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Category > Management Posted 12 Jan 2018 My Price 8.00

Bernon Co

(TCO E) The following absorption costing income statement and additional data are available from the accounting records of Bernon Co. for the month ended May 31, XXXX. During the accounting period,17,000 units were manufactured and sold at a price of $60 per unit. There were no beginning inventories.

 

Bernon Co.

Absorption Costing Income Statement

for the Month Ended May 31, XXXX

  

Sales (17,000 @ $60)

$1,020,000

Cost of goods sold

612,000

Gross profit

$ 408,000

Selling and administrative expenses

66,000

Income from operations

$ 342,000

 

Additional Information:

 

Cost

Total Cost

Number of Units

Unit Cost

Manufacturing costs:

      

Variable

$442,000

17,000

$26

Fixed

170,000

17,000

10

Total

$612,000

  

$36
       

Selling and administrative expenses:

      

Variable ($2 per unit sold)

$34,000

    

Fixed

32,000

    

Total

$66,000

    

 

Required: Prepare a new income statement for the year using variable costing. Comment on the differences, if any, between the absorption costing and the variable costing income statements.

 

 

 


Answers

Maurice Tutor
(5)
Status NEW Posted 12 Jan 2018 11:01 PM My Price 8.00

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