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Question

Connect e I https lbra WeeSMART .SACCO !!! Canwa.lyn. Sc Ill swccDStudent Pou " 2017 2018 Academs, onnect Homework Assignment Ida Sidha Karya Company is a family-owned company located in the village of Glanyar on the island of Balh in Indonesia. The produces a handcrafted Balinese musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $850 Selected data for the company's operations last year follow Units in beginning inventory Units produced Units sold Units in ending imventory Direct materials 5 100 Direct labor Varlable selling and edministrative f ixed selling and adeinistrative 20,000 The absorption costing income statement prepared by the company's accountant for last year appears below 5 191,256 Cast of soods sold Gross margin selling and administrative expense Net aperating income Required 1. Under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of last year? 2 Prepare an income statement for last year using variable costing Complete this question by entering your onswers in the tabs below. Required 1 Required 2 Prepare an income statement for last year using variable costing. riable cost of goods sold ariable selling and administrative expense 4,500)

Explanation / Answer

1) fixed manufacturing overhead per unit 60000/250 240 FMOH included in ending inventory = 240*25 6000 answer 2) Variable costing income statement Sales 191,250 Variable expenses Variable cost of goods sold 103500 Variable selling and administrative expenses 4500 108000 Contribution margin 83,250 Fixed expenses fixed manufacturing overhead 60,000 Fixed selling and administrative expense 20,000 80,000 net operating income 3,250 Varaible cost of goods solds is calculated as follows: Direct materials (225*100) 22500 direct labor (225*320) 72000 variable manufacturing overhead (225*40) 9000 Variable cost of goods sold 103500

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