Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. (tco d) hanks company produces a single product op

(TCO D) Hanks Company produces a single product Operating data for the company and its...

70.2K

Verified Solution

Question

Accounting

image
(TCO D) Hanks Company produces a single product Operating data for the company and its absorption costing income statement for the last year is presented below Units in beginning inventory Units produced. Units sold. 9,000 8,000 $80,000 Less cost of goods sold: Beginning inventory Add cost of goods manufactured.... Goods available for sale Less ending inventory Cost of goods sold... Gross margin Less selling and admin expenses . 54,000 54.000 ...6,000 48,000 32,000 28,000 Net operating income .$4.000 Variable manufacturing costs are $4 per unit. Fixed manufacturing overhead totals $18,000 for the year. The fixed manufacturing overhead was applied at a rate of $2 per unit. Variable selling and administrative expenses were S1 per unit sold Required Prepare a new income statement for the year using variable costing between the absorption costing and the variable costing income statements nt on the differences

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

Finance
1.2K views

The time value of money is one of those bedrock principles that supports so much of...

Medical Sciences
1.2K views

pick one of the following locations: The right pinky finger The mesentery The left breast The posterior left knee Describe...

Biology
1.2K views

Describe the characteristics of inorganic and organic catalysts (enzymes), as well as the characteristics that apply...

Geometry
1.2K views

3 In the cube above one of the edges is 4 inches a How many...

Basic Math
1.2K views

Determine the simple interest. The rate is an annual rate. Assume 360 days in a...

Algebra
1.2K views

6 Find m2C C 8 Find AB 28 ft 30 41 in 15 A 58...

Accounting
1.2K views

Brandon Hewitt died this year. In his will, he made a specific bequest of $20,000...

Accounting
1.2K views

Which type of dam is constructed using earth materials? A) Gravity dam ...

Accounting
1.2K views

Giorgio had cost of goods sold of 9,625 million

Accounting
1.2K views

HELP ME Wescott Company has three divisions: A, B, and C. The company...

Accounting
1.2K views

Randy, Inc., had following cash transactions issued $50'000 of bonds, paid dividends of $8,000, sold...

Finance
1.2K views

You are buying your first car and are paying 20% as a down payment. You...