The following information pertains to the first year of operation for Crystal Cold Coolers Inc.: Number of...

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Accounting

The following information pertains to the first year ofoperation for Crystal Cold Coolers Inc.:

Number of units produced 3,000
Number of units sold 2,300
Unit sales price $ 340
Direct materials per unit 70
Direct labor per unit 40
Variable manufacturing overhead per unit 11
Fixed manufacturing overhead per unit ($180,000/3,000units) 60
Total variable selling expenses ($14 per unit sold) 32,200
Total fixed general and administrative expenses 56,000

Required:
Prepare Crystal Cold’s full absorption costing income statement andvariable costing income statement for the year.(Do not leave any numeric cells blank,enter a zero wherever required.)

Answer & Explanation Solved by verified expert

3.6 Ratings (419 Votes)

Absorption costing income statement Sales revenue 2300 units 340 782000 Less Cost of Goods sold Material 300070 210000 Direct labor 300040 120000 Variable Oh 300011 33000 Fixed See Answer

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Number of units produced		3,000
Number of units sold		2,300
Unit sales price	$	340
Direct materials per unit		70
Direct labor per unit		40
Variable manufacturing overhead per unit		11
Fixed manufacturing overhead per unit ($180,000/3,000units)		60
Total variable selling expenses ($14 per unit sold)		32,200
Total fixed general and administrative expenses		56,000