The following information pertains to the first year of operation for Crystal Cold Coolers Incorporated: Number...

Transcribed Image Text:

The following information pertains to the first year of operation for Crystal Cold Coolers Incorporated: Number of units produced Number of units sold 2,900 2,600 Unit sales price $ 340 Direct materials per unit $ 60 Direct labor per unit $ 45 Variable manufacturing overhead per unit $ 10 Fixed manufacturing overhead per unit ($188,500+2,900 units) Total variable selling expenses ($14 per unit sold) $ 65 $ 36,400 Total fixed general and administrative expenses $ 57,000 Required: Prepare Crystal Cold's full absorption costing income statement and variable costing income statement for the year. Complete this question by entering your answers in the tabs below. Full Absorption Variable Costing Costing Prepare Crystal Cold's full absorption costing income statement for the year. Crystal Cold Coolers Incorporated Full Absorption Costing Less: Cost of goods sold Gross margin Less: Non-manufacturing expenses Net operating income Income Statement The following information pertains to the first year of operation for Crystal Cold Coolers Incorporated: Number of units produced Number of units sold 2,900 2,600 Unit sales price $ 340 Direct materials per unit $ 60 Direct labor per unit $ 45 Variable manufacturing overhead per unit $ 10 Fixed manufacturing overhead per unit ($188,500+2,900 units) Total variable selling expenses ($14 per unit sold) $ 65 $ 36,400 Total fixed general and administrative expenses $ 57,000 Required: Prepare Crystal Cold's full absorption costing income statement and variable costing income statement for the year. Complete this question by entering your answers in the tabs below. Full Absorption Variable Costing Costing Prepare Crystal Cold's full absorption costing income statement for the year. Crystal Cold Coolers Incorporated Full Absorption Costing Less: Cost of goods sold Gross margin Less: Non-manufacturing expenses Net operating income Income Statement