1 answer

Required information [The following information applies to the questions displayed below.] Dowell Company produces a single...

Question:

Required information

[The following information applies to the questions displayed below.]
Dowell Company produces a single product. Its income statements under absorption costing for its first two years of operation follow.

2018 2019
Sales ($48 per unit) $ 1,152,000 $ 2,112,000
Cost of goods sold ($33 per unit) 792,000 1,452,000
Gross margin 360,000 660,000
Selling and administrative expenses 282,000 317,000
Net income $ 78,000 $ 343,000

Additional Information

  1. Sales and production data for these first two years follow.
2018 2019
Units produced 34,000 34,000
Units sold 24,000 44,000
  1. Variable cost per unit and total fixed costs are unchanged during 2018 and 2019. The company's $33 per unit product cost consists of the following.
Direct materials $ 5
Direct labor 8
Variable overhead 10
Fixed overhead ($340,000/34,000 units) 10
Total product cost per unit $ 33
  1. Selling and administrative expenses consist of the following.
2018 2019
Variable selling and administrative expenses ($1.75 per unit) $ 42,000 $ 77,000
Fixed selling and administrative expenses 240,000 240,000
Total selling and administrative expenses $ 282,000 $ 317,000

Prepare income statements for the company for each of its first two years under variable costing.


Answers

DOWELL Company Variable Costing Income pytatements 2018 2019 Sally $1,152,000 $2,112,000 Less: Variable costs Direct Material

.

