Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please explain how to get the profit for each year using variable costing (red boxes). I have done the green boxes myself and confirmed they

Please explain how to get the profit for each year using variable costing (red boxes). I have done the green boxes myself and confirmed they are correct.

image text in transcribed

Marx Electronics produces a wireless home lighting device that allows consumers to turn on home lights from their cars and light a safe path into and through their homes. Information on the first three years of business is as follows: 2020 2021 2022 Total Units sold 17,000 17,000 17.000 51.000 Units produced 17,000 21,250 12,750 51.000 Fixed production costs $701,250 $701,250 $701,250 Variable production costs per unit $152 $152 $152 Selling price per unit $258 $258 $258 Fixed selling and administrative expense $210,800 $210,800 $210,800 Your answer is partially correct. Calculate profit and the value of ending inventory for each year using full costing. (Round cost per unit to 2 decimal places, e.g. 15.25 and final answers to O decimal places, e.g. 125.) 2020 2021 2022 Net profit $ 889950 $ 1030200 $ 749700 Ending inventory $ 0 $ 786250 $ 0 e Textbook and Media Your answer is partially correct. Calculate profit and the value of ending inventory for each year using variable costing. 2020 2021 2022 Net profit $ 490450 $ 490450 $ 49045 Ending inventory $ 0 $ 646000 $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Eco Management And Auditing A Practical Guide To EC Regulations

Authors: Joseph Tanega

1st Edition

1859070094, 978-1859070093

More Books

Students also viewed these Accounting questions