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
Anit [1.1K]
3 years ago
9

Sales $2,150,000 Manufacturing costs: Direct materials $960,000 Direct labor 420,000 Variable manufacturing cost 156,000 Fixed m

anufacturing cost 288,000 1,824,000 Selling and administrative expenses: Variable $204,000 Fixed 96,000 300,000 Required: 1. Prepare an income statement based on the absorption costing concept.
Business
1 answer:
son4ous [18]3 years ago
5 0

Answer:

Net income                                                      <u> 26,000</u>

Explanation:

Absorption costing classifies costs as production cost and non-production costs ( selling and distibution , administration e.t.c)

Income statement using Absorption costing

                                                                          $

Sales Revenue                                        2,150,000

Less cost of goods sold

Direct material                         960,000

Direct labour cost                   420,000

Variable manufacturing           156,000

Fixed manufacturing                <u>288,000</u>

production cost                                          (<u> 1,824,000 )</u>

Gross profit                                                  326,000

Selling and distribution

Variable                                   204,000                

Fixed                                          <u>96,000</u>    

                                                                     <u>(300,000) </u>

Net income                                                      <u> 26,000</u>

                 

You might be interested in
Why is having a long credit history with a few blemishes that were corrected better than a short history that is clear? edg
marin [14]

Answer:

A long history with corrected blemishes shows to those viewing your credit history that you've learned to fix mistakes making you trustworthy and experienced. But when you have a short clear history they don't really know anything about you.

Explanation:

4 0
3 years ago
Read 2 more answers
Everything Looks Like a Nail, Inc. is a manufacturing company that produces hammers. The company faces a number of different fix
nikitadnepr [17]

Answer:

a. Regulatory compliance costs  - Fixed cost

b. Salaries of top management and key personnel - Fixed cost

c. Cost of metal used in manufacturing  - Variable cost

d. Cost of wood used in manufacturing  - Variable cost

e. Mortgage payments  - Fixed cost

f. Industrial equipment costs  - Fixed cost

g. Interest on debt  - Fixed cost

h. Postage and packaging costs - Variable cost

Explanation:

The cost which is affected by the production of units is known as variable cost. The cost which does not vary with the units produced is fixed cost. Fixed cost does not change from period to period irrespective of level of output and is usually same for a certain period. It is easy to budget for fixed costs instead of variable cost. Variable cost changes every period and is based on company's output.

6 0
3 years ago
Read 2 more answers
What was the stated purpose of the Food Administration during the Great War? A. It was to set up food banks for Americans B. It
Ulleksa [173]

Answer: The stated purpose of the food administration during the great war was to reduce food consumption by civilians (B)

Explanation:

The U. S. Food Administration was the department responsible for the administration of the United States army abroad and food reserves of its allies during the World War 1. An important role of the United States Food Administration was the regulation of the price of wheat in the market.

During the war, the United States was short of commodities because the commodities were sold to their allies hence, every citizen were asked to donate horses, weapons and ammunition they had to help supply the army. It was done so that food for soldiers wouldn't be an issue.

6 0
4 years ago
Read 2 more answers
You have purchased a new mattress for $2,000, and the store has given you a "12 months, same as cash" deal. this means that you
egoroff_w [7]
 the answer would be $2,000.00 because that is what your going to owe in a year you are getting one year interest free
4 0
3 years ago
Discuss what Senator Ed Markley says the safety regulation loophole is responsible for? What did Markley try to do about this? D
alexandr1967 [171]

Safety regulation loophole is responsible for closing the regulatory loophole, having an emergency plan, trying to have safety culture for every pipeline to avoid the disaster.

<u>Explanation:</u>

Senator Ed Markey is a member of commerce, science and the transport committee. He had the jurisdiction over the pipeline and hazardous material safety administration. According to him the safety regulatory loophole was very important and was responsible for avoiding the disasters like what happened in Merrimack valley.

He said that it is very important for every pipeline company to have a safety culture, to have an emergency response plan in case of any disaster or mis happening. There should be pipeline safety act with the toughest rules on it, that every pipeline company would have to follow, to avoid any kind of the disaster

5 0
4 years ago
Other questions:
  • Financial capital markets bridge the gap between savers and investors: that is, they find ways to take the inflow of funds from
    15·1 answer
  • Calculator The document authorizing the issuance of materials from the storeroom is a a.materials requisition b.purchase requisi
    9·1 answer
  • A college bound student is least likely to participate in which of these CTSOs
    5·1 answer
  • Send a comment to me if you are in foster care,cuz i am, because i feel alone.
    14·1 answer
  • when an owner records a credit for 650 for revenue earned but not yet received the amount of the debit should be
    13·1 answer
  • Goshen Company's contribution format income statement for the most recent month is given below: Sales (42,000 units) $ 1,218,000
    13·1 answer
  • WILL GIVE BRAINLIEST ANSWER!!!!! plus 40 points
    12·2 answers
  • What condition exists if you have a monthy soending deficit?
    15·1 answer
  • What are the characteristics of economic globalization​
    7·2 answers
  • Lcpl azimi's base pay is $1800 per month. he also receives partial bah of $10. 00 and bas of $290. his total withholdings are $3
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!