What is the Profit in 2019 under absorption costing? 2019
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The following information are available for X Corp: (The company uses actual costing). What is the Profit in 2019 under absorption costing?
2019
Beginning Inventory None
Production 10,000 units
Ending Inventory 3,500 units
Sales at 2 per unit ??
Variable Mfg cost in total pesos 7,500
Fixed Mfg cost 5,000
OPEX (50% FC) 4,500
2020
Beginning Inventory ??
Production 9,000 units
Ending Inventory 1,000 units
Sales at 2 per unit ??
Variable Mfg cost in total pesos ??
Fixed Mfg cost 5,400 (increased by 400 for change of total FC of the company)
OPEX (50% FC) 7,500
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- When prices are falling (deflation), which costing method would produce the highest gross margin for the following? Choose first-in, first-out (FIFO); last-in, first-out (LIFO); or weighted average, assuming that B62 Company had the following transactions for the month. Calculate the gross margin for each of the following cost allocation methods, assuming B62 sold just one unit of these goods for $400. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG)2. The following data are given on the only one product of Glory Co. 2020 2021Sales volume 3,000. 2,600Unit Selling price. P 8.00. P 11.00Unit cost. 5.00 9.00 Prepare the gross profit statement and analyze the variation in gross profitPrepare the Income Statement for the year ended 31 December 2022 using the Marginal costing and Absorption costing methods. Opening inventory Nil Number of units manufactured 5 000 Number of units sold 4 500 Selling price per unit R200 Direct material cost per unit R14 Direct labour cost per unit R23 Variable manufacturing overheads cost per unit R12 Variable selling and administrative cost per unit sold R3 Fixed manufacturing overhead cost R200 000 Fixed selling and administrative costs R400 000
- Question 1: Pamlico Manufacturing Ltd has the following information given in the table below. 12.50 Sales per unit Variable production cost per unit Variable administration sales and distribution per 7.50 1.00 unit Fixed production costs 37 500 18 750 Fixed administration sales and distribution Opening inventory in units Units produced 2 500 25 000 At the beginning of December 2018, there were 2 500 units in inventory. Required: Draw up a staement of comprehensiy income according to margial costing principlesor three differenevels of sales, for the moth of December 12 500 units b) 18 750 units c) 25 000 units Question 2 Using the above information on Pamlico Manufacturing Ltd, prepare the statement of comprehensive income using absorption costing principles for the month of December and assume the following: 1. Normal level of activity is 25 000 shirts per month. 2. Fixed production costs were 37 500 for the month.The following information is for Lawrence Company, who uses the LIFO method: Item Cost NRV MinusNormal Profit Net RealizableValue ReplacementCost a $3.40 $2.79 $4.14 $4.65 b 36.00 28.80 32.40 27.60 c 2.40 1.32 1.56 1.94 d 6.00 5.55 6.15 6.30 e 24.00 20.40 22.80 21.00 f 13.35 10.55 12.30 12.90 1. Determine the lower of cost or market for each inventory item. Item Lower ofCost or Market Value a $ b $ c $ d $ e $ f $ 2. Now assume instead that the company uses FIFO and the inventory is valued using the LCNRV rule, determine the value of each inventory item. Item Lower ofCost or Net Realizable Value a $ b $ c $ d $ e $ f $A company has following details for this yearDetails Total sales($) Total cost($) Details Total sales($) Total cost($)Year ended 31/12/2018 35,78,998 25,89,709Year ended 31/12/2019 48,90,742 31,67,984 Calculate P/V ratio, Fixed cost, break even sales, Margin of safety 2018/2019, Variable cost 2018/2019and percent of fixed cost 2018/2019
- A manufacturer has the following per-unit costs and values for its sole product: Cost $10.00 5.50 Current replacement cost Net realizable value 6.00 Net realizable value less normal profit 5.20 margin Under the first-in first-out (FIFO) cost method, what is the per-unit carrying value of inventory in the manufacturer's statement of financial position? O 55.20 $5.50 $6.00 $10.00Enabled: Midterm 2 i C Cost The following information pertains to one item of inventory of the Simon Company. Saved Per unit $ 200 170 190 10 30 Replacement cost Selling price Disposal costs Normal profit margin Using the lower of cost or market method, this item should be valued at:Prepare a gross profit variation analysis for two products. 2021. 2020 A. B. A. B Sales volume. 7,000 5,000. 9,000. 2,500Unit selling price. P 6.00. P. 4.00. P 7.00. P 5.00Unit cost. P. 4.00. 2.00 6.00 3.00Determine the following: a) Volume factor b) Price factor c) cost factor d) sales mix factor
- The net operating income reported by Erin Company in March 2021 amounted to $10,000, however, it decreased by $40,000 in April 2021, ending up with a loss. Besides, Erin Company is a retail company, and its management has provided the following-additional information for April 2021. tem Amsunt Sales Volume 75.000 unita Unit Selling Price Tetal Coribution Margin $1.500,000 Variable Cot of Goods Sed S00.000 Variable Selling Expenses per Unit Variahle Administrative Epees $9 per unit Fisod Selling Expon Fixed Administrative Expenses 25% of Total Administrative Expenses) 77 Contribution Margin Ratie 40% 17. What is the unit selling price? $20 per unit $30 per unit $41 per unit O $50 per unit O None of the above 18. What is the amount of variable administrative expenses for April 2021? * O $225,000 O $675,000 O $900,000 $1,305,000 O None of the above O O O O OA U Ltd manufactures and sells a single product, the company's sales and expenses for themonth of January 2021 were as follows:Total (Kshs)Value per unit (Kshs)Sales1.200.0080.00Less: Variable expenses840.0056.00Contribution360.0024.00Less: Fixed expenses300.00Net income60.00Required:What is the monthly breakeven point in units and in shillings?What is the total contribution margin at breakeven point?How many units would be sold each month to carn a minimum target net income ofkshs. 36.000?(iv)Using the original data, compute a company's margin of safety in both shilling and in percentage termsWhat is the contribution margin ratio, if the monthly sales increase by Kshs 16,000?The following information relates to CEE Company: (Refer to image). Assume that the company uses the average cost approach. What is the cost ratio? Express your answer in percentage and round up to two decimal points. * Retail Cost 500,000.00 Inventory, 12/31/2021 725,000.00 Purchases 1,285,000.00 2,220,000.00 Purchase returns 20,000.00 35,000.00 Purchase discounts 30,000.00 Sales (after employee discounts) 2,450,000.00 Sales returns 125,000.00 Sales allowances 70,000.00 Mark-ups Mark-up cancellations 160,000.00 70,000.00 Mark-down 65,000.00 Mark-down cancellations 32,000.00 Freight in Employee discounts Normal loss from breakage 65,000.00 15,000.00 10,000.00