Similar Solved Questions

1 answer
Calculate the fuel value,expressed in units of kJ/g, for gaseous benzene (C6H6) I tried -40.56 it...
Calculate the fuel value,expressed in units of kJ/g, for gaseous benzene (C6H6) I tried -40.56 it is not correct Calculate the fuel value,expressed in units of kJ/g, for ethylene gas (C2H4) I tried -47.16 it is not correct < . Chapter 19: Organic Chemistry 15 Question (s points) Compound C&am...
1 answer
How do you integrate #int 1/x^4dx#?
How do you integrate #int 1/x^4dx#?...
1 answer
This exercise uses the population growth model. The population of a country has SPRECALC7 4.6.007.MI. MY...
this exercise uses the population growth model. The population of a country has SPRECALC7 4.6.007.MI. MY NOTES This exercise uses the population growth model. The population of a country has a relative growth rate of 39 per year. The government is trying to reduce the growth rate to 2%. The popu...
1 answer
Your answer is partially correct. The pretax financial income (or loss) figures for Jenny Spangler Company...
Your answer is partially correct. The pretax financial income (or loss) figures for Jenny Spangler Company are as follows. 2015 2016 2017 2018 2019 2020 2021 $160,000 250,000 80,000 (160,000) (380,000) 120,000 100,000 Pretax financial income (or loss) and taxable income (loss) were the same for all ...
1 answer
5. (a) Find the rate of conversion of chemical energy to electrical energy in the battery...
5. (a) Find the rate of conversion of chemical energy to electrical energy in the battery power of emf). 1.0 12.0 v ww 5.02 (b) Find the rate of dissipation of electrical energy in the battery. (c) Find the rate of dissipation of electrical energy in the external resistor....
1 answer
- Question 2 1 point dy Suppose you have to solve the following system by elimination...
- Question 2 1 point dy Suppose you have to solve the following system by elimination d dy + + 2y = 22 + 9 sint dt2 dt dz day + + - 3 -- 3y + 5+ dt dt2 dt The standard form of the system is O (D2 - 2)2 + (D+2)y - 9 sint=0 (D-3)+(D2 +D+3)y + 5t2 = 0 o (D2 - 2)2 + (D+2)y=9sint (D – 3) +(D2 + 2 +...
1 answer
Check my work Cast Iron Grills, Inc., manufactures premium gas barbecue grills. The company reports inventory...
Check my work Cast Iron Grills, Inc., manufactures premium gas barbecue grills. The company reports inventory and cost of goods sold based on calculations from a LIFO periodic inventory system. Cast Iron's December 31, 2021, fiscal year-end inventory consisted of the following (listed in chronol...
1 answer
Ents of $ 1 00 and me Ribeiro Manufacturing Company has four operating divisions. During the...
ents of $ 1 00 and me Ribeiro Manufacturing Company has four operating divisions. During the first quarter of 2020, the company reported aggregate increm divisional rests: Division 1 11111 IV $509,500 $418,600 $313,300 $179, 100 Cost of goods sold 289,700 249.000 204.600 154.800 Selling and administ...
1 answer
What goes in the E formula? how do i find the numbers that go into that...
what goes in the E formula? how do i find the numbers that go into that formula. thank you! i dont know how to find the confidence interval. 11.) in 9 poll 503 human resource professiongis 45.97. piercings are red tags A. 45.9%. Of 503 = 45.9 h00 - 503- b.) û E LOCÊ TE 230.817 = 231...
1 answer
Suppose a gas-filled incandescent light bulb is manufactured so that the gas inside the bulb is...
Suppose a gas-filled incandescent light bulb is manufactured so that the gas inside the bulb is at atmospheric pressure when the bulb has a temperature of 20.0 °C. Find the gauge pressure inside such a bulb when it is hot, assuming its average hot temperature is 65.0 °C Number Pa The actual ...
1 answer
Altira Corporation provides the following information related to its merchandise inventory during the month of August...
Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand—3,100 units; cost $7.20 each. 8 Purchased 15,500 units for $6.60 each. 14 Sold 12,400 units for $13.10 each. 18 Purchased 9,300 units ...
1 answer
Some metals exhibit magnetic properties. In the lab a student immersed a strips of Co(s). Nd(s),...
Some metals exhibit magnetic properties. In the lab a student immersed a strips of Co(s). Nd(s), Sm(s) and Y(s) in aqueous solutions of the metallic ions. The following results were obtained: Co2+(aq) + Nd(s) – Co(s) + Nd2+(aq) y3+ (aq) + Nd(s) - no reaction Sm2+ (aq) + Y(s) no reaction List t...
1 answer
The following data pertain to Aurora Electronics for the month of February. Static Budget Actual Units...
The following data pertain to Aurora Electronics for the month of February. Static Budget Actual Units sold 14,000 11,000 Sales revenue $ 196,000 $ 137,500 Variable manufacturing cost 5,000 42,000 Fixed manufacturing cost 25,000 25,000 Variable selling and administrative ...
1 answer
The table shows the costs that a firm faces when producing corn in a perfectly competitive...
The table shows the costs that a firm faces when producing corn in a perfectly competitive market. Use it to answer the following questions. Show your work. Quantity (bushels) | 0 1 2 3 4. 5 6 7 8 9 10 Total Cost (dollars) | 36 | 46 54 60 | 64 | 65 | 69 | 7792 117 | 160 If the price for corn is $7 p...
1 answer
Week 4 Homework Assignment Saved Help Save & Exit Submit Check my work Compute the IRR...
Week 4 Homework Assignment Saved Help Save & Exit Submit Check my work Compute the IRR statistic for Project E. The appropriate cost of capital is 9 percent. (Do not round intermediate calculations and round your final answer to 2 decimal places.) 2.16 points Project E Time: Cash flow 0 -$1,500 ...
1 answer
Demographics Assignment. Pick two print magazines online magazines are not acceptable that are targeted toward consumers...
Demographics Assignment. Pick two print magazines online magazines are not acceptable that are targeted toward consumers in different groups in any one of the demographic categories listed below. For example, select a magazine that is targeted towards Baby Boomers and a magazine that is targeted tow...
1 answer
O False 4 pts Question 7 In thinking of increasing your nonverbal competence (4.3) what are...
O False 4 pts Question 7 In thinking of increasing your nonverbal competence (4.3) what are two ways you can improve in either giving or receiving non-verbal messages. Give an example for each. HTML Editore A 2 E BI U A - EBO . I E V G 1 1 1 x'x, O T 12pt Paragraph In thinking of increasing the ...
1 answer
1) At an air show, a jet plane has velocity components vx = 675 km/h and...
1) At an air show, a jet plane has velocity components vx = 675 km/h and vy = 515 km/h at time 3.90 s and vx = 878 km/hand vy = 385 km/h at time 7.27 s Part A) For this time interval, find the x component of the plane's average acceleration. Part B) For this time interval, find the y component o...