Summary ACCT 212 Chapter 6 Homework Liberty University answers complete solutions (latest 2022/2023) Download it for a complete solution. 1 Trio Company reports the following information for the current year, which is its first year of operations. 1. Compute the

ACCT 212 Chapter 6 Homework Liberty University answers complete solutions (latest 2022/2023) Download it for a complete solution. 1 Trio Company reports the following information for the current year, which is its first year of operations. 1. Compute the product cost per unit using absorption costing. 2. Determine the cost of ending finished goods inventory using absorption costing. 3. Determine the cost of goods sold using absorption costing. Direct materials $ 15 per unit Direct labor $ 16 per unit Overhead costs for the year Variable overhead $ 80,000 per year Fixed overhead $ 160,000 per year Units produced this year 20,000 units Units sold this year 14,000 units Ending finished goods inventory in units 6,000 units 2. Trio Company reports the following information for the current year, which is its first year of operations. Assume instead that Trio Company uses variable costing. (Round intermediate calculations and final answers to two decimal places.) 1. Compute the product cost per unit using variable costing. 2. Determine the cost of ending finished goods inventory using variable costing. 3. Determine the cost of goods sold using variable costing. Direct materials $ 15 per unit Direct labor $ 16 per unit Overhead costs for the year Variable overhead $ 80,000 per year Fixed overhead $ 160,000 per year Units produced this year 20,000 units Units sold this year 14,000 units Ending finished goods inventory in units 6,000 units 3. Sims Company, a manufacturer of tablet computers, began operations on January 1, 2015. Its cost and sales information for this year follows. Manufacturing costs Direct materials $ 40 per unit Direct labor $ 60 per unit Overhead costs for the year Variable overhead $ 3,000,000 Fixed overhead $ 7,000,000 Selling and administrative costs for the year Variable $ 770,000 Fixed $ 4,250,000 Production and sales for the year Units produced 100,000 units Units sold 70,000 units Sales price per unit $ 350 per unit ________________________________________ 1. Prepare an income statement for the year using variable costing. 2. Prepare an income statement for the year using absorption costing. 3. Under what circumstance(s) is reported income identical under both absorption costing and variable costing? Production equals sales and there is no beginning finished goods inventory 4. Rey Company’s single product sells at a price of $216 per unit. Data for its single product for its first year of operations follow. Direct materials $ 20 per unit Direct labor $ 28 per unit Overhead costs Variable overhead $ 6 per unit Fixed overhead per year $ 160,000 per year Selling and administrative expenses Variable $ 18 per unit Fixed $ 200,000 per year Units produced and sold 20,000 units ________________________________________ 1. Prepare an income statement for the year using absorption costing 2. Prepare an income statement for the year using variable costing. [The following information applies to the questions displayed below.] Oak Mart, a producer of solid oak tables, reports the following data from its second year of business. Manufacturing costs this year Direct materials $ 40 per unit Direct labor $ 62 per unit Overhead costs this year Variable overhead $ 3,220,000 Fixed overhead $ 7,400,000 Selling and adminstrative costs this year Variable $ 1,416,000 Fixed 4,600,000 ________________________________________ 5. 1. Prepare the current year income statement for the company using variable costing. 6. 2. Prepare the current year income statement for the company using absorption costing.