Hi accfinance70,

I need your help will filling the blank attachment with ACC650.M7.xlsx.

Like before, I have received A's on my past assignments you have help me with, Thank you so much!

Skinny Dippers, Inc. produces nonfat frozen yogurt. The product is sold in five-gallon containers, which have the following price and variable costs. Sales price ................................................................................................................ Direct material ........................................................................................................... Direct labor ................................................................................................................ Variable overhead ...................................................................................................... $15 5 2 3 Budgeted fixed overhead in 20x1, the company's first year of operations, was $300,000. Planned and actual production was 150,000 five-gallon containers, of which 125,000 were sold. Skinny Dippers, Inc. incurred the following selling and administrative expenses. Fixed ................................................................................................ Variable ............................................................................................ Required: 1. Compute the product cost per container of frozen yogurt under ( a ) variable costing and ( b ) absorption costing. 2. Prepare income statements for 20x1 using ( a ) absorption costing and ( b ) variable costing. 3. Reconcile the income reported under the two methods by listing the two key places where the income statements differ. 4. Reconcile the income reported under the two methods using the shortcut method. Fixed Overhead Planned Actual Production Units Sold Ending Ending Inventory Sales Price Direct Materials Direct Labors Variable Overhead CpU - Variable Fixed Ovrhd per U - absorb CpU - Absorption $300,000 150000 125000 25000 $15 5 2 3 $10 2 $12 $50,000 for the year $1 per container sold Pre-Determined Fix Ovrhd BFO/BP Fixed Variable $2.00 per unit $50,000 year $1 per unit Compute the product cost per container of frozen yogurt under ( a ) variable costing and ( b ) absorption costing. Variable Costing Unit Product Cost: Direct Materials 5 Direct Labors 2 Variable Manufacturing Over 3 Variable Costing Unit Product Cost $10 Absorption Costing Unit Product Cost: Direct Materials 5 Direct Labors 2 Variable Manufacturing Over 3 Fixed Ovrhd per U - absorb 2 Absorption Costing Unit Product Cost $12 Prepare income statements for 20x1 using ( a ) absorption costing and ( b ) variable costing. Absorption Costing of Goods Sold: Absorption Costing Unit Product Cost $12 Units sold 125000 Absorption Costing of Goods Sold 1500000 Selling and Administrative Expenses: Variable Selling and Administrative Expenses: 125000 Fix Selling and Administrative Expenses $50,000 Total Selling and Administrative Expenses 175000 Absorption Costing Income Statement Sales 1875000 Cost of Goods Sold 1500000 Gross Margin 375000 Selling and Administrative Expenses 175000 Net Operating Income (loss) 200000 Variable Costing of Goods Sold: Variable Costing Unit Product Cost $10 Units sold 125000 Variable Costing of Goods Sold $1,250,000 Variable Costing Contribution Sales 1875000 Variable Expenses: Variable Costing of Goods Sold $1,250,000 Variable Selling and Administrative Expenses 125000 Net Operating Income (loss) $1,375,000 Contribution Margin $500,000 Fixed Expenses Fixed Manufacturing Ovrhd 300000 Fixed Selling and Administrative Expenses $50,000 Total Fixed Expenses $350,000 Net Operating Income (loss) $150,000 Reconcile the income reported under the two methods by listing the two key places where the income statements differ. Fixed Manufacturing Overhd Deferred in, or Release form, inventories under Absorption Co Fixed Mnfctring Ovrhd in ending inventories Fixed Mnfctring Ovrhd in deferred inventories Reconciliation of Variable Costing and Absorption Costing Net Operating I Variable Costing Net Operating Income Add/Deduct Fixed Manufacturing Overhd Deferred in (released from) inventory under absor Absorption Costing Net Operating Income 50000 50000 $150,000 50000 $200,000 Reconcile the income reported under the two methods using the shortcut method Difference in fixed overhead expensed under Absorption and Variable Costing = (Change in inventory, in units x Predetermined fixedoverhead rate per unit) 25000 X $2= 50000 Breakfasttime Cereal Company manufactures two breakfast cereals in a joint process. Cost and quantity information is as follows: Joint Cost $30,000 Cereal Yummies ..................... Crummies .................... Quantity at Split-Off Point Sales Price per Kilogram 12,000 kilograms ....................... $2.00 8,000 kilograms ........................ 