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Problem 8.35A a-b The Daniels Tool & Die Corporation has been in existence for a little over three years. The company's sales have been increasing each year as it builds a reputation. The company manufactures dies to its customers' specifications and therefore uses a job-order cost system. Factory overhead is applied to the jobs based on direct labour hours-the absorption-costing (full) method. Over-applied or under-applied overhead is treated as an adjustment to cost of goods sold. The company's income statements and other data for the past two years are as follows: 2020 $1,015,700 17,500 662,880 DANIELS TOOL & DIE CORPORATION 2019-2020 Comparative Income Statements 2019 Sales $830,000 Cost of goods sold Finished goods, January 1 24,300 Cost of goods manufactured 540,300 Total available 564,600 Finished goods, December 31 17.500 Cost of goods sold before overhead adjustment 547,100 Under-applied factory overhead 35,100 Cost of goods sold 582,200 Gross profit 247,800 Selling expenses 81,000 Administrative expenses 69,300 Total operating expenses 150,300 Operating income $97,500 680,380 13,100 667,280 14,100 681,380 334,320 94,000 74,100 168,100 $166,220 Daniels Tool & Die Corporation Inventory Balances December 31, 2018 December 31, 2019 Raw material $21,500 $29,500 Work in process $40,400 $47,200 Direct labour hours (used in WIP) 1,320 1,630 Finished goods $24,300 $17,500 Direct labour hours (used in FG) 1,520 1,020 December 31, 2020 $10,200 $63,200 2,190 $13,100 800 Daniels used the same predetermined overhead rate in applying overhead to its production orders in both 2019 and 2020. The rate was based on the following estimates: Fixed factory overhead Variable factory overhead Direct labour hours Direct labour costs $24,630 $152,706 24,630 $147,780 In 2019 and 2020, the actual direct labour hours used were 21,000 and 23,400, respectively. Raw materials put into production were $291,200 in 2019 and $370,000 in 2020. The actual fixed overhead was $42,000 for 2019 and $37,500 for 2020, and the planned direct labour rate was the direct labour achieved. For both years, all of the administrative costs were fixed. The variable portion of the selling expenses results from a 5% commission that is paid as a percentage of the sales revenue. For the year ended December 31, 2020, prepare a revised income statement for Daniels Tool & Die Corporation using the variable-costing method. Daniels Tools & Die Corporation Variable-Costing Income Statement December 31, 2020 For the Month Ended December 31, 2020 For the Year Ended December 31, 2020 For the year ended December 31, 2020, prepare a revised income statement for Daniels Tool & Die Corporation using the variable-costing method. Daniels Tools & Die Corporation Variable-Costing Income Statement Operating income Sales Total variable costs Total fixed costs Variable costs Contribution margin Fixed costs For the year ended December 31, 2020, prepare a revised income statement for Daniels Tool & Die Corporation using the variable-costing method. Daniels Tools & Die Corporation Variable-Costing Income Statement S Less Add For the year ended December 31, 2020, prepare a revised income statement for Daniels Tool & Die Corporation using the variable-costing method. Daniels Tools & Die Corporation Variable-Costing Income Statement Variable costs of goods available for sale Cost of goods sold Fixed manufacturing overhead Sales commissions Selling and administrative expenses Reconcile the difference in operating income between Daniels Tool & Die Corporation's 2020 absorption-costing income statement and the revised 2020 income statement prepared under variable costing. Variable-costing operating income S FMOH deferred in work in process Inventory FMOH released from finished goods inventory Absorption-costing operating income