managerial accounting. this is all i was given.
See Absorption vs Variable Costing Daily Activity Rainbow Concrete Corporation has provided the following data for its two most recent years of operation: Selling price per unit $88 Manufacturing costs: Variable manufacturing cost per unit produced: Direct materials 16 Direct labor 12 Variable manufacturing overhead 8 Fixed manufacturing overhead per year 396,000 Selling and administrative expenses: Variable selling and administrative expense per unit sold 8 Fixed selling and administrative expense per year 124,000 Year 1 Year 2 Units in beginning inventory 0 6.000 Units produced during the year 18.000 12,000 Units sold during the year 12,000 15,000 Units in ending inventory 6,000 3,000 Complete (a) through e) (a). Assume the company uses absorption costing. Compute the unit product cost in each year. Year 1 Year 2 (b). Assume the company uses absorption costing. Prepare an income statement for each year. Year 1 Year 2 c. Assume the company uses variable costing. Compute the unit product cost in each year. Year 1 Year 2 d. Assume the company uses variable costing. Prepare an income statement for each year, Year 1 Year 2 e. Prepare a report in good form reconciling the variable costing and absorption costing net incomes. Year 1 Year 2 Year 1 Year 2 Total Cost 12,000 12,000 39,600 16,500 14,000 10,500 Scenic Byways is a bus tour company. The peak month for touring is July and the lowest month is February.. Here are three costs associated with the buses for those two months: Resource Bus Miles Bus Depreciation July 120,000 February 50,000 Fuel July 120,000 February 50,000 Repairs and Maintenance July 120,000 February 50,000 Use the high-low method to answer the following questions: (round to nearest $0.00) a What is the variable rate of depreciation? b What is the fixed cost of depreciation? c What is the cost formula for depreciation? d What is the variable rate of fuel? e What is the fixed cost of fuel? | What is the cost formula for fuel? 9 What is the variable rate of repairs and maintenance? h What is the fixed cost of repairs and maintenance? 1 What is the cost formula for repairs and maintenance? 1 Using the three cost formulas, compute a month that has each of the miles driven 78,000 105,000 92,000 D A B 1 See Absorption vs Variable Costing Daily Activity 2 3 Rainbow Concrete Corporation has provided the following data for is two most recent years of operation: 4 S 6 Seling price per unit S88 7 B Manufacturing costs: Variable manufacturing cost per un produced: 10 Direct materials 16 11 Direct labor 12 12 Vanable manufacturing overhead 8 13 Fixed manufacturing overhead per year 396,000 Selling and administrative expenses 15 Variable selling and administrative expense per unit sold 16 Faced selling and administrative expense per year 124.000 17 18 Year 1 Year 2 Units in beginning inventory 0 6.000 20 Units produced during the year 18,000 12.000 21 Units sold during the year 12,000 15.000 22 Units in ending inventory 6,000 3.000 23 24 Complete (a) through e) 25 26 a). Assume the company uses absorption costing. Compute the unit product cost in each year. 27 28 Year 1 Year 2 29 19 31 32 33 34 35 36 376) Assume the company uses absorption costing Prepare an income statement for each year. 38 39 Year 1 Year 2 40 41 42 43 44 45 AR D E C. Assume the company uses variable costing Compute the unit product cost in each year. Year 1 Year 2 d. Assume the company uses variable costing. Prepare an income statement for each year. Year 1 Year 2 e. Prepare a report in good fom reconciling the variable costing and absorption costing net incomes Year 1 Year 2 Year 1 Year 2 D 1 D E F B 1 Scenic Byways is a bus tour company. 2 The peak month for touring is July and the lowest month is February. 3 Here are three costs associated with the buses for those two months Total Cost 12,000 12,000 13 39,600 16,500 14,000 10,500 5 Resource Bus Miles 6 7 Bus Depreciation 8 July 120,000 9 February 50,000 10 11 Fuel 12 July 120,000 February 50,000 14 15 Repairs and Maintenance 16 July 120,000 17 February 50,000 18 19 20 Use the high-low method to answer the following questions: (round to nearest $0.00) 21 22 a What is the variable rate of depreciation? 23 b What is the fixed cost of depreciation? 24 c What is the cost formula for depreciation? 25 d What is the variable rate of fuel? 26 s What is the fixed cost of fuel? 27 What is the cost formula for fuel? 28 9 What is the variable rate of repairs and maintenance? 29 h What is the fixed cost of repairs and maintenance? 30 i What is the cost formula for repairs and maintenance ? 31 Using the three cost formulas, compute a month that has 32 each of the miles driven 33 78,000 34 105,000 35 92,000 36 37 38 39
