INTRODUCTION TO MANAGEMENT ACCOUNTING 16E Problem 13-58 Name Section A D E B C 5 Data Input Section: Twin Lakes Company 7 Basic production data at standard cost Direct materials Direct labor Variable factory overhead Standard variable costs per unit 40 13 Budgeted information for the year Sales price (per unit) Fixed factory overhead 16 Budgeted production Fixed overhead rate Variable selling and administrative Fixed selling and administrative expenses 79 146,000 14.600 10.00 11.00 83,000 17 21 Actual data 20X0 20X1 Units of finished goods Opening inventory Production 17.200 3,600 13.600 15,600 1.600 Sales 13.600 3.600 Ending inventory continued 25 Output Section: Twin Lakes Company Tecome Statement Variable Costing SSRS JA 12 JUNI Production Sales Ending inventory 17,200 13,600 3,600 13,600 15,600 1,600 continued 28 Output Section: 30 Twin Lakes Company Income Statement, Variable Costing For the Year Ended December 31, 20x0 31 Formula 1 33 Sales 34 Variable expenses: 35 Variable manufacturing cost of goods sold 36 Opening inventory 37 Cost of goods manufactured 38 Available for sale 39 Deduct ending inventory 40 Variable manufacturing cost of goods sold 41 Variable selling expenses 42 Total variable expenses 43 Contribution margin at standard 44 Fixed expenses: 45 Fixed factory overhead 46 Fixed selling and administrative expenses 47 Total fixed expenses 48 Operating income Formula 2 Formula 3 Formula 4 Formula 5 Formula 6 Formula 7 Formula 8 Formula 9 Formula 10 Formula 11 Formula 12 Formula 13 Twin Lakes Company Income Statement, Absorption Costing For the Year Ended December 31, 20X0 53 Sales 54 Cost of goods sold: 55 Opening inventory 56 Cost of goods manufactured Formula 14 57 Available for sale Formula 15 58 Deduct ending inventory Formula 16 59 Cost of goods sold, standard 60 Gross profit at standard 61 Deduct selling and administrative expenses: 62 Variable Formula 17 Formula 18 Formula 19 Formula 9 Formula 10 44 Fixed expenses: 45 Fixed factory overhead 46 Fixed selling and administrative expenses 47 Total fixed expenses 48 Operating income Formula 11 Formula 12 Formula 13 Twin Lakes Company Income Statement, Absorption Costing For the Year Ended December 31, 20X0 53 Sales 54 Cost of goods sold: 55 Opening inventory 56 Cost of goods manufactured Formula 14 57 Available for sale Formula 15 58 Deduct ending inventory Formula 16 39 Cost of goods sold, standard 60 Gross profit at standard 61 Deduct selling and administrative expenses: 62 Variable 63 Fixed 64 Operating income before variances 65 Production volume variance 66 Operating income 67 68 Part 2 69 Type answer starting here 70 End of Problem Formula 17 Formula 18 Formula 19 Formula 20 Formula 21 Formula 22
