Can you please help me prepare an income statement according to the absorption coating method. please use the formulated table on picture 2 2.2INFORMATIONThe following information was extracted from the accounting records of Alpha Enterprises for the month ended 31March 2022:2.2.12.2.22.2.32.2.4SalesSelling price per unitHFinished products on 01 March 2022Products manufactured during the monthVariable manufacturing costs per unitVariable selling and administrative costs per unit soldFixed manufacturing costsFixed selling and administrative costsAdditional information3 200 unitsLabour efficiency varianceVariable overheads efficiency varianceVariable overheads expenditure varianceR100INFORMATION400 units3 600 unitsR.26R12R25 200The variable manufacturing cost per unit and total manufacturing cost per unit of the finished goods on 01 March2022 was R21.60 and R26.20 respectively.R12 400Use the information provided below to calculate the following manufacturing variances for March2022. Note: Each answer must state whether the variance is favourable or unfavourable.Labour rate varianceNevada Limited set a standard labour rate of R32 per hour and a standard variable overhead rate of R3.80 perlabour hour.Actual hours worked for March 2022 were 4 910 at a cost of R149 264. The actual variable overhead cost incurredwas R19 640. The standard allowance of labour hours for the output achieved was 5 000 hours. MIL HOME DIRESales (3200 x 100)Manufacturing cost of salesOpening InventoryFixed manufacturing costVariable manufacturing costGoods available for sale(200Less: Closing inventoryGross profitOther costsFixed selling and administrativecostVariable selling and administrativecostNet profitHitMHESHE ME2 100 100 100 100 1(If any)320 000

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Answered: Can you please help me prepare an…

Financial & Managerial Accounting

14th Edition

ISBN:9781337119207

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter15: Introduction To Managerial Accounting

Section: Chapter Questions

Problem 15.9EX: Classifying costs The following is a manufacturing cost report of Marching Ants Inc. Evaluate and...

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Classifying costs The following is a manufacturing cost report of Marching Ants Inc. Evaluate and correct this report. Marching Ants Inc. Manufacturing Costs For the Quarter Ended June 30 Materials used in production (including 56,200 of indirect materials) 607,500 Direct labor (including 84,400 maintenance salaries) 62,500 Factory overhead: Supervisor salariesplant 517,500 Heat, light, and power-plant 140,650 Sales salaries 348,750 Promotional expenses 315,000 Insurance and property taxesplant 151,900 Insurance and property taxescorporate offices 219,400 Depreciationplant and equipment 123,750 Depreciationcorporate offices 90,000 3,076,950
Communication The controller of New Wave Sounds Inc. prepared the following product profitability report for management, using activity-based costing methods for allocating both the factory overhead and the marketing expenses. As such, the controller has confidence in the accuracy of this report. Home Theater Speakers Wireless Speakers Wireless Headphones Total Sales 1,500,000 1,200,000 900,000 3,600,000 Cost of goods sold 1,050,000 720,000 810,000 2,580,000 Gross profit 450,000 480,000 90,000 1,020,000 Marketing expenses 600,000 120,000 72,000 792,000 Income from operations (150,000) 360,000 18,000 228,000 In addition, the controller interviewed the vice president of marketing, who provided the following insight into the company's three products: The home theater speakers are an older product that is highly recognized in the marketplace. The wireless speakers are a new product that was just recently bunched. The wireless headphones are a new technology that has no competition in the marketplace, and it is hoped that they will become an important future addition to the companys product portfolio. Initial indications are that the product is well received by customers. The controller believes that the manufacturing costs for all three products are in line with expectations. Based on the information provided: 1. Calculate the ratio of gross profit to sales and the ratio of income from operations to sales for each product. 2. Write a brief (one page) memo using the product profitability report and the calculations in (1) to make recommendations to management with respect to strategies for the three products.
Communication Golden Eagle Company began operations on April 1 by selling a single product. Data on purchases and sales for the year are as follows: Purchases: Date Units Purchased Unit Cost Total Cost April 6 31,000 36.60 1,134,600 May 18 33,000 39.00 1,287,000 June 6 40,000 39.60 1,584,000 July 10 40,000 42.00 1,680,000 August 10 27,200 42.75 1,162,800 October 25 12,800 43.50 556,800 November 4 8,000 44.85 358,800 December 10 8,000 48.00 384,000 200,000 8,148,000 Sales: April 16,000 units May 16,000 June 20,000 July 24,000 August 28,000 September 28,000 October 18,000 November 10,000 December 8,000 Total Units 168,000 Total sales 10,000,000 The president of the company, Connie Kilmer, has asked for your advice on which inventory cost flow method should be used for the 32,000-unit physical inventory that was taken on December 31. The company plans to expand its product line in the future and uses the periodic inventory system. Write a brief memo to Ms. Kilmer comparing and contrasting the LIFO and FIFO inventory cost flow methods and their potential impacts on the companys financial statements.

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