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Problem 19-7A

Jackson Company produces plastic that is used for injection-molding applications such as gears for small motors. In 2016, the first year of operations, Jackson produced 5,700 tons of plastic and sold 4,988 tons. In 2017, the production and sales results were exactly reversed. In each year, the selling price per ton was $2,400, variable manufacturing costs were 15% of the sales price of units produced, variable selling expenses were 12% of the selling price of units sold, fixed manufacturing costs were $3,819,000, and fixed administrative expenses were $580,000.

Problem 19-7A Jackson Company produces plastic that is used for injection-molding applications such as gears for small motors. In 2016, the first year of operations, Jackson produced 5,700 tons of plastic and sold 4,988 tons. In 2017, the production and sales results were exactly reversed. In each year, the selling price per ton was $2,400, variable manufacturing costs were 15% of the sales price of units produced, variable selling expenses were 12% of the selling price of units sold, fixed manufacturing costs were $3,819,000, and fixed administrative expenses were $580,000 Your ans wer is partially correct. Try again. Prepare income statements for each year using variable costing JACKSON COMPANY Income Statement For the Year Ended December 31, 2016 Variable Costing Sales 11971200 Variable Cost of Goods Sold Inventory, January 1 Variable Costs of Goods Manufactured 2052000 Variable Costs of Goods Available for Sale 2052000 Inventory, December 31 256320 Variable Cost of Goods Sold 1795680 Variable Selling Expenses 1436544 359136 Contribution Margin 11612064 Fixed Manufacturing Overhead 3,819,000 Fixed Administrative Expenses 580,000 4399000 Net Income/(Loss) 7213064 JACKSON COMPANY Income Statement For the Year Ended December 31, 2017 Variable Costing 13680000 Variable Cost of Goods Sold Inventory, January 1 256320 Variable Costs of Goods Manufactured v 1795680 Variable Costs of Goods Available for Sale 2052000 Inventory, December 31 Variable Cost of Goods Sold 2052000 1641600 3693500 Contribution Margin Fixed Manufacturing Overhead Fixed Administrative Expenses 9986400 3819000 580000 4399000 5587400 Prepare income statements for each year using absorption costing. JACKSON COMPANY Income Statement For the Year Ended December 31, 2016 Absorption Costing Sales 11971200 Cost of Goods Sold Inventory, January 1 Costs of Goods Manufactured 5871000 Costs of Goods Available for Sale 733360 Cost of Goods Sold 13 Gross Profit 6833560 Variable Selling Expenses 1436544 Fixed Administrative Expenses 2016544 4817016 Net Income/(Loss) JACKSON COMPANY Income Statement For the Year Ended December 31, 2017 v Absorption Costing Sales 13680000 Cost of Goods Sold Inventory, January 1 733360 Costs of Goods Manufactured 5614692 Costs of Goods Available for Sale 6348052 Inventory, December 31 Cost of Goods Sold 6348052 Gross Profit 7331948 Variable Selling Expenses 1641600 Fixed Administrative Expenses 580000 21 Net Income/(Loss) 5110348