Reconciliation of Variable Costing Income Assignment | Top Universities

Variable costing income statement and conversion to absorption costing income (two consecutive years) LO P2, P3 Part 1 of 2 The following information applies to the questions displayed below] 20 Dowell Company produces a single product. Its income statements under absorption costing for its first two years of operation follow. points 2016 $966,0ee $1,886,0ee 651,08e 315,e8e 2817 Sales ($46 per unit) Cost of goods sold ($31 per unit) Gross margin Selling and administrative expenses 1,271,08e 615,08e 337,250 292,250 22,750$ 277,75e Net income Additional Information a. Sales and production data for these first two years following. 2817 31,eee 41,eee 2816 Units produced Units sold 31,eee 21,eee

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b. Variable cost per unit and total fixed costs are unchanged during 2016 and 2017. The company's $31 per unit product cost consists of the following. Direct materials 4 Direct labor Variable overhead Fixed overhead ($310,eee/31,eee units) 10 $31 Total product cost per unit Selling and administrative expenses consist of the following. C. 2017 2016 Variable selling and administrative expenses ($2.25 per unit) Fixed selling and administrative expenses 47,250 92,250 245,eee 245,08e Total selling and administrative expenses $292,250 $337,250 7 Problem 19-1A Part 1 1. Complete income statements for the company for each of its first two years under variable costing. (Loss amounts should be entered with a minus sign.) Part 1 of 2 Answer is not complete. 20 points DOWELL Company Variable Costing Income Statements 2017 2016 Sales 966,000 1,886,000 Less: Variable costs Variable selling and administrative 92,250 47,250 expenses Total variable costs 47,250 92,250 Contribution margin 918,750 Less: Fixed expenses Fixed selling and administrative costs Net income (loss) 8. c. Selling and administrative expenses consist of the following. Part 2 of 2 2016 2017 47,250 $ 92, 250 245,000 245,000 $292,250 $337, 250 Variable selling and administrative expenses ($2.25 per unit) Fixed selling and administrative expenses Total selling and administrative expenses 20 points Skipped Problem 19-1A Part 2 eBook 2. What are the differences between the absorption costing income and the variable costing income for these two years? (Loss amounts should be entered with a minus sign.) Print DOWELL COMPANY Reconciliation of Variable Costing Income to Absorption Costing Income 2016 2017 References Variable costing income (loss) Absorption costing income (loss) Get Accounting Homework Help Today.

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