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2 years ago

Administrative expenses, all fixed per unit what is the inventoriable cost per unit using variable costing?

Business

1 answer:

Naya [18.7K]2 years ago

5 0

Electricity consumed in the manufacturing process is inventoriable cost per unit using variable costing.

Variable costing is that concept which is used in managerial and cost accounting. In this type of costing the fixed manufacturing overhead is excluded from the product-cost of production.

The method contrasts with absorption costing, in which the fixed manufacturing overheads are allocated to products which are produced. In accounting frameworks such as GAAP and IFRS, variable costing cannot be used in financial reporting.

Although accounting frameworks such as GAAP and IFRS prohibits the use of variable costing in financial reporting, this costing method is commonly used by managers.

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Answer:

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Explanation:

Calculation for the amount of Cash raised for the Levy Company

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3 years ago

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3 years ago

Read 2 more answers

Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of common stock, $5 par value. Durin

hjlf

Answer:

Global Marine

a. Indication of the accounts and amounts for each transaction:

a. Cash $5,500,000 Common stock $500,000 Additional Paid-in Capital $5,000,000

b. Treasury stock $125,000 Additional Paid-in Capital $1,125,000 Cash $1,250,000

c. Cash $510,000 Treasury stock $50,000 Additional Paid-in Capital $460,000

d. Cash $490,000 Treasury stock $50,000 Additional Paid-in Capital $440,000

b. Journal Entries:

a. Debit Cash $5,500,000

Credit Common stock $500,000

Credit Additional Paid-in Capital $5,000,000

To record the issuance of 100,000 shares of the common stock at $55 cash per share.

b. Debit Treasury stock $125,000

Debit Additional Paid-in Capital $1,125,000

Credit Cash $1,250,000

To record the repurchase of 25,000 shares at $50 cash per share.

c. Debit Cash $510,000

Credit Treasury stock $50,000

Credit Additional Paid-in Capital $460,000

To record the re-issuance of 10,000 shares from treasury for $51 per share.

d. Debit Cash $490,000

Credit Treasury stock $50,000

Credit Additional Paid-in Capital $440,000

To record the re-issuance of 10,000 shares from treasury for $49 per share.

Explanation:

a) Data and Calculations:

Authorized common stock shares, 1,000,000 at $5 par value

Net income earned during the year = $400,000

Selected transactions:

a. Cash $5,500,000 Common stock $500,000 Additional Paid-in Capital $5,000,000

100,000 shares of the common stock at $55 cash per share.

b. Treasury stock $125,000 Additional Paid-in Capital $1,125,000 Cash $1,250,000

25,000 shares at $50 cash per share.

c. Cash $510,000 Treasury stock $50,000 Additional Paid-in Capital $460,000

10,000 shares from treasury for $51 per share.

d. Cash $490,000 Treasury stock $50,000 Additional Paid-in Capital $440,000

10,000 shares from treasury for $49 per share.

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