{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-28T05:02:34-04:00", "answer_date": "2024-05-28 05:02:34", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1819544", "url": "\/study-help\/questions\/required-information-exercise-73-algo-reconciliation-of-absorption-and-variable-1819544", "question_creation_date_js": "2024-05-28T05:02:34-04:00", "question_creation_date": "May 28, 2024 05:02 AM", "meta_title": "[Solved] Required information. Exercise 7-3 (Algo) | SolutionInn", "meta_description": "Answer of - Required information. Exercise 7-3 (Algo) Reconciliation of Absorption and Variable Costing Net Operating Incomes [LO7 | SolutionInn", "meta_keywords": "required,information,exercise,7-3,algo,reconciliation,absorption,variable,costing,net,operating,incomes", "question_title_h1": " Required information. Exercise 7-3 (Algo) Reconciliation of Absorption and Variable Costing Net Operating Incomes [LO7-3] [The following information applies to the questions displayed below]", "question_title": " Required information. Exercise 7-3 (Algo) Reconciliation of Absorption and Variable Costing", "question_title_for_js_snippet": "Required information Exercise 7 3 (Algo) Reconciliation of Absorption and Variable Costing Net Operating Incomes LO7 3 The following information applies to the questions displayed below Jorgansen Lighting, Incorporated, manufactures heavy duty street lighting systems for municipalities The company uses variable costing for internal management reports and absorption costing for external reports to shareholders, creditors and the government The company has provided the following data Inventories Beginning (units) Ending (units) Variable costing net operating income Year 1 Year 2 Year 200 160 160 180 180 230 $ 300,000 $279,000 $ 250,000 The company's fixed manufacturing overhead per unit was constant at $560 for all three years, Exercise 7 3 (Algo) Part 1 Required 1 Calculate each year's absorption costing net operating income (Enter any losses or deductions as a negative value ) Reconciliation of Variable Costing and Absorption Costing Net Operating Incomes Variable costing net operating income Year 1 Add (deduct) fixed manufacturing overhead deferred in (released from) inventory under absorption costing Year 2 Year 3 Absorption costing net operating income", "question_description": "\"image", "transcribed_text": "Required information. Exercise 7-3 (Algo) Reconciliation of Absorption and Variable Costing Net Operating Incomes [LO7-3] [The following information applies to the questions displayed below] Jorgansen Lighting, Incorporated, manufactures heavy-duty street lighting systems for municipalities. The company uses variable costing for internal management reports and absorption costing for external reports to shareholders, creditors. and the government. The company has provided the following data: Inventories Beginning (units) Ending (units) Variable costing net operating income Year 1 Year 2 Year 200 160 160 180 180 230 $ 300,000 $279,000 $ 250,000 The company's fixed manufacturing overhead per unit was constant at $560 for all three years, Exercise 7-3 (Algo) Part 1 Required: 1. Calculate each year's absorption costing net operating income. (Enter any losses or deductions as a negative value.) Reconciliation of Variable Costing and Absorption Costing Net Operating Incomes Variable costing net operating income Year 1 Add (deduct) fixed manufacturing overhead deferred in (released from) inventory under absorption costing Year 2 Year 3 Absorption costing net operating income", "related_book": { "title": "Survey of Accounting", "isbn": "9780077392659, 978-0-07-73417, 77392655, 0-07-734177-5, 73379557, 978-0073379555", "edition": "2nd edition", "authors": "Edmonds, old, Mcnair, Tsay", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/76.jpg", "uri": "\/textbooks\/survey-of-accounting-2nd-edition-76", "see_more_uri": "" }, "free_related_book": { "isbn": "979-8853650060", "uri": "\/textbooks\/the-abc-s-of-finance-a-beginner-s-guide-to-the-financial-market-1st-edition-979-8853650060-191576", "name": "The Abc S Of Finance A Beginner S Guide To The Financial Market", "edition": "1st Edition" }, "question_posted": "2024-05-28 05:02:34", "see_more_questions_link": "\/study-help\/questions\/business-corporate-finance-2020-July-01", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/make-use-of-table-1.4-to-express-the-following-quantities", "description": "Make use of table 1.4 to express the following quantities in BG units: (a) 14.2 km, (b) 8.14 N\/m 3 , (c) 1.61 kg\/m 3 , (d) 0.0320 N m\/s (e) 5.67 mm\/hr.", "stars": 3 }, { "url": "\/the-rate-of-return-on-cherry-jalopies-inc-stock-over", "description": "The rate of return on Cherry Jalopies, Inc., stock over the last five years was 7 percent, 21 percent, 8 percent, 5 percent, and 31 percent. 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