Please do not give solution in image format thanku Yale Company manufactures hair brushes that sell at wholesale for $3 per unit. The company had no beginning inventory in the prioryear. These data summarize the current and prior year operations:Sales (000s)Production (000s)Production costFactory-variable (per unit)-fixed (000s)Marketing-variable (per unit)Administrative-fixed (000s)Required 1 Required 2 Required 3Complete this question by entering your answers in the tabs below.Required:1. Prepare an income statement for each year based on full costing.2. Prepare an income statement for each year based on variable costing.3. Prepare a reconciliation of the difference each year in the operating income resulting from using the full costing method andvariable costing method.Less: Cost of goods soldAvailable for salePrior Year2,900 units4,200 unitsCost of goods sold$ 0.60$ 2,100$ 0.40$ 500Prepare an income statement for each year based on full costing. (Enter your answers in thousands of dollars.)YALE COMPANYFull CostingIncome StatementGross marginLess: Selling and administrative costsOperating incomeCurrent Year5,500 units4,200 units$ 0.60$ 2,100$0.40$ 500Prior YearCurrent Year Required 1 Required 2 Required 3Prepare an income statement for each year based on variable costing. (Enter your answers in thousands of dollars.)YALE COMPANYVariable CostingIncome StatementPrior YearLess: Cost of goods soldAvailable for saleCost of goods soldContribution marginLess: Selling and administrative costsOperating incomeRequired 1 Required 2 Required 3< Required 1Complete this question by entering your answers in the tabs below.YALE COMPANYReconciling Difference in Operating IncomeBetween Full and Variable CostingPrior YearChange in inventory in unitsx fixed overhead rateDifference in operating incomeRequired 3 >Prepare a reconciliation of the difference each year in the operating income resulting from using the full costing method andvariable costing method. (Negative amounts should be indicated by a minus sign. Round your "Fixed overhead rate" answersto 2 decimal places. Enter your answers in thousands of dollars.)< Required 2Current YearCurrent YearRequired 3 >

The net income is calculated as excess of total revenue over the total costs incurred for the…

Yale Company manufactures hair brushes that sell at wholesale for $3 per unit. The company had no beginning inventory in the pr year. These data summarize the current and prior year operations: Sales (000s) Production (000s) Production cost Factory-variable (per unit) -fixed (000s) Marketing-variable (per unit) Administrative-fixed (000s) Prior Year 2,900 units 4,200 units $ 0.60 $ 2,100 $ 0.40 $ 500 Required: 1. Prepare an income statement for each year based on full costing. Current Year 5,500 units 4,200 units $ 0.60 $ 2,100 $ 0.40 $ 500 2. Prepare an income statement for each year based on variable costing. 3. Prepare a reconciliation of the difference each year in the operating income resulting from using the full costing method and variable costing method.

Yale Company manufactures hair brushes that sell at wholesale for $3 per unit. The company had no beginning inventory in the pr year. These data summarize the current and prior year operations: Sales (000s) Production (000s) Production cost Factory-variable (per unit) -fixed (000s) Marketing-variable (per unit) Administrative-fixed (000s) Prior Year 2,900 units 4,200 units $ 0.60 $ 2,100 $ 0.40 $ 500 Required: 1. Prepare an income statement for each year based on full costing. Current Year 5,500 units 4,200 units $ 0.60 $ 2,100 $ 0.40 $ 500 2. Prepare an income statement for each year based on variable costing. 3. Prepare a reconciliation of the difference each year in the operating income resulting from using the full costing method and variable costing method.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter27: Adjustments, Financial Statements, And Year-end Accounting For A Manufacturing business

Section: Chapter Questions

Problem 1MP: Reese Manufacturing Company manufactures and sells a limited line of products made to customer...

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Yale Company manufactures hair brushes that sell at wholesale for $3 per unit. The company had no beginning inventory in the prior year. These data summarize the current and prior year operations: Sales (000s) Production (000s) Production cost Factory-variable (per unit) -fixed (000s) Marketing-variable (per unit) Administrative-fixed (000s) Required 1 Required 2 Required 3 Complete this question by entering your answers in the tabs below. Prior Year 2,300 units 3,000 units Required: 1. Prepare an income statement for each year based on full costing. 2. Prepare an income statement for each year based on variable costing. 3. Prepare a reconciliation of the difference each year in the operating income resulting from using the full costing method and variable costing method. Less: Cost of goods sold $ 0.60 $ 1,500 $ 0.40 $ 500 Available for sale Cost of goods sold Current Year 3,700 units 3,000 units Prepare an income statement for each year based on variable costing. (Enter your answers…
Given the following data, what is the cost of goods sold as determined under the FIFO method if XYZ Auto Parts sold 350 units at $59 per unit? Number of Units Unit Cost Information Beginning Inventory on 1/1 100 $25 Inventory Purchases on 1/5 300 $23 Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123 ASUS f4 f6 E3 f7 f8 f9 f10 f11 & 4 5 7 8 9 C 6 远 15 图

Reese Manufacturing Company manufactures and sells a limited line of products made to customer order. The company uses a perpetual inventory system and keeps its accounts on a calendar year basis. A 6-column spreadsheet is presented on page 1100. Additional information needed to prepare the income statement and schedule of cost of goods manufactured is as follows: REQUIRED 1. Prepare an income statement and schedule of cost of goods manufactured for the year ended December 31,20--. 2. Prepare a statement of retained earnings for the year ended December 31,20--. 3. Prepare a balance sheet as of December 31, 20--. 4. Prepare the adjusting, closing, and reversing entries.
Suppose a divison of Florida Instruments Incorporated that sells computer microchips has these inventory records for January 2018: Date Item Quantity Unit Cost Total Cost Jan 1 Beginning Inventory 140 units $ 8 $ 1,120 6 Purchase 50 units 14 700 21 Purchase 200 units 16 3,200 27 Purchase 70 units 17 1,190 Prepare the company's January, multistep income statement. Calculate income using the LIFO, average-cost, and FIFO methods. Label the bottom line "Operating income." Round the average cost per unit to three decimal places and all other figures to whole-dollar amounts. Show your computations. 2. Suppose you are the financial vice president of Florida Instruments. Which inventory method will you use if your motive is to a. minimize income taxes? b.…
The units of Product YY2 available for sale during the year were as follows: Dates Transactions Units Unit cost 1-Jan Beginning inventory 10 30 1-Apr Purchase 30 32 16-Jun Purchase 40 35 28-Nov Purchase 20 36 There were 25 units of YY2 in the ending inventory of the year. Instructions: Compute the cost of the ending inventory and the cost of goods sold for the year under the following method (just the number, no $ sign). 1. FIFO Cost of ending inventory Cost of goods sold 2. LIFO Cost of ending inventory Cost of goods sold 3. Weighted average Cost of ending inventory Cost of goods sold
You are given the following information for Sandhill Company for the month ended November 30, 2024 Date Description Units Unit Cost Nov. 1 Beginning inventory 61 352 9 Purchase 100 46 15 Sale (120) 22 Purchase 145 43 29 Sale (150) 30 Purchase 42 42 -/1 Sandhill Company uses a perpetual inventory system. All sales and purchases are on account, Calculate the cost of goods sold and the ending inventory using weighted average (Round the weighted average cost per unir and final answers to 2 decimal places, eg 5,275.75)
Hopkins Company reported the following information related to inventory and sales: Units Unit Cost Beginning inventory 2,200 $20 Purchase Number 18, 200 22 Purchase Number 23,200 23 Sales -10,400 units at $35 per unit. Required: Compute the following amounts: sales revenue, cost of goods sold, gross prodit, and balance sheet invenetory for avereage costing method, fifo, and lifo
Hemming Company reported the following current-year purchases and sales for its only product. Date Activities March 14 January 1 Beginning inventory January 10 Sales Purchase Sales Purchase Sales Purchase March 15 July 30 October 5 October 26 Totals Units Acquired at Cost @$10 200 units 350 units 450 units 100 units 1,100 units Goods Purchased @ $15 @ $20 $25 Complete this question by entering your answers in the tabs below. $ 2,000 5,250 9,000 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Cost of Goods Sold 2,500 $ 18,750 Exercise 5-8 (Static) Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required: Hemming uses a perpetual inventory system. Units…
Required information [The following information applies to the questions displayed below.] Pam's Creations had the following sales and purchase transactions during Year 2. Beginning inventory consisted of 210 items at $89 each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records. Date March 5 April 10 June 19 September 16 November 28 Sales Cost of goods sold Gross margin wwwwwww Transaction Purchased Sold Sold Purchased Sold b. Calculate the gross margin Pam's Creations would report on the Year 2 income statement. $ Description 190 items@ $99 115 items @ $193 205 items @ $193 140 items @ $104 105 items @ $198 82,550
Trying to figured out answer 2,3,4. I already answered question one correctly. Thnak you for looking this over. Inventory Costing Methods VanderMeer Inc. reported the following information for the month of October: Inventory, October 1 69 units @ $18 Purchase: October 7 48 units @ $20 October 18 66 units @ $22 October 27 44 units @ $23 During October, VanderMeer sold 146 units. The company uses a periodic inventory system. Required: What is the value of ending inventory and cost of goods sold for October under the following assumptions. Assumption Cost of Goods Sold Ending Inventory 1. Of the 146 units sold, 58 cost $18, 34 cost $20, 50 cost $22, and 4 cost $23. 2916 1750 2. FIFO ? 3. LIFO ? ? 4. Weighted average method (Round average unit cost to the nearest cent,and round all other calculations and your final answers to the nearest dollar.) ? ?
Required information Use the following information for the Quick Study below. (Algo) (8-10) [The following information applies to the questions displayed below.] A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 390 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Cost of Goods Available for Sale Cost of Goods Available for Pala QS 5-8A (Algo) Periodic: Inventory costing with FIFO LO P3 Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. (Round your per unit costs to 2 decimal places.) # of units Units 350 80 110 Cost per unit Periodic FIFO Unit Cost $ 3.40 3.60 3.70 Cost of Goods Sold # of units sold Cost per unit Cost of Goods Sold Inventory Balance Cost per unit # of units in ending Ending Inventory
Shown below is the activity for one of the products of Oman Shipping Company: January 1 balance, 80 units @ OR50 = OR4,000 (beginning Inventory) Purchases: January 18 40 units @ OR51 January 28 40 units @ OR52 Sales: January 12 30 units January 22 30 units January 31 45 units Required: Compute the ending inventory and cost of goods sold assuming Oman Shipping Company using 1. FIFO. 2. Average cost