Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. exercise 19-3 income reporting under absorption co

Exercise 19-3 Income reporting under absorption costing and variable costing LO P2 Sims Company, a...

60.1K

Verified Solution

Question

Accounting

image
Exercise 19-3 Income reporting under absorption costing and variable costing LO P2 Sims Company, a manufacturer of tablet computers, began operations on January 1, 2017. Its cost and sales information for this year follows 40 per unit 60 per unit Manufacturing costs Direct materials Direct labor Overhead costs for the year Variable overhead Fixed overhead Selling and administrative costs for the year Variable Fixed Production and sales for the year Units produced Units sold Sales price per unit $4,400,000 $5,600,000 $750,000 $4,750,000 110,000 units 80.000 units $ 350 per unit 1. Prepare an income statement for the year using variable costing 2. Prepare an income statement for the year using absorption costing 3. Under what circumstances) is reported Income identical under both absorption costing and variable costing? Complete this question by entering your answers in the tabs below

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Calculus
1.2K views

The function below has at least one rational zero Use this fact to find all...

Algebra
1.2K views

13 Simplify the following polynomial 7g h 3gh gh 3gh 1

Algebra
1.2K views

Question 12 Two different courier companies charge 3x 5 and 2x 7 respectively where x...

Accounting
1.2K views

be sold at the end of 4 years for a price of $14,100. ...

Accounting
1.2K views

5. Thad Morgan, a motorcycle enthusiast, has been exploring the possibility of relaunching the Western...

Accounting
1.2K views

What is a management representation letter "rep letter", and how is it different from a...

Accounting
1.2K views

Yams Company reports the following operating results for the month of August: sales $408,000 (units...

Accounting
1.2K views

Using the sequential method, allocate the costs of the Human Resources and General Factory departments...

Accounting
1.2K views

Current Attempt in Progress Oriole Industries purchased equipment at a cost of $105,600 on January...

Accounting
1.2K views

I need to know what the results would look like in excel. The...

Accounting
1.2K views

When sales are more than production, operating income will be lower under absorption costing than...

Finance
1.2K views

What is the value today of a 15 -year annuity that pays \\( \\$ 660...