can you please tell me how to solve this Problem 19-7A Coswell Company produces
ID: 2455444 • Letter: C
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can you please tell me how to solve this
Problem 19-7A
Coswell Company produces plastic that is used for injection-molding applications such as gears for small motors. In 2011, the first year of operations, Coswell produced 5,000 tons of plastic and sold 3,000 tons. In 2012, the production and sales results were exactly reversed. In each year, the selling price per ton was $2,200, variable manufacturing costs were 16% of the sales price of units produced, variable selling expenses were 9% of the selling price of units sold, fixed manufacturing costs were $2,850,000, and fixed administrative expenses were $505,000.
COSWELL COMPANY
Income Statement
For the Year Ended December 31, 2011
Absorption Costing
COSWELL COMPANY
Income Statement
For the Year Ended December 31, 2012
Absorption Costing
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(c)
2011
2012
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Prepare income statements for each year using absorption costing. (Do not round intermediate calculations. Round final answers to 0 decimal places, e.g. 5,275.)COSWELL COMPANY
Income Statement
For the Year Ended December 31, 2011
Absorption Costing
$
Costs of Goods Available for SaleCosts of Goods ManufacturedCost of Goods SoldFixed Administrative ExpensesGross ProfitInventory, January 1Inventory, December 31Net Income/ (Loss)SalesVariable Selling Expenses Costs of Goods Available for SaleCosts of Goods ManufacturedCost of Goods SoldFixed Administrative ExpensesGross ProfitInventory, January 1Inventory, December 31Net Income/ (Loss)SalesVariable Selling Expenses$
Costs of Goods Available for SaleCosts of Goods ManufacturedCost of Goods SoldFixed Administrative ExpensesGross ProfitInventory, January 1Inventory, December 31Net Income/ (Loss)SalesVariable Selling Expenses Costs of Goods Available for SaleCosts of Goods ManufacturedCost of Goods SoldFixed Administrative ExpensesGross ProfitInventory, January 1Inventory, December 31Net Income/ (Loss)SalesVariable Selling Expenses Costs of Goods Available for SaleCosts of Goods ManufacturedCost of Goods SoldFixed Administrative ExpensesGross ProfitInventory, January 1Inventory, December 31Net Income/ (Loss)SalesVariable Selling Expenses Costs of Goods Available for SaleCosts of Goods ManufacturedCost of Goods SoldFixed Administrative ExpensesGross ProfitInventory, January 1Inventory, December 31Net Income/ (Loss)SalesVariable Selling Expenses Costs of Goods Available for SaleCosts of Goods ManufacturedCost of Goods SoldFixed Administrative ExpensesGross ProfitInventory, January 1Inventory, December 31Net Income/ (Loss)SalesVariable Selling Expenses Costs of Goods Available for SaleCosts of Goods ManufacturedCost of Goods SoldFixed Administrative ExpensesGross ProfitInventory, January 1Inventory, December 31Net Income/ (Loss)SalesVariable Selling Expenses Costs of Goods Available for SaleCosts of Goods ManufacturedCost of Goods SoldFixed Administrative ExpensesGross ProfitInventory, January 1Inventory, December 31Net Income/ (Loss)SalesVariable Selling Expenses Costs of Goods Available for SaleCosts of Goods ManufacturedCost of Goods SoldFixed Administrative ExpensesGross ProfitInventory, January 1Inventory, December 31Net Income/ (Loss)SalesVariable Selling Expenses$
COSWELL COMPANY
Income Statement
For the Year Ended December 31, 2012
Absorption Costing
$
Costs of Goods Available for SaleCosts of Goods ManufacturedCost of Goods SoldFixed Administrative ExpensesGross ProfitInventory, January 1Inventory, December 31Net Income/ (Loss)SalesVariable Selling Expenses Costs of Goods Available for SaleCosts of Goods ManufacturedCost of Goods SoldFixed Administrative ExpensesGross ProfitInventory, January 1Inventory, December 31Net Income/ (Loss)SalesVariable Selling Expenses$
Costs of Goods Available for SaleCosts of Goods ManufacturedCost of Goods SoldFixed Administrative ExpensesGross ProfitInventory, January 1Inventory, December 31Net Income/ (Loss)SalesVariable Selling Expenses Costs of Goods Available for SaleCosts of Goods ManufacturedCost of Goods SoldFixed Administrative ExpensesGross ProfitInventory, January 1Inventory, December 31Net Income/ (Loss)SalesVariable Selling Expenses Costs of Goods Available for SaleCosts of Goods ManufacturedCost of Goods SoldFixed Administrative ExpensesGross ProfitInventory, January 1Inventory, December 31Net Income/ (Loss)SalesVariable Selling Expenses Costs of Goods Available for SaleCosts of Goods ManufacturedCost of Goods SoldFixed Administrative ExpensesGross ProfitInventory, January 1Inventory, December 31Net Income/ (Loss)SalesVariable Selling Expenses Costs of Goods Available for SaleCosts of Goods ManufacturedCost of Goods SoldFixed Administrative ExpensesGross ProfitInventory, January 1Inventory, December 31Net Income/ (Loss)SalesVariable Selling Expenses Costs of Goods Available for SaleCosts of Goods ManufacturedCost of Goods SoldFixed Administrative ExpensesGross ProfitInventory, January 1Inventory, December 31Net Income/ (Loss)SalesVariable Selling Expenses Costs of Goods Available for SaleCosts of Goods ManufacturedCost of Goods SoldFixed Administrative ExpensesGross ProfitInventory, January 1Inventory, December 31Net Income/ (Loss)SalesVariable Selling Expenses Costs of Goods Available for SaleCosts of Goods ManufacturedCost of Goods SoldFixed Administrative ExpensesGross ProfitInventory, January 1Inventory, December 31Net Income/ (Loss)SalesVariable Selling Expenses$
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can you please tell me how to solve this Problem 19-7A Coswell Company produces
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