Absorption and Variable Costing Income Statements During the first month of operations ended July 31, Yusan Inc manufactured 9,700 flat panel televisions, of which 9,000 were sold Operating data for the month are summarized as follows Manufacturing costs Direct materials Direct labor Variable manufacturing cost Fixed manufacturing cost Required: Yosan Inc. Absorption Costing Income Statement For the Month July 31 Ended Cost of goods 40 00 $1,440,000 $727,500 213,400 184,300 97,000 1,222,200 $117,000 100 53,800 170,000
Absorption and Variable Costing Income Statements During the first month of operations ended July 31, Yusan Inc manufactured 9,700 flat panel televisions, of which 9,000 were sold Operating data for the month are summarized as follows Manufacturing costs Direct materials Direct labor Variable manufacturing cost Fixed manufacturing cost Required: Yosan Inc. Absorption Costing Income Statement For the Month July 31 Ended Cost of goods 40 00 $1,440,000 $727,500 213,400 184,300 97,000 1,222,200 $117,000 100 53,800 170,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please do not give answer in image formate
![Absorption and Variable Costing Income Statements
During the first month of operations ended July 31, Yosan Inc. manufactured 9,700 flat panel televisions, of which 9,000 were sold. Operating data for the month are summarized
Manufacturing costs
Direct materials
Direct labor
Variable manufacturing cost
Fixed manufacturing cost
Selling and administrative expenses
Variable
Foed
Required
URCLE
Cost of goods sold
$727,500
213,400
184,300
97,000 1,222,200
$117,000
$1,440,000
1. Prepare an income statement based on the absorption costing concept
Yosan Inc
Absorption Costing Income Statement
For the Month Ended July 31
000
53,800 170,800
klaud](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F70d1c92c-584f-4287-9230-8bac1737ffe3%2Ff8fcb407-684d-41ed-8135-a65c0ed2c53f%2F70bozi_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Absorption and Variable Costing Income Statements
During the first month of operations ended July 31, Yosan Inc. manufactured 9,700 flat panel televisions, of which 9,000 were sold. Operating data for the month are summarized
Manufacturing costs
Direct materials
Direct labor
Variable manufacturing cost
Fixed manufacturing cost
Selling and administrative expenses
Variable
Foed
Required
URCLE
Cost of goods sold
$727,500
213,400
184,300
97,000 1,222,200
$117,000
$1,440,000
1. Prepare an income statement based on the absorption costing concept
Yosan Inc
Absorption Costing Income Statement
For the Month Ended July 31
000
53,800 170,800
klaud
![2. Prepare an income statement based on the variable costing concept.
YoSan Inc.
Variable Costing Income Statement
For the Month Ended July 31
Variable cost of goods sold
Fixed costs
00
0000
3. Faptain the reason for the difference in the amount of income