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Category > Management Posted 22 Feb 2018 My Price 8.00

Costner Company

Costner Company uses an absorption costing system in accounting for the single product it manufactures. The following selected data are for the year  2009:

Sales (10,000 units)

$360,000

Direct materials used (variable cost)

129,600

Direct labor costs (variable cost)

43,200

Variable manufacturing overhead

12,960

Fixed manufacturing overhead

17,280

Variable selling and administrative expenses

21,600

Fixed selling and administrative expenses

72,000

The company produced 12,000 units and sold 10,000 units. Direct materials and  direct labor are variable costs. One unit of direct material goes into each unit of  finished goods. Overhead rates are based on a volume of 12,000 units and are USD 1.08 and USD 1.44 per unit for variable and fixed overhead, respectively. The ending   inventory is the 2,000 units of finished goods on hand at the end of 2009. There was  no inventory at the beginning of 2009.

a. Prepare an income statement for 2009 under variable costing.

b. Prepare an income statement for 2009 under absorption costing.

c. Explain the reason for the difference in net income between a and b.

Answers

Maurice Tutor
(5)
Status NEW Posted 22 Feb 2018 09:02 PM My Price 8.00

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