A company had income of $50,000, using variable costing for a given period. Beginning and ending inventories
Question:
A company had income of $50,000, using variable costing for a given period. Beginning and ending inventories for the period were 18,000 units and 13,000 units, respectively. If the fixed overhead application rate was $2 per unit, what was the net income, using absorption costing?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (12 reviews)
The net income under absorption costing differs fr...View the full answer
Answered By
Muhammad Mahtab
everyone looks that their work be perfect. I have more than a five year experience as a lecture in reputable institution, national and international. I provide perfect solution in marketing, case study, finance problems, blog writing, article writing, business plans, strategic management, human resource, operation management, power point presentation and lot of clients need. Here is right mentor who help clients in their multi-disciplinary needs.
5.00+
3+ Reviews
14+ Question Solved
Related Book For
Question Posted:
Students also viewed these Managerial Accounting questions
-
Wayne Company's beginning and ending inventories for the month of June were as follows: Production data for the month follow: Direct labor cost...
-
Snyder Company produced 90,000 units during its first year of operations and sold 87,000 at $21.80 per unit. The company chose practical activity-at 90,000 units-to compute its predetermined overhead...
-
- Consider an LTI system whose impulse response is h[n] = {-2.1.2}. (a) Sketch h[n] (b) Determine whether the system is i. Causal ii. Stable (c) Determine the output if the input is r[n] = 8[n+1]...
-
Find a minimum spanning tree for the following graph using all 3 algorithms 13 17 22- 20 15, a. Adding the shortest edge first b. Deleting the longest edge first c. Growing a tree from the node D
-
Use the information for Sorpon Corporation in E18-12. Assume that the company reports accounting income of $180,000 in each of 2018 and 2019, and that there are no temporary differences other than...
-
In Exercises 21 through 36, solve the given equation for x. -In x = 50 + C
-
Compute each of the following: a. a 9 4 b b. a 7 2 b c. a 4 4 b d. a 5 0 b e. a 6 5 b
-
Emily Pemberton is an IS project manager facing a difficult situation. Emily works for the First Trust Bank, which has recently acquired the City National Bank. Prior to the acquisition, First Trust...
-
Disturbed, Inc., had the following operating results for the past year: sales = $22,548; depreciation = $1,330; interest expense = $1,072; costs = $16,500. The tax rate for the year was 30 percent....
-
Determine the force in all the members of the complex truss. State if the members are in tension or compression. 4 kN 30 30 D 6 m 30 30 3 m- -3 m-
-
The following production data came from the records of LeShaq Athletic Enterprises for the year ended December 31, 2011: Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....
-
The fixed overhead budgeted for Hamlet Company at an expected capacity of 500,000 units is $1,500,000. Variable costing is used internally, and the net income is adjusted to an absorption costing net...
-
Consider the reality check 'Telstra helps SMEs with $800m cloud computing investment'. Required a. Discuss the risks and the potential benefits for Telstra with this type of investment? b. What are...
-
The current rate of interest on S-T Treasury Bills = 10%, intermediate term Gov. Bonds = 11%, Lt- Gov. Bonds = 12%, AA rate Corp. Bonds = 13.5% and the rate of inflation is 5%. Holding-period returns...
-
Prepare Income Statement(absorption costing) for the second, third and fourth month. SALES (SP X unit sold) INCOME STATEMENT FORMAT (ABSORPTION COSTING) XXX Less: Cost of Goodsold VARIABLE COST (VC...
-
The following shows the distribution of final exam scores in a large introductory psychology class. The proportion under the curve is given for two segments (short answers-no calculations required)....
-
How much overhead was included in the cost of Job #461 at the beginning of January? * (1 Point). BREAD Co. uses a job order costing system. At the beginning of January, the company had 2 jobs in...
-
3. (3pt.) A state of a physical system is just a description of the system at an instant in time in terms of its properties. In classical mechanics, states are represented by points (in phase space)....
-
Prepare a cash budget. LO5
-
Find the radius of convergence of? 1.2.3 1.3.5 (2n-1) r2n+1 -1
-
Calculation practice: Confidence interval for the mean using log transformation. Refer to Practice Problem 19 in Chapter 10. Health spending per person from a random sample of 20 countries is given...
-
Barbara Lee Corp. has established the following standard cost per unit: Materials5.5 lb @ $2.20 per lb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $12.10 Labor1.8hr @ $10 per...
-
SDC Inc. has established the following standard cost per unit: Materials4 lb @ $4.50 per lb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $18.00 Labor-2hr @ $12 per hr . . . ....
-
Marina del Rey Manufacturing Corp. uses a standard cost system that records raw materials at actual cost, records materials price variances at the time that raw materials are issued to work in...
-
business law A partner may actively compete with the partnership True False
-
A company provided the following data: Selling price per unit $80 Variable cost per unit $45 Total fixed costs $490,000 How many units must be sold to earn a profit of $122,500?
-
Suppose a 10-year, 10%, semiannual coupon bond with a par value of $1,000 is currently selling for $1,365.20, producing a nominal yield to maturity of 7.5%. However, it can be called after 4 years...
Study smarter with the SolutionInn App