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6 Data Section: 7 8 Actual production in units 9 Sales in units 10 Sales price per unit 11 Variable manufacturing costs per unit 12 Variable selling costs per unit 13 Fixed manufacturing costs 14 Fixed selling expenses 100,000 80,000 $30 $14 $2 $630,000 $100,000 A 15 - 16 Answer Section: 17 Income statement: Absorption costing 18 19 Sales FORMULA1 20 Cost of goods sold: 21 Variable manufacturing costs 22 Fixed manufacturing costs FORMULA2 FORMULA3 23 24 Total goods available for sale 25 Less ending inventory FORMULA4 26 27 Cost of goods sold 28 29 Gross profit 30 Fixed selling expenses 31 Variable selling expenses FORMULA5 FORMULA6 32 33 Operating income 34 === ==== === 35 Income statement: Variable costing 36 37 Sales $2,400,000 38 Cost of goods sold: 39 Variable manufacturing costs 40 Less ending inventory FORMULA7 FORMULA8 41 42 Variable cost of goods sold 43 44 Manufacturing margin 45 Variable selling expenses FORMULA9 46 47 Contribution margin 48 Fixed manufacturing costs 49 Fixed selling expenses FORMULA10 $100,000 50 51 Operating income 52

6 Data Section: 7 8 Actual production in units 9 Sales in units 10 Sales price per unit 11 Variable manufacturing costs per unit 12 Variable selling costs per unit 13 Fixed manufacturing costs 14 Fixed selling expenses 100,000 80,000 $30 $14 $2 $630,000 $100,000 A 15 - 16 Answer Section: 17 Income statement: Absorption costing 18 19 Sales FORMULA1 20 Cost of goods sold: 21 Variable manufacturing costs 22 Fixed manufacturing costs FORMULA2 FORMULA3 23 24 Total goods available for sale 25 Less ending inventory FORMULA4 26 27 Cost of goods sold 28 29 Gross profit 30 Fixed selling expenses 31 Variable selling expenses FORMULA5 FORMULA6 32 33 Operating income 34 === ==== === 35 Income statement: Variable costing 36 37 Sales $2,400,000 38 Cost of goods sold: 39 Variable manufacturing costs 40 Less ending inventory FORMULA7 FORMULA8 41 42 Variable cost of goods sold 43 44 Manufacturing margin 45 Variable selling expenses FORMULA9 46 47 Contribution margin 48 Fixed manufacturing costs 49 Fixed selling expenses FORMULA10 $100,000 50 51 Operating income 52

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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  1. Sales 
  2. Variable manufacturing cost
  3. Fixed manufacturing cost
  4. Less ending inventory
  5. Fixed selling expenses 
  6. Variable Selling Expenses 
  7. Variable manufacturing cost 
  8. Less ending inventory 
  9. Variable selling expenses 
  10. Fixed manufacturing cost 

From the information given in the sheet determine 1-10.

6 Data Section: 7 8 Actual production in units 9 Sales in units 10 Sales price per unit 11 Variable manufacturing costs per unit 12 Variable selling costs per unit 13 Fixed manufacturing costs 14 Fixed selling expenses 100,000 80,000 $30 $14 $2 $630,000 $100,000 A 15 - 16 Answer Section: 17 Income statement: Absorption costing 18 19 Sales FORMULA1 20 Cost of goods sold: 21 Variable manufacturing costs 22 Fixed manufacturing costs FORMULA2 FORMULA3 23 24 Total goods available for sale 25 Less ending inventory FORMULA4 26 27 Cost of goods sold 28 29 Gross profit 30 Fixed selling expenses 31 Variable selling expenses FORMULA5 FORMULA6 32 33 Operating income 34 === ==== === 35 Income statement: Variable costing 36 37 Sales $2,400,000 38 Cost of goods sold: 39 Variable manufacturing costs 40 Less ending inventory FORMULA7 FORMULA8 41 42 Variable cost of goods sold 43 44 Manufacturing margin 45 Variable selling expenses FORMULA9 46 47 Contribution margin 48 Fixed manufacturing costs 49 Fixed selling expenses FORMULA10 $100,000 50 51 Operating income 52
Transcribed Image Text:6 Data Section: 7 8 Actual production in units 9 Sales in units 10 Sales price per unit 11 Variable manufacturing costs per unit 12 Variable selling costs per unit 13 Fixed manufacturing costs 14 Fixed selling expenses 100,000 80,000 $30 $14 $2 $630,000 $100,000 A 15 - 16 Answer Section: 17 Income statement: Absorption costing 18 19 Sales FORMULA1 20 Cost of goods sold: 21 Variable manufacturing costs 22 Fixed manufacturing costs FORMULA2 FORMULA3 23 24 Total goods available for sale 25 Less ending inventory FORMULA4 26 27 Cost of goods sold 28 29 Gross profit 30 Fixed selling expenses 31 Variable selling expenses FORMULA5 FORMULA6 32 33 Operating income 34 === ==== === 35 Income statement: Variable costing 36 37 Sales $2,400,000 38 Cost of goods sold: 39 Variable manufacturing costs 40 Less ending inventory FORMULA7 FORMULA8 41 42 Variable cost of goods sold 43 44 Manufacturing margin 45 Variable selling expenses FORMULA9 46 47 Contribution margin 48 Fixed manufacturing costs 49 Fixed selling expenses FORMULA10 $100,000 50 51 Operating income 52
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