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Category > Management Posted 08 Jul 2017 My Price 11.00

Variable and absorption costing

Variable  and  absorption costing

Ansara Company had the following abbreviated income statement for the year ended December 31, 2016:

 

 

 

(in millions)

Sales      .........................................................................

$18,769

Cost of goods   sold............................................................

$15,471

Selling, administrative, and other expenses....................................

     2,049

Total expenses ............................................................

$17,520

Income from operations ......................................................

$  1,249

 

Assume that there were $3,860 million fixed manufacturing costs and $1,170 million fixed selling, administrative, and other costs for the    year.

The finished goods inventories at the beginning and end of the year from the balance sheet  were  as follows:

 

January 1                    $2,354 million December 31                                           $2,408 million

 

Assume that 30% of the beginning and ending inventory consists of fixed costs. Assume work in process and materials inventory were unchanged during the period.

a.     Prepare an income statement according to the variable costing concept for Ansara Company for 2016.

b.    Explain the difference between the amount of income from operations reported under the absorption costing and variable costing concepts

Answers

Maurice Tutor
(5)
Status NEW Posted 08 Jul 2017 09:07 AM My Price 11.00

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