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Category > Accounting Posted 24 Aug 2017 My Price 12.00

Sunrise Pools and Spas

EXERCISE 8–3 Reconciliation of Absorption and Variable Costing Operating Incomes [LO3]

Sunrise Pools and Spas manufactures fibreglass forms for in-ground pools and swim spas for all-season use. The company uses variable costing for internal management reports and absorption costing for external reports to shareholders, creditors, and the government. The company has provided the data for their swim spa business in years 1, 2, and 3 shown below.

The company’s fixed manufacturing overhead per unit was constant at $2,500 for all three years:

 

 

Year  1

Year 2

Year 3

Inventories:

Beginning (units). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

150

 

180

 

160

Ending (units). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

160

150

200

Variable costing operating income . . . . . . . . . . . . . . . . . . . . . .

$292,400

$269,200

$251,800

 

Required:

1.              Determine each year’s absorption costing operating income. Present your answer in the form of a reconciliation report, such as the one shown in Exhibit 8–6.

2.              In year 4, the company’s variable costing operating income was $240,200 and its absorp- tion costing operating income was $205,200. Did inventories increase or decrease during year 4? How much fixed manufacturing overhead cost was deferred or released from inventory during year 4?

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Maurice Tutor
(5)
Status NEW Posted 24 Aug 2017 12:08 AM My Price 12.00

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