b. Reconcile the variable costing income from operations of $312,000 with the absorption costing income from operations determined in (a).Reconciliation of Variable and Absorption CostingIncomeVariable costing income from operationsAbsorption costing income from operationsDifference Absorption Costing Income StatementOn June 30, the end of the first month of operations, Tudor Manufacturing Co. prepared the following income statement, based on the variable costing concept:Sales (80,000 units)$1,440,000Variable cost of goods sold:Variable cost of goods manufactured (100,000 units x $13 per unit)$1,300,000Less ending inventory (20,000 units x $13 per unit)260,000Variable cost of goods sold1,040,000Manufacturing margin$400,000Variable selling and administrative expenses14,000Contribution margin$386,000Fixed costs:Fixed manufacturing costs$50,000Fixed selling and administrative expenses24,00074,000Income from operations$312,000a. Prepare an absorption costing income statement. In your computations, round unit costs to two decimal places and round final answers to the nearest dollar.Tudor Manufacturing Co.Income Statement-Absorption CostingFor the Month Ended June 30SalesCost of goods sold:Cost of goods manufacturedLess ending inventoryCost of goods soldGross profitSelling and administrative expensesIncome from operations

Name: b. Reconcile the variable costing income from operations of $312,000
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Description: b. Reconcile the variable costing income from operations of $312,000 with the absorption costing income from operations determined in (a).Reconciliation of Variable and Absorption CostingIncomeVariable costing income from operationsAbsorption costin

a)Preparation of Income statement under Absorption costing as follows:- Note:- Cost of goods sold…

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a. Prepare an absorption costing income statement. In your computations, round unit costs to two decimal places and round final answers to the nearest dollar Tudor Manufacturing Co. Income Statement-Absorption Costing For the Month Ended June 30 Sales Cost of goods sold: Cost of goods manufactured Less ending inventory Cost of goods sold Gross profit Selling and administrative expenses

a. Prepare an absorption costing income statement. In your computations, round unit costs to two decimal places and round final answers to the nearest dollar Tudor Manufacturing Co. Income Statement-Absorption Costing For the Month Ended June 30 Sales Cost of goods sold: Cost of goods manufactured Less ending inventory Cost of goods sold Gross profit Selling and administrative expenses

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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On November 30, the end of the first month of operations, Weatherford Company prepared the following income statement, based on the absorption costing concept: Weatherford Company Absorption Costing Income Statement For the Month Ended November 30 Sales (6,100 units) Cost of goods sold: Cost of goods manufactured (7,000 units) Inventory, November 30 (1,000 units) Total cost of goods sold Gross profit $161,000 Sales Variable cost of goods sold: Variable cost of goods manufactured Inventory, November 30 (23,000) $201,300 138,000 $63,300 Selling and administrative expenses 35,910 Income from operations $27,390 Assume the fixed manufacturing costs were $38,640 and the fixed selling and administrative expenses were $17,590 Prepare an income statement according to the variable costing concept. Round all final answers to whole dollars. Weatherford Company Variable Costing Income Statement For the Month Ended November 30 201,300
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Variable Costing Income Statement On April 30, the end of the first month of operations, Jopl Company prepared the following income statement, based on the absorption costing concept: Joplin Company Absorption Costing Income Statement For the Month Ended April 30 Sales (4,600 units) Cost of goods sold: Cost of goods manufactured (5,200 units) Inventory, April 30 (700 units) Total cost of goods sold Gross profit Selling and administrative expenses Operating income Joplin Company Variable Costing Income Statement For the Month Ended April 30 Variable cost of goods sold: If the fixed manufacturing costs were $29,484 and the fixed selling and administrative expenses were $12,590, prepare an income statement according to the variable costing concept. Round all final answers to whole dollars. 1:110 $109,200 (14,700) Fixed costs: $138,000 (94,500) $43,500 (25,700) $17,800
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