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Author Question: Ireland Corporation planned to be in operation for three years. During the first year, 2017, it had ... (Read 26 times)

Alainaaa8

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on: Mar 6, 2021
Ireland Corporation planned to be in operation for three years. 

∙  During the first year, 2017, it had no sales but incurred $240,000 in variable manufacturing expenses and $80,000 in fixed manufacturing expenses.
∙  In 2018, it sold half of the finished goods inventory from 2017 for $200,000 but it had no manufacturing costs.
∙  In 2019, it sold the remainder of the inventory for $240,000, had no manufacturing expenses and went out of business.
∙  Marketing and administrative expenses were fixed and totaled $40,000 each year. 

 Required: 
a.Prepare an income statement for each year using absorption costing.
b.Prepare an income statement for each year using variable costing. 
Horngren's Cost Accounting: A Managerial Emphasis ¦ Datar, Rajan ¦ 16th Edition
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Marked as best answer by Alainaaa8 on Mar 6, 2021

al

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Reply #1 on: Mar 6, 2021
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Alainaaa8

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Reply 2 on: Mar 6, 2021
Excellent

LVPMS

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Reply 3 on: Yesterday
Wow, this really help

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