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Question
A company purchased and installed machinery on January 1 at a total cost of $93,000. Straight-line depreciation was calculated based on the assumption of a five-year life and no salvage value. The machinery was disposed of on July 1 of year four. The company uses the calendar year.1) Prepare the general journal entry to update depreciation to July 1 in year four.
2) Prepare the general journal entry to record the sale of the machine for $27,000 cash.
Answer
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Direct labor X X
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Variable manufacturing overhead
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Direct materials
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Match the following
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Given the following data, calculate product cost per unit under variable costing.
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Direct materials $3 per unit
Overhead
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Total fixed overhead $85,000
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C. $11.00 per unit
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E. $16.50 per unit
Q:
Tim's Tools, a manufacturer of cordless drills, began operations this year. During this year, the company produced 20,000 units and sold 18,000 units. At year-end the company reported the following income statement using absorption costing:
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Cost of goods sold (18,000 $14) 252,000
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Q:
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Direct labor $2.50 per unit
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Q:
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Given the Cool Pools Company data, what is net income using absorption costing?
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Given the Scavenger Company data, what is net income using variable costing?
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E. $276,250
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Given the Galaxy, Inc. data, what is net income using absorption costing?
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E. $16,220,000