X 130,000 X Gross profit 162,000 X $ 170,000 X
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