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Help, it says that everything is correct but it's not complete. Can someone help me figure out what is missing and where? The following information
Help, it says that everything is correct but it's not complete. Can someone help me figure out what is missing and where?
The following information pertains to the first year of operation for Crystal Cold Coolers Inc.: Number of units produced Number of units sold Unit sales price Direct materials per unit Direct labor per unit Variable manufacturing overhead per unit Fixed manufacturing overhead per unit ($210,000/3,000 units) Total variable selling expenses ($13 per unit sold) Total fixed general and administrative expenses 3,000 2,300 $ 345 $ 50 $ 45 12 $ 70 $ 29,900 $ 64,000 Required: Prepare Crystal Cold's full absorption costing income statement and variable costing income statement for the year. Full Absorption Costing Variable Costing Prepare Crystal Cold's full absorption costing income statement for the year. CRYSTAL COLD COOLERS INC. Full Absorption Costing Income Statement Sales $ 793,500 386,400 Less: Cost of Goods Sold Gross Margin Less: Non-Manufacturing Expenses Variable Selling Expense Fixed General and Administrative Expenses 29,900 64,000 Net Operating Income $ 292,500 Full Absorption Costing Variable Costing Prepare variable costing income statement for the year. CRYSTAL COLD COOLERS INC. Variable Costing Income Statement Sales $ Less: variable cost of goods sold Variable Selling Expenses 793,500 246,100 29,900 Contribution Margin 517,500 Less: Fixed Costs Fixed Manufacturing Overhead Expenses Fixed General and Administrative Expenses 210,000 64,000 Net Operating Income $ 243,500Step by Step Solution
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