2.50 Required: Use the physical-units method to allocate the company's joint production cost between Yummies and Crummies. Cereal Yummies Crummies Quantity @ So(kg)Allocation Joint Cost Sales Price/Kg 12,000 $18,000.00 60% $2.00 8,000 $12,000 40% 2.50 20,000 $30,000.00 Refer to the data given in the preceding exercise. Required: Use the relative-sales-value method to allocate Breakfasttime Cereal Company's joint production cost between Yummies and Crummies. Cereal Quantity @ So(kg) Allocation Joint Cost Sales Price/Kg Yummies 12,000 $18,000.00 60% $2.00 Crummies 8,000 $12,000 40% 2.50 20,000 $30,000.00 Decision Analysis Sales price of Yummies Sales price of Crummies Incremental Rev Processing Cost Total Incremental Rev Joint Product Yummies Crummies Incremental Rev/Kg 12000*2 24000 8000*2.5 20000 Separable Cost of Relative Allocation of Sale Value Processing Proportion Joint Cost 24000 20000 30000 16364 20000 20000 30000 13636 Refer to the data given in Exercise 17-20 . Breakfasttime Cereal Company has an opportunity to process its Crummies further into a mulch for ornamental shrubs. The additional processing operation costs $.50 per kilogram, and the mulch will sell for $3.50 per kilogram. Required: 1. Should Breakfasttime's management decide to process Crummies into the mulch? Why? 2. Suppose the company does process Crummies into the mulch. Use the net-realizable-value method to allocate the joint production cost between the mulch and the Yummies. Crummies should be made into the mulch, as profits are higher Net realizable value of yummies = 12,000*2 = 24,000 Net realizable value of crummies = 8,000*(3.5-0.5) = 24,000 Cost for yummies = Net realizable value/total net realizable value*joint cost = 24,000/(24,000+24,000)*30,000 = 15,000 Cost for crummies = Net realizable value/total net realizable value*joint cost = 24,000/(24,000+24,000)*30,000 = 15,000 Name: 8-21 17-20 17-21 17-22 WHB Rachel Roybal ACC 650 Module 7 12142016 Identifying the correct Proper Proper format Well written amounts Calculations for numbers reponse 6.00 18.00 2.00 6.00 2.00 6.00 2.00 6.00 2.00 Score test test test test Total 24.00 8.00 8.00 10.00 - Format Legend Entry Points Checksums Feedback Score Corrected entry 50.00 8-21 Amt 6.00 Calc Format 18.00 Resp - Total 24.00 - Skinny Dippers, Inc. produces nonfat frozen yogurt. The product is sold in five-gallon containers, which hav variable costs. Sales Price Direct Material Direct Labor Variable Overhead $ $ $ $ 15.00 5.00 2.00 3.00 Budgeted fixed overhead in 20x1, the company's first year of operations, was $300,000. Planned and actu gallon containers, of which 125,000 were sold. Skinny Dippers, Inc. incurred the following selling and admi Budgeted Fixed Manufacturing Overhead Budgeted production Actual production Unit Sales $ 300,000 150,000 150,000 125,000 Fixed Selling and administrative costs Variable Selling and Administrative costs $ $ 50,000 1.00 Required: 1. Compute the product cost per container of frozen yogurt under ( a ) variable costing Direct Material Add: Direct Labor Add: Variable Overhead Variable Cost per unit $ - $ - ( b ) absorption costing Direct Material Add: Direct Labor Add: Variable Overhead Add: Applied Fixed Manufacturing Overhead/Unit 2. Prepare income statements for 20x1 using ( a ) variable costing Sales Less: Cost of Goods Sold Less: Variable S&A Expense Margin Less: Fixed Manufacturing Overhead Less: Fixed S&A Expense Income before Taxes $ - $ - $ - $ - ( b ) absorption costing Sales Less: Cost of Goods Sold Margin Less: Variable S&A Expense Less: Fixed S&A Expense Income before Taxes 3. Reconcile the income reported under the two methods by listing the two key places where the in COGS variable Add: Fixed Manufacturing Overhead Less: COGS absorption Difference $ - Net Income absorption Less: Net Income variable Difference $ - 4. Reconcile the income reported under the two methods using the shortcut method. Production (Units) Less: Sales (Units) Difference into Inventory (Units) Applied Fixed Manufacturing Overhead/Unit Checksum $ - n containers, which have the following price and per 5 Gallon Container per 5 Gallon Container per 5 Gallon Container per 5 Gallon Container 000. Planned and actual production was 150,000 fiveowing selling and administrative expenses. per year 5 Gallon Containers 5 Gallon Containers 5 Gallon Containers per year per 5 Gallon Container y places where the income statements differ. Breakfasttime Cereal Company manufactures two breakfast cereals in a joint process. Cost and quantit Joint Cost Qty @ Split-point Sales Price $ Yummies Crummies 12,000 8,000 kilograms 2.00 $ 2.50 per kilogram Breakfasttime Cereal Company has an opportunity to process its Crummies further into a mulch for orn processing operation costs $.50 per kilogram, and the mulch will sell for $3.50 per kilogram. Additional processing costs Sales Price $ $ Mulch 0.50 3.50 17-20 Required: Use the physical-units method to allocate the company's joint production cost between Yummie Amt Calc Format Resp Total 17-20 2.00 6.00 8.00 - Yummies Crummies Qty @ Split-point Percentage @ Split-point Allocated Cost Total $ 30,000 17-21 Required: Use the relative-sales-value method to allocate Breakfasttime Cereal Company's joint production Crummies. Amt Calc Format Resp Total 17-21 2.00 6.00 8.00 - Yummies Qty @ Split-point Sales Price Sales Value @ Split-point Percentage @ Split-point Allocated Cost Crummies Total $ - $ 30,000 17-22 Required: 1. Should Breakfasttime's management decide to process Crummies into the mulch? Why? Amt Calc Format Resp Total 17-22 2.00 6.00 2.00 10.00 - 2. Suppose the company does process Crummies into the mulch. Use the net-realizable-value m production cost between the mulch and the Yummies. Yummies Qty @ Split-point Sales Price Sales Value @ Split-point Less: Additional Processing Net Realizeable Value Percentage @ Split-point Allocated Cost Mulch $ - $ 30,000 ocess. Cost and quantity information is as follows: $ 30,000 er kilogram her into a mulch for ornamental shrubs. The additional er kilogram. cost between Yummies and Crummies. any's joint production cost between Yummies and he mulch? Why? net-realizable-value method to allocate the joint