Company A manufactures and sells a single product. Budgeted costs for Quarters 1 and 2...
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Company A manufactures and sells a single product. Budgeted costs for Quarters and are: Direct Materials: $ per unit Direct Labor: $ per unit Variable Production Overhead: $ per unit Variable Administration Overhead: $ per unit Fixed Production Overhead: $ for the year Fixed Administration Overhead: $ for the year Fixed Production Overheads are based on an annual budgeted production of units. Fixed Selling and Distributions cost: $ per month. Variable Selling and Distributions cost: of sales revenue. units of the product were in finished goods inventory at the beginning of quarter The following information was also provided: Sales: Quarter : $ Quarter : $ Production Quarter : $ Quarter : $ The average selling price is $ per unit. Actual costs in the period were as budgeted. Required: Prepare Income Statements for each quarter using: A Marginal costing, B Absorption costing. Prepare a reconciliation statement of the profit or loss figures obtained in your answer for above.
Company A manufactures and sells a single product. Budgeted costs for Quarters and are:
Direct Materials: $ per unit
Direct Labor: $ per unit
Variable Production Overhead: $ per unit
Variable Administration Overhead: $ per unit
Fixed Production Overhead: $ for the year
Fixed Administration Overhead: $ for the year
Fixed Production Overheads are based on an annual budgeted production of units.
Fixed Selling and Distributions cost: $ per month.
Variable Selling and Distributions cost: of sales revenue.
units of the product were in finished goods inventory at the beginning of quarter
The following information was also provided:
Sales:
Quarter : $
Quarter : $
Production
Quarter : $
Quarter : $
The average selling price is $ per unit. Actual costs in the period were as budgeted.
Required:
Prepare Income Statements for each quarter using:
A Marginal costing,
B Absorption costing.
Prepare a reconciliation statement of the profit or loss figures obtained in your answer for above.
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