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Posted on Sep 10, 2024

A 1 2 Cost and levenue data concerning Torcrop Corporation's operations first two years appear below: D $140 3 Selling price per unit 4 Variable

A 1 2 Cost and levenue data concerning Torcrop Corporation's operations first two years appear below: D $140 3 Selling price per unit 4 Variable costs per unit: 5 Direct materials 6 Direct labour 7 Variable manufacturing overhead Variable selling and administrative Fixed costs in total: Fixed manufacturing overhead Fixed selling and administrative Data regarding units produced and sold for the first two years follow: $50 20 8 16 $441,000 150,000 Year 1 Year 2 Units in beginning inventory Units produced Units sold Units in ending inventory + | ACV 4 New 0 21,000 18,000 3,000 3,000 20,000 21,200 1,800 20 Unitsin ending Inventory 3,000 1.100 22 Note: Some green and blue highlighted areas may not need to be used 23 24 Required: 351 Determine the unit product cost under absorption costing and variable costing for Year 1 and Year 2. t marks) 26 27 Absorption Costine Variable Corting Year 1 Year 2 Year Year 2 29 30 31 32 33 35 Unit product cost 36 37 2 Prepare, in good form, operating income statements for Torcrop Corporation forYear 2 only using 38 3) Absorption Costing. (6 marks) 39 40 + AVG New Supporting calculations D 172 Prepare in good form, operating income statements for Torcrop Corporation for Year 2 only using *) Absorption Costine. (6 marks) 39 Supporting calculations 41 15 45 07 50 Operating Income (loss) 51 52 b) Variable Costing (5 marks) 53 54 55 56 + ACVC 4 New Supporting calculations 52 b) Variable Casting (5 marks) Supporting cleans 55 56 sy 59 00 61 63 3 62 Operating income foss) Reconcile Torcrop Corporation's operating income reported under absorption and Variable costing forYear 2 only. Be specific about where the difference in operating income comes from. (3 marks) Supporting calculations 66 Variable costing operating income (loss) 64 65 67 58 69 70 71 + CMC 4 New A 30 01 02 Operating income foss) 3. Reconcile Torcrop Corporation's operating income reported under absorption and variable conting for few only. Be torte about where the difference in operating income comes from. (3 marks) Supporting calculations Variable costing operating income (oss) 65 50 67 08 69 70 71 Absorption costing operating income foss) 73 4 5 CLICK HERE TO SAVE YOUR WORK B31 Variable factory overhead A B 0 1 Cost and revenue data concerning Torcrop Corporation's operations first two years appear belowi 2 3 Selling price per unit $140 Variable costs per unit: 5 Direct materials $50 Direct labour 20 7 Variable manufacturing overhead 8 8 Variable selling and administrative 16 9 10 Fixed costs in total: 11 Fixed manufacturing overhead be $441,000 Fixed selling and administrative 150,000 13 14 Data regarding units produced and sold for the first two years follow: 15 16 Year 1 Year 2 17 Units in beginning inventory 0 3,000 18 Units produced 21,000 20.000 19 Units sold 18,000 21,200 20 Units in ending inventory 3,000 1,800 HCVC 4 New READY We 3- 3. El CLICK HERE TO SAVE YOUR WORK B31 Vartable factory overhead C 10 Fbxed costs in total: 11 Fixed manufacturing overhead 12 Fixed selling and administrative 13 14 Data regarding units produced and sold for the first two years follow: $441,000 150.000 15 10 Year 1 Year 2 17 Units in beginning inventory 0 3,000 18 Units produced 21.000 20,000 19 Units sold 18,000 21,200 20 Units in ending inventory 3,000 1.800 21 22 Note: Some green and blue highlighted areas may not need to be used. 23 24 Required: 251 Determine the unit product cost under absorption costing and variable costing for Year 1 and Year 2. (6 marks) 26 27 Absorption Costing Variable Costing 28 Year 1 Year 2 Year 1 Year 2 + + + ACVC 4 New READY CLICK HERE TO SAVE YOUR WORK Variable factory overhead 22 Note: Some green and blue highlighted areas may not need to be used 24 Required 251 Determine the unit product cout under absorption conting and variable costing for Year 1 and 2. (6 marks) Absorption Costing Variable Casting 28 Year 1 Year 2 Year 1 Year 2 29 Direct materials 50.00 50.00 20 Directeur 20.00 20.00 11 Variable factory overhead 13 Fhed factory overhead 14 Linit product cost 16 32 3 Prepare, in good form, operating Income statements for Tortrop Corporation for Year 2 only using a) Absorption Costing, (6 mars Supporting calculations 40 41 ACVC4 New READY XC CUCEAVOUR WO 10 Ore 31 b) Variable comme i marke Supporting SE 02 Operating Income llosa) Reconcile Torcrop Corporation's operating income reported under absorption and variable costing for rent 2 only. Be specific about where the difference in operating income comes from. (3 marks) Supporting calculations 66 Variable costing operating income (ou) 07 59 69 NACVC-1 New ISB86 2228 Newtab OD - Wate wy + 3 CUCK HERE TO LAVE YOU WORE factory overed 42 Operating income foss 3 Reconcile Torcrop Corporation's operating income reported under abortion and variable conting forear only. Beste 54 about where the difference in operating Income comes from man 65 Supporting calculations 66 Variable contine operating income (los) B 71 72 73 Absorption costing operating income foss)