1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
MrRa [10]
3 years ago
15

Jackson Company produces plastic that is used for injection-molding applications such as gears for small motors. In 2019, the fi

rst year of operations, Jackson produced 4,600 tons of plastic and sold 3,680 tons. In 2020, the production and sales results were exactly reversed. In each year, the selling price per ton was $2,400, variable manufacturing costs were 16% of the sales price of units produced, variable selling expenses were 8% of the selling price of units sold, fixed manufacturing costs were $3,312,000, and fixed administrative expenses were $470,000. (a) Prepare income statements for each year using variable costing.
Business
1 answer:
jeka943 years ago
7 0

Answer:

income statements for each year using variable costing

                                                                      2019                     2020

Sales                                                         $8,832,000        $11,040,000

Less Cost of Sales :

Opening Stock                                                $0                    $353,280

Add Manufacturing Cost                         $1,766,400             $1,413,120

Less Closing Stock                                  ($353,280)                  $0

Cost of Sales                                            ($1,413,120)         ($1,766,400)

Contribution                                              $7,418,880          $9,273,600

Less Expenses

Fixed manufacturing costs                      ($3,312,000)      ($3,312,000)

Selling Expenses :

Variable                                                     ($706,560)         ($883,200)

Fixed  Administrative Expenses              ($470,000)         ($470,000)

Net Income / (Loss)                                  $2,921,120          $4,608,400            

Explanation:

Reconciliation of Units

                                         2019                     2020

Opening Stock                     0                         920

Add Production               4,600                   3,680

Available for Sale            4,600                  4,600

Less Sales                      (3,680)                 (4,600)

Closing Stock                     920                       0

Product Cost

Consider only variable manufacturing costs

Product Cost = $2,400 × 16%

                      = $384

You might be interested in
Give an example of one good or service produced in the United States using the command model. Justify your example using content
Ymorist [56]

What poster are you referring to? There’s nothing there but the question

5 0
2 years ago
Product warranties, effects of environmental problems, and lawsuits are examples of transactions or events that give rise to
Rama09 [41]

Product warranties, effects of environmental problems, and lawsuits are examples of transactions or events that give rise to Contingency.

<h3><u>What is Contingency?</u></h3>
  • A contingency is the potential possibility of a bad event, such as a pandemic, economic downturn, natural disaster, fraud, or terrorist attack. The coronavirus outbreak that struck businesses in 2020 made many employees reliant on remote work.
  • Companies had to adopt a remote work strategy as a result. Working remotely wasn't an option for some organizations, though, and as a result, increased security measures for both employees and clients were put in place to stop the virus from spreading.

Although contingencies can be planned for, it is often impossible to predict the kind and breadth of such unfavorable events in advance. Businesses and investors conduct analyses and put defensive measures into place to prepare for potential possibilities.

Know more about Contingency with the help of the given link:

brainly.com/question/17275335

#SPJ4

4 0
2 years ago
What is the most likely reason some people avoid all carbohydrates in order to lose weight?
liberstina [14]

Answer:

People avoid carbohydrates, because they have a high calory density.

6 0
3 years ago
How many powered fork lift accidents occur each year
Scrat [10]
34,900 injuries a year and around 80deaths per year
8 0
3 years ago
_____ money is what's available after paying for the necessities of life
SVETLANKA909090 [29]
Surplus money is your answer

8 0
2 years ago
Read 2 more answers
Other questions:
  • The objective of a best-cost strategy is to: a. Deliver superior value to value-conscious buyers at a comparatively lower price
    13·1 answer
  • A corporation that uses both debt and equity in its capital structure has concluded that the risk premium it must pay on its com
    12·1 answer
  • Mike Karanikolas wants to enter the French market with his usual strategy of using influencers. Two influencers are considered t
    10·1 answer
  • Some nations have traditionally been in poverty from one generation to the next, relying on tradition rather than experimenting
    12·1 answer
  • A student finds data on an internet site that contains financial information about selected companies. he plans to analyze the d
    10·1 answer
  • Given the following, compute the cost of goods manufactured.
    15·1 answer
  • 11. Write down the importance of marketing mix?<br>बजारशास्त्र सम्मिश्रणको महत्त्व लेख्नुहोस्<br>।​
    13·1 answer
  • Based on this model, households earn income when firms __________ purchase goods and services ___________in markets for factors
    8·1 answer
  • For tax reasons, your client wishes to purchase an annuity that pays $100,000 each year for 6 years, with the first payment in o
    14·1 answer
  • Your firm needs a computerized machine tool lathe which costs $51,000 and requires $12,100 in maintenance for each year of its 3
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!