ACC 359-During the most recent year, Osterman Company had the following data
by | Mar 18, 2020 | Uncategorized
3.
During the most recent year, Osterman Company had the following data:
| Units in beginning inventory |
— |
| Units produced |
10,000 |
| Units sold ($47 per unit) |
9,300 |
| Variable costs per unit: |
| Direct materials |
$9 |
| Direct labor |
$6 |
| Variable overhead |
$4 |
| Fixed costs: |
| Fixed overhead per unit produced |
$5 |
| Fixed selling and administrative |
$138,000 |
| Required: |
| 1. |
Calculate the cost of goods sold under absorption costing. |
| 2. |
Prepare an income statement using absorption costing. |
Amount Descriptions Refer to the list below for the exact wording of an amount description within your income statement.
| Amount Descriptions |
| Contribution margin |
| Cost of goods sold |
| Gross margin |
| Operating income |
| Operating loss |
| Sales |
| Selling and administrative expenses |
COGS and Income Statement
1. Calculate the cost of goods sold under absorption costing. The cost of goods sold under the absorption costing method is . 2. Prepare an income statement using absorption costing. Refer to the list of Amount Descriptions for the exact wording of text items within your income statement.
| Osterman Company |
| Absorption-Costing Income Statement |
| For the Most Recent Year |
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