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Kolb Company prepared its income statements for the current year using three alternative cost systems as follows: Sales Revenue Company A 200,000 Company B 200,000 Company C 200,000 Cost of Good Sold A 66,00 B 80,000 Company C 86,000 134,000 B 120,000 Company C 114,000 Variances Direct Materials Company A - Company B (4000)Company C - Direct Labor Company A - Company B (2000)Company C- Factor OverheadCompany A_Company B (10000)Company(10000) Gross Margain Co A 134000 Co(B) 104,000 Co(c) 104000 Other Expenses Co(A)110,000 C(B) 80,000 C (C) 80,000 Operating Income Co(A)24,000 Co(B) 24,000 Co (c) 24,000 Required (a) Match the following Cost systems with Aleternatives A,B,C (1)standard full cost, (2) actual aborption cost system and (3) actual variable cost system. b How muchm if any of the factory overhead cost was variable c. What was the actual factory overhead cost incurred for the year, d. What were the nonfactory costs incurred for the year? e. What percentage was actual factory volume for the year to normal factory volume? f. Which of the alternative statements was not prepared in accordance with generally accepted acounting principles? g. How did actual direct material cost compare with planned direct material cost?
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