For number 9, I need answer for Required 1B AND Required 2B.
For number 10, I need answer for Required 2.
For number 11, I need answer for Required 2.
Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: g A 11 A Variable costs per unit: Manufacturing: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead Fixed selling and administrative A A $420,000 $330,000 During the year, the company produced 30,000 units and sold 25,000 units. The selling price of the company's product is $54 per unit. Required: 1. Assume that the company uses absorption costing: a. Compute the unit product cost. b. Prepare an income statement for the year. 2. Assume that the company uses variable costing: a. Compute the unit product cost. b. Prepare an income statement for the year. Complete this question by entering your answers in the tabs below. Reg 1A Req 1B Req 2A Req 2B Prepare an income statement for the year. Assume that the company uses absorption costing. Lynch Company Absorption Costing Income Statement Sales | $ 1,350,000 Cost of goods sold 850,000 Gross margin 500,000 Selling and administrative expense Net operating income $ 500,000 Chuck Wagon Grills, Inc., makes a single product-a handmade specialty barbecue grill that It sells for $300. Data for last year's operations follow: 9,600 8,500 1,100 80 40 Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Total variable cost per unit Fixed costs: Fixed manufacturing overhead Fixed selling and administrative Total fixed costs 30 169 $ 150,00 760,00 $ 910,000 Required: 1. Assume that the company uses variable costing. Compute the unit product cost for one barbecue grill. 2. Assume that the company uses variable costing. Prepare a contribution format Income statement for last year. 3. What is the company's break-even point in terms of the number of barbecue grills sold? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Assume that the company uses variable costing. Prepare a contribution format income statement for last year. Chuck Wagon Grills, Inc. Variable Costing Income Statement Sales $ 2,550,000 Variable expenses: Variable cost of goods sold Variable selling and administrative expenses $ 1,105,000 255,000 1,360,000 1,190,000 Fixed expenses: 150,000 Fixed manufacturing overhead Fixed selling and administrative expenses 760.000 910,000 Net operating income $ 280,000 Chuck Wagon Grills, Inc., makes a single product-a handmade specialty barbecue grill that it sells for $200. Data for last year's operations follow: 9,800 9, eee see 33 Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Total variable cost per unit Fixed costs: Fixed manufacturing overhead Fixed selling and administrative Total fixed costs 14 123 $ 303,808 525, eee $ 828,800 Required: 1. Assume that the company uses absorption costing. Compute the unit product cost for one barbecue grill. 2. Assume that the company uses absorption costing. Prepare an Income statement for last year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assume that the company uses absorption costing. Prepare an income statement for last year. Chuck Wagon Grills, Inc. Absorption Costing Income Statement Sales | $ 1.800.000 Cost of goods sold Gross margin 1.800.000 Selling and administrative expenses Net operating income (loss) $ 1.800.000
