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3 years ago

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The account "Warranty Liability": is adjusted at the end of the year. is credited each time a warranty repair is made. has a yea

r-end credit balance equal to the cost of warranty repairs made during the year. is closed at the end of the year.

1 answer:

Valentin [98]3 years ago

4 0

Answer:

The account "Warranty Liability":

is adjusted at the end of the year

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The following data are from the accounting records of Niles Castings for year 2: Units produced and sold 80,000 Total revenues a

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Nile Castings

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Sales Revenue $ 270,000

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Variable Manufacturing Overheads $ 18,000

Fixed Manufacturing Costs <u> $ 41,000</u>

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Nile Castings

Income Statement Under Absorption Method

Year 2

Sales Revenue $ 270,000

Direct Materials $63,000

Direct Labor $ 33,000

Variable Manufacturing Overheads $ 18,000

Variable Marketing & Administrative Costs <u> $ 11,500</u>

Contribution Margin $ 144,500

Less Fixed Costs

Fixed Manufacturing Costs $ 41,000

Fixed Marketing Coss <u> $ 38,000</u>

<u>Net Profit $ 65,500</u>

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