Exercise 19-8(Algo) Variable costing income statement LO P2 Kenzi, a manufacturer of kayaks,...
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Exercise Algo Variable costing income statement LO P Kenzi, a manufacturer of kayaks, began operations this year. During this year, the company produced kayaks and sold at a price of $ each. At yearend, the company reported the following income statement information using absorption costing. Sales times $ $ Cost of goods sold times $ Gross profit Selling and administrative expenses Income $ Additional Information a Product cost per kayak under absorption costing totals $ which consists of $ in direct materials, direct labor, and variable overhead costs and $ in fixed overhead cost. Fixed overhead of $ per unit is based on $ of fixed overhead per year divided by kayaks produced. b The $ in selling and administrative expenses consists of $ that is variable and $ that is fixed. Prepare an income statement for the current year under variable costing.
Exercise Algo Variable costing income statement LO P
Kenzi, a manufacturer of kayaks, began operations this year. During this year, the company produced kayaks and sold at a price of $ each. At yearend, the company reported the following income statement information using absorption costing.
Sales times $ $
Cost of goods sold times $
Gross profit
Selling and administrative expenses
Income $
Additional Information
a Product cost per kayak under absorption costing totals $ which consists of $ in direct materials, direct labor, and variable overhead costs and $ in fixed overhead cost. Fixed overhead of $ per unit is based on $ of fixed overhead per year divided by kayaks produced.
b The $ in selling and administrative expenses consists of $ that is variable and $ that is fixed.
Prepare an income statement for the current year under variable costing.
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