. 18, 19 not timed Help Save& Exit Submit Saved Aces price of $82 unit instrativ

Question

. 18, 19 not timed Help Save& Exit Submit Saved Aces price of $82 unit instrative costs are $64,400. The company also reports the following per a manufacturer of tennis rackets, began operations this year. The y produced 5,200 rackets and sold 4,100. Each racket was sold at a %. Fixed overhead costs are $63,440 and fixed selling and unit variable costs for the year $24.20 Variable product costs Variable selling and administrative expenses ? 1.20 Prepare an income statement under absorption costing. ACES INC. Absorption Costing Income Statement Selling general and administrative expenses Net income (loss)

Explanation / Answer

Ans. ACES INC. Absorption Costing Income Statement Particulars Amount Sales (4100 * 82) 336200 Less: Cost of goods sold 149240 Gross Profit 186960 Less: Selling & Administration expenses 69320 Net income 117640 *Calculations: *Cost of goods sold: Variable (24.20*4100) 99220 Fixed (63440/5200*4100) 50020 Total 149240 *Selling & administration exp.: Variable (1.20 * 4100) 4920 Fixed 64400 Total 69320

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