Sims Company began operations on January 1. Its cost and sales information for this year follow. Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses Units produced Units sold Sales price $ 35 per unit $ 55 per unit $20 per unit $ 8,400,000 per year $ 11 per unit $ 4,750,000 per year 1. Prepare an income statement for the year using variable costing. 2. Prepare an income statement for the year using absorption costing. 105,000 units 75,000 units $ 360 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. Sales Less: Cost of goods sold Direct materials Direct labor Fixed overhead Contribution margin Less: Fixed expenses SIMS COMPANY Income Statement (Variable Costing) Fixed selling and administrative expenses Fixed overhead Income 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 absorption costing. SIMS COMPANY Income Statement (Absorption Costing) $ 0 Kenzi, a manufacturer of kayaks, began operations this year. During this year, the company produced 1,075 kayaks and sold 825 at a price of $1,075 each. At year-end, the company reported the following income statement information using absorption costing. Sales (825 $1,075) Cost of goods sold (825 x $425) Gross profit Selling and administrative expenses Income $ 886,875 350,625 536,250 250,000 $ 286,250 Additional Information a. Product cost per kayak under absorption costing totals $425, which consists of $325 in direct materials, direct labor, and variable overhead costs and $100 in fixed overhead cost. Fixed overhead of $100 per unit is based on $107,500 of fixed overhead per year divided by 1,075 kayaks produced. b. The $250,000 in selling and administrative expenses consists of $105,000 that is variable and $145,000 that is fixed. Prepare an income statement for the current year under variable costing. Selling and administrative expenses Income Additional Information 250,000 $ 286,250 a. Product cost per kayak under absorption costing totals $425, which consists of $325 in direct materials, direct labor, and variable overhead costs and $100 in fixed overhead cost. Fixed overhead of $100 per unit is based on $107,500 of fixed overhead per year divided by 1,075 kayaks produced. b. The $250,000 in selling and administrative expenses consists of $105,000 that is variable and $145,000 that is fixed. Prepare an income statement for the current year under variable costing. Income KENZI Income Statement (Variable Costing) Rey Company's only product sells for $223 per unit. Data for its first year of operations follow. Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses Units produced and sold $ 27 per unit $ 35 per unit $ 13 per unit $ 405,000 per year $25 per unit $ 214,000 per year 27,000 units 1. Prepare an income statement for the year using absorption costing 2. Prepare an income statement for the year using variable costing. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare an income statement for the year using absorption costing. REY COMPANY Income Statement (Absorption Costing) Units produced and sold 27,000 units 1. Prepare an income statement for the year using absorption costing 2. Prepare an income statement for the year using variable 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. REY COMPANY Income Statement (Variable Costing) Income ! Required information [The following information applies to the questions displayed below.] Trio Company reports the following information for its first year of operations. Direct materials Direct labor Variable overhead Fixed overhead Units produced Units sold Ending finished goods inventory $ 13 per unit $ 17 per unit $ 4 per unit $ 326,400 per year 20,400 units 17,000 units 3,400 units 1. Compute the product cost per unit using absorption costing. 2. Determine the cost of ending finished goods inventory using absorption costing. 3. Determine the cost of goods sold using absorption costing. 1. Compute the product cost per unit using absorption costing. 2. Determine the cost of ending finished goods inventory using absorption costing. 3. Determine the cost of goods sold using absorption costing. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the product cost per unit using absorption costing. Product cost per unit of finished goods using: Absorption costing Product cost per unit 1. Compute the product cost per unit using absorption costing. 2. Determine the cost of ending finished goods inventory using absorption costing. 3. Determine the cost of goods sold using absorption costing. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine the cost of ending finished goods inventory using absorption costing. Cost per unit of finished goods using: Product cost per unit Absorption costing Number of units in finished goods Cost of ending finished goods inventory 1. Compute the product cost per unit using absorption costing. 2. Determine the cost of ending finished goods inventory using absorption costing. 3. Determine the cost of goods sold using absorption costing. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine the cost of goods sold using absorption costing. Cost per unit of goods sold using: Product cost per unit Number of units sold Cost of sold goods Absorption costing Trio Company reports the following information for its first year of operations. Direct materials Direct labor Variable overhead Fixed overhead Units produced Units sold Ending finished goods inventory $ 13 per unit $ 17 per unit $ 4 per unit $ 326,400 per year 20,400 units 17,000 units 3,400 units Assume instead that Trio Company uses variable costing. 1. Compute the product cost per unit using variable costing. 2. Determine the cost of ending finished goods inventory using variable costing. 3. Determine the cost of goods sold using variable costing. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the product cost per unit using variable costing. Product cost per unit of finished goods using: Total product cost per unit Variable costing per unit Trio Company reports the following information for its first year of operations. Direct materials Direct labor Variable overhead $ 13 per unit $ 17 per unit $ 4 per unit Fixed overhead Units produced Units sold Ending finished goods inventory $ 326,400 per year. 20,400 units 17,000 units 3,400 units Assume instead that Trio Company uses variable costing. 1. Compute the product cost per unit using variable costing. 2. Determine the cost of ending finished goods inventory using variable costing. 3. Determine the cost of goods sold using variable costing. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine the cost of ending finished goods inventory using variable costing. Cost per unit of finished goods using: Total product cost per unit Number of units in finished goods Cost of ending finished goods inventory Variable costing Trio Company reports the following information for its first year of operations. Direct materials Direct labor Variable overhead Fixed overhead $ 13 per unit $17 per unit $ 4 per unit $ 326,400 per year Units produced Units sold Ending finished goods inventory 20,400 units 17,000 units 3,400 units Assume instead that Trio Company uses variable costing. 1. Compute the product cost per unit using variable costing. 2. Determine the cost of ending finished goods inventory using variable costing. 3. Determine the cost of goods sold using variable costing. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Variable costing Determine the cost of goods sold using variable costing. Cost per unit of goods sold using: Total product cost per unit Number of units sold Cost of sold goods Required information [The following information applies to the questions displayed below.] Oak Mart, a producer of solid oak tables, reports the following data from its first year of business. Sales price per unit Units produced this year Units sold this year Variable selling and administrative expenses Fixed selling and administrative expenses Direct materials Direct labor Variable overhead Fixed overhead $ 350 per unit 122,000 units 122,000 units $18 per unit $ 4,630,000 per year $ 46 per unit $ 68 per unit $ 34 per unit $ 7,930,000 per year 1. Prepare the current-year income statement using variable costing. OAK MART Income Statement (Variable Costing) variable selling and ministrative expenses Fixed selling and administrative expenses Direct materials Direct labor Variable overhead Fixed overhead Saved 1. Prepare the current-year income statement using variable costing. Income OAK MART Income Statement (Variable Costing) lo per un $ 4,630,000 per year $ 46 per unit $ 68 per unit $ 34 per unit $ 7,930,000 per year Oak Mart, a producer of solid oak tables, reports the following data from its first year of business. Sales price per unit Units produced this year Units sold this year Variable selling and administrative expenses Fixed selling and administrative expenses Direct materials Direct labor Variable overhead Fixed overhead $ 350 per unit 122,000 units 122,000 units $ 18 per unit $ 4,630,000 per year $ 46 per unit $ 68 per unit $ 34 per unit $ 7,930,000 per year 2. Prepare the current-year income statement using absorption costing. Income OAK MART Income Statement (Absorption Costing)