Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Diaz Company reports the following variable costing income statement for its single product. This company's sales totaled 56,000 units, but its production was 86.000 units.
Diaz Company reports the following variable costing income statement for its single product. This company's sales totaled 56,000 units, but its production was 86.000 units. It had no beginning finished goods inventory for the current period. $3,696,888 DIAZ COMPANY Income Statement (Variable Costing) Sales (56,eee units x $66.00 per unit) Variable expenses Variable manufacturing expense (56,units * $28.60 per unit) Variable selling and admin. expense (56,800 units x $5.60 per unit) Total variable expenses Contribution margin Fixed expenses Fixed overhead Fixed selling and administrative expense Total fixed expenses Net income 1.601,689 313.689 1,915,280 1,780, Bee 395,608 197,800 593,489 $1,187,480 1. Convert Diaz's variable costing income statement to an absorption costing income statement. 2. Fill in the blanks: Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Fill in the blanks: (Round the fixed overhead per unit to two decimal places.) The dollar difference in variable costing income and absorption costing income fixed overhead per 6,522 units X S 4.80 Required 1 Required
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started