ncome Statements and Firm Performance Variable and Absorption Costing Jellison Company had the following operating data for its first two years of operations Variable costs per unit Direct materials 4 00 Direct labor $2 80 Variable overhead 1 50 Fixed costs per year Overhead 180,000 Selling and administrative 70,500 Jellison produced 90,000 units in the first year and sold 80,000 In the second year, it produced 80,000 units and sold 90,000 units The selling price per unit each year was $12 Jellison uses an actual costing system for product costing Required Question Content Area 1 Prepare income statements for both years using absorption costing If an amount is zero, enter 0 Jellison Company Absorption Costing Income Statement For Years 1 and 2 Year 1 Year 2 Sales $Sales $Sales Less Cost of goods sold Less Cost of goods sold Less Cost of goods sold Gross profit $fill in the blank 2339e708df89051 7 $fill in the blank 2339e708df89051 8 Less Fixed selling and administrative expenses Less Fixed selling and administrative expenses Less Fixed selling and administrative expenses Operating income $fill in the blank 2339e708df89051 12 $fill in the blank 2339e708df89051 13 Cost of goods sold Beginning inventory $Beginning inventory $Beginning inventory Cost of goods manufactured Cost of goods manufactured Cost of goods manufactured Goods available for sale $Goods available for sale $Goods available for sale Less Ending inventory Less Ending inventory Less Ending inventory Cost of goods sold $fill in the blank 2339e708df89051 26 $fill in the blank 2339e708df89051 27 Feedback Area 2 Prepare income statements for both years using variable costing If an amount is zero, enter 0 Waratle sats ser unc nequired 2 Prepare income statements for both years using variable costing If an amount is zero, enter 0 , Waratle sats ser unc nequired 2 Prepare income statements for both years using variable costing If an amount is zero, enter 0

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ncome Statements and Firm Performance: Variable and Absorption Costing Jellison Company had the following operating data for its first two years of operations: Variable costs

ncome Statements and Firm Performance: Variable and Absorption Costing

Jellison Company had the following operating data for its first two years of operations:

Variable costs per unit:

Direct materials 4.00

Direct labor $2.80

Variable overhead 1.50

Fixed costs per year:

Overhead 180,000

Selling and administrative 70,500

Jellison produced 90,000 units in the first year and sold 80,000. In the second year, it produced 80,000 units and sold 90,000 units. The selling price per unit each year was $12. Jellison uses an actual costing system for product costing.

Required:

Question Content Area

1. Prepare income statements for both years using absorption costing. If an amount is zero, enter "0".

Jellison Company

Absorption-Costing Income Statement

For Years 1 and 2

Year 1 Year 2

Sales

$Sales

Less: Cost of goods sold

Gross profit $fill in the blank 2339e708df89051_7

$fill in the blank 2339e708df89051_8

Less: Fixed selling and administrative expenses

Operating income $fill in the blank 2339e708df89051_12

$fill in the blank 2339e708df89051_13

Cost of goods sold:

Beginning inventory

$Beginning inventory

Cost of goods manufactured

Goods available for sale

$Goods available for sale

Less: Ending inventory

Cost of goods sold $fill in the blank 2339e708df89051_26

$fill in the blank 2339e708df89051_27

Feedback Area

2. Prepare income statements for both years using variable costing. If an amount is zero, enter "0".

Waratle sats ser unc: nequired: 2. Prepare income statements for both years using variable costing. If an amount is zero, enter " 0 ", Waratle sats ser unc: nequired: 2. Prepare income statements for both years using variable costing. If an amount is zero, enter " 0