Answered step by step
Verified Expert Solution
Question
1 Approved Answer
whats the answer ? a. Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold
whats the answer ?
Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $880. Selected data for the company's operations last year follow: Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable nelling and adninintrative rixed costs: Pixed manufacturing overhead Fixed selling and administrative 0 280 240 40 $115 $335 $35 $25 563,000 $23,000 The absorption costing income statement prepared by the company's accountant for last year appears below: Sales Cont of goods sold Grose margin selling and administrative expense Net operating income 5. 211,200 6211,200170,40040,800 29,000$11,800 Required: 1. Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of last year? 2. Prepare an income statement for last year using variable costing. Required: 1. Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of last year? 2. Prepare an income statement for last year using variable costing. Complete this question by entering your answers in the tabs below. Required 2 Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of last year? Fioed manufoctuning overtiead cost included in inventory. Required 1 Required 2 Prepare an income statement for last year using variable costing a.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started