Accounting Homework

Fletcher Company manufactures and sells cardinal product. The following discipline pertains to each of the orders counterbalance two geezerhood of operations inconstant represents per building block Manufacturing Direct materials $ 20 Direct take $ 12 varying manufacturing strike $ 4 Variable change and administrative $ 3 unyielding lives per family primed(p) manufacturing overhead $ 200,000 Fixed selling and administrative expenses $ 80,000 During its first form of operations, Fletcher produced 50,000 units and sell 40,000 units.During its piece year of operations, it produced 40,000 units and sold 50,000 units. The selling charge of the clubs product is $50 per unit. 1. suck the company uses variant represent a. cypher the unit product be for year 1 and year 2. ( eliminate the $ mansion in your response. ) yr 1 division 2 Unit product court $ $ b. rear an income statement for year 1 and year 2. (Input wholly told amounts as imperiously charged set bar losses which should be indicated by a minus house. sink the $ attribute in your response. ) year 1 course of study 2 $ $ Variable expenses fare variable expenses Fixed expenses Total touch on expenses $ $ 2. Assume the company uses ingress follow a. Compute the unit product cost for year 1 and year 2. ( cast the $ signal in your response. ) Year 1 Year 2 Unit product cost $ $ b. Prepare an income statement for year 1 and year 2. (Input all amounts as substantiative values drop losses which should be indicated by a minus sign. Omit the $ sign in your response. ) Year 1 Year 2 $ $ $ $ 3. Reconcile the leaving between variable costing and soaking up costing scratch operational income in year 1 and year 2. (Input all amounts as positive values except losses which should be indicated by a minus sign. Omit the $ sign in your response. ) Year 1 Year 2 Var iable costing net operate(a) income (loss) $ $ Absorption costing net operating income $ $ Fletcher Company manufactures and sells one product. The following information pertains to each of the companys first two years of operations Variable cost per unit Manufacturing Direct materials $ 20 Direct labor $ 12 Variable manufacturing overhead $ 4 Variable selling and administrative $ 3 Fixed costs per year Fixed manufacturing overhead $ 200,000 Fixed selling and administrative expenses $ 80,000 During its first year of operations, Fletcher produced 50,000 units and sold 40,000 units. During its second year of operations, it produced 40,000 units and sold 50,000 units. The selling price of the companys product is $50 per unit. 1. Assume the company uses variable costing a. Compute the unit product cost for year 1 and year 2. Omit the $ sign in your response. ) Year 1 Year 2 Unit product cost $ $ b. Prepare an income statement for year 1 and yea r 2. (Input all amounts as positive values except losses which should be indicated by a minus sign. Omit the $ sign in your response. ) Year 1 Year 2 $ $ Variable expenses Total variable expenses Fixed expenses Total fixed expenses $ $ 2. Assume the company uses submergence costing a. Compute the unit product cost for year 1 and year 2. Omit the $ sign in your response. ) Year 1 Year 2 Unit product cost $ $ b. Prepare an income statement for year 1 and year 2. (Input all amounts as positive values except losses which should be indicated by a minus sign. Omit the $ sign in your response. ) Year 1 Year 2 $ $ $ $ 3. Reconcile the residuum between variable costing and submergence costing net operating income in year 1 and year 2. (Input all amounts as positive values except losses which should be indicated by a minus sign. Omit the $ sign in your response. Year 1 Year 2 Variable costing net oper ating income (loss) 160,000 270,000 Add Fixed manufacturing overhead cost deferred in inventory under absorption costing 40000 Deduct fixed manufacturing overhead cost released inventory under absorption costing ______ Absorption costing net operating income 20000