Question
Indigo Corp. is a manufacturer of specialty in-line skates. The operating results for 2022 are as follows: Units produced 19,900 pairs Units sold 17,600 pairs
Indigo Corp. is a manufacturer of specialty in-line skates. The operating results for 2022 are as follows:
Units produced | 19,900 | pairs | |
Units sold | 17,600 | pairs | |
Selling price | $220.00 | per pair |
Production information: | ||
Direct materials | $955,200 | |
Direct labour | 736,300 | |
Variable manufacturing overhead | 417,900 | |
Fixed manufacturing overhead | 796,000 | |
Variable marketing costs | 176,000 | |
Fixed marketing costs | 192,000 |
There was no beginning finished goods inventory.
Prepare an absorption-costing income statement. (Round per unit calculations to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 125.)
INDIGOCorp. Income Statement choose the accounting period December 31, 2022Month Ended December 31, 2022Year Ended December 31, 2022 Absorption Costing | |||||||
---|---|---|---|---|---|---|---|
Production in units | enter a number of units | ||||||
Sales in units | enter sales in units | ||||||
select an income statement item Fixed marketing costsCost of goods available for saleGross profitCosts of goods manufacturedInventory, beginningSalesNet incomeInventory, endingVariable marketing costsFixed costsTotal marketing costsMarketing costsCost of goods sold | $enter a number of units | ||||||
select between addition and deduction AddLess: select an opening name for section one Fixed costsCosts of goods manufacturedSalesInventory, endingGross profitInventory, beginningFixed marketing costsVariable marketing costsNet incomeCost of goods soldMarketing costsCost of goods available for saleTotal marketing costs | |||||||
select an income statement item Costs of goods manufacturedFixed costsFixed marketing costsCost of goods soldSalesCost of goods available for saleVariable marketing costsNet incomeGross profitTotal marketing costsInventory, beginningMarketing costsInventory, ending | $enter a dollar amount | ||||||
select between addition and deduction AddLess: select an income statement item Fixed costsNet incomeMarketing costsCost of goods soldTotal marketing costsInventory, beginningVariable marketing costsFixed marketing costsCost of goods available for saleCosts of goods manufacturedInventory, endingSalesGross profit | enter a dollar amount | ||||||
select an income statement item Net incomeCost of goods available for saleVariable marketing costsMarketing costsFixed costsTotal marketing costsCost of goods soldCosts of goods manufacturedFixed marketing costsInventory, beginningSalesInventory, endingGross profit | enter a subtotal of the two previous amounts | ||||||
select between addition and deduction AddLess: select an income statement item Fixed marketing costsCost of goods available for saleInventory, beginningCost of goods soldFixed costsCosts of goods manufacturedVariable marketing costsInventory, endingTotal marketing costsMarketing costsGross profitNet incomeSales | enter a dollar amount | ||||||
select a closing name for section one Cost of goods soldMarketing costsVariable marketing costsTotal marketing costsGross profitFixed costsNet incomeInventory, endingSalesCosts of goods manufacturedInventory, beginningCost of goods available for saleFixed marketing costs | enter a total amount for section one | ||||||
select a summarizing line for the first part Net incomeMarketing costsFixed costsCosts of goods manufacturedFixed marketing costsTotal marketing costsVariable marketing costsCost of goods soldCost of goods available for saleGross profitInventory, endingInventory, beginningSales | enter a total amount for the first part | ||||||
select between addition and deduction AddLess: select an opening name for section two Fixed costsTotal marketing costsMarketing costsSalesFixed marketing costsCosts of goods manufacturedVariable marketing costsGross profitCost of goods available for saleNet incomeCost of goods soldInventory, endingInventory, beginning | |||||||
select an income statement item Net incomeTotal marketing costsVariable marketing costsCost of goods available for saleFixed marketing costsCosts of goods manufacturedFixed costsInventory, endingInventory, beginningSalesGross profitCost of goods soldMarketing costs | enter a dollar amount | ||||||
select an income statement item Inventory, endingTotal marketing costsInventory, beginningCost of goods soldGross profitCosts of goods manufacturedNet incomeFixed marketing costsFixed costsCost of goods available for saleVariable marketing costsMarketing costsSales | enter a dollar amount | ||||||
select a closing name for section two Gross profitVariable marketing costsNet incomeCosts of goods manufacturedCost of goods available for saleMarketing costsFixed costsTotal marketing costsInventory, beginningSalesInventory, endingFixed marketing costsCost of goods sold | enter a total amount for section two | ||||||
select a closing name for this statement Gross profitFixed costsCost of goods soldVariable marketing costsInventory, beginningSalesTotal marketing costsInventory, endingCosts of goods manufacturedNet incomeMarketing costsCost of goods available for saleFixed marketing costs | $enter a total amount for this statement |
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