22) Managerial Financial Accounting Assignments AP5-17 Solution

22) Managerial Financial Accounting Assignments AP5-17 Solution

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AP5-17
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Variable and Full Costing Income: Comprehensive Problem [LO 1,2,3] The following information relates to Jorgensen Manufacturing Products for calendar year 2011, the company's first year of operation: Uni ts pro duc ed 8,0 20 Uni ts sol d 7,1 80 Sell ing pric e per unit $4, 760 Dir ect mat eria l per unit $2, 010 Dir ect lab or per unit $1, 240 Var iabl e ma nuf act uri ng ove rhe ad per unit $91 0
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Var iabl e sell ing cos t per unit $22 9 An nua l fixe d ma nuf act uri ng ove rhe ad $82 6,0 60 An nua l fixe d sell ing and ad min istr ativ e exp ens e $40 5,3 00
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Prepare an income statement using full costing. (List multiple entries from largest to smallest amounts, e.g. 10, 5, 2. Enter all amounts as positive amounts and subtract where necessary.) Jorgensen Manufacturing Income Statement For the Year End December 31, 2011 Sales $ 34,872,500 Less Cost of goods sold 31,646,250 Gross margin 3,226,250 Less: Variable selling expense 1,689,250 Fixed selling and administrative expenses 405,000 Net income $ 1,132,000 AP5-17
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Jorgensen Manufacturing Income Statement For the Year End December 31, 2011 Sales
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