Cost of Goods Manufactured, using Variable Costing and Absorption Costing On March 31, the end of the first month of operations, Barnard Inc. manufactured 15,000 units and sold 12,000 units. The following income statement was prepared, based on the variable costing concept: Barnard Inc. Variable Costing Income Statement For the Year Ended March 31, 20Y1 Sales $2,160,000 Variable cost of goods sold: Variable cost of goods manufactured $1,620,000 Inventory, March 31 (324,000) Total variable cost of goods sold (1,296,000) Manufacturing margin $864,000 Total variable selling and administrative expenses (96,000) Contribution margin $768,000 Fixed costs: Fixed manufacturing costs $210,000 Fixed selling and administrative expenses 45,000 Total fixed costs (255,000) Operating income $513,000 Determine the unit cost of goods manufactured, based on (a) the variable costing concept and (b) the absorption costing concept. Variable costing $ Absorption costing
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Cost of Goods Manufactured, using Variable Costing and Absorption Costing On March 31, the end of the first month of operations, Barnard ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
With increasing tensions between the US and China, we've seen the US restrict imports from China, ranging from aluminum to cars. From the perspective of the US we'll see that the real exchange rate: a. increases and NX remains unchanged b.
Answers (1)
In the united states today, what gives money its value?
Answers (2)
The balance in the supplies account before adjustment at the end of the year is $873. The proper adjusting entry if the amount of supplies on hand at the end of the year is $270 would be
Answers (1)
Although the Chen Company's milling machine is old, it is still in relatively good working order and would last for another 10 years. It is inefficient compared to modern standards, though, and so the company is considering replacing it.
Answers (1)
A company factored $30,000 of its accounts receivable and was charged a 2% factoring fee. The journal entry to record this transaction would include a debit to Cash of $30,000, a debit to Factoring Fee Expense of $600, and credit to Accounts
Answers (1)
New Questions in Business
There are plenty of products and services on the market that customers can choose from. however, customers select the business in which they purchase products based on the perceived value of the business and product.
Answers (1)
A married couple abandoned their principal residence in May. They had purchased the house five years ago for $350,000. The house had a current fair market value of $300,000.
Answers (1)
6 If you are a driver under 21 with a breath or blood alcohol level of. 05 or higher you will be required to:
Answers (1)
Why do you think companies felt that unions were "conspiracies that interfere with property rights"?
Answers (1)
When Ernesto needed to learn what his employees really think about his company's new pension plan, he approached Vonnie, a long-time secretary in the legal department with contacts throughout the organization.
Answers (1)