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Need help solving these 2 problems Sims Company began operations on January 1. Its cost and sales information for this year follow. Direct materials $
Need help solving these 2 problems
Sims Company began operations on January 1. Its cost and sales information for this year follow. Direct materials $ 35 per unit Direct labor $ 55 per unit Variable overhead $ 20 per unit Fixed overhead $ 8,400,000 per year Variable selling and administrative expenses $ 11 per unit Fixed selling and administrative expenses $ 4,000,000 per year Units produced 105,000 units Units sold 75,000 units Sales price $ 350 per unit 1. Prepare an income statement for the year using variable costing. 2. Prepare an income statement for the year using absorption costing, Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare an income statement for the year using variable costing. SIMS COMPANY Income Statement (Variable Costing) 0 0 Income Reed Required 2 > Required 1 Required 2 Prepare an income statement for the year using absorption costing. SIMS COMPANY Income Statement (Absorption Costing) 0 $ Required 1 Required 2 Required 3 Determine the cost of ending finished goods inventory using absorption costing. Absorption costing Cost per unit of finished goods using: Product cost per unit Number of units in finished goods Cost of ending finished goods inventory Required 1 Required 2 Required 3 Determine the cost of goods sold using absorption costing. Absorption costing Cost per unit of goods sold using: Product cost per unit Number of units sold Cost of sold goods Step by Step Solution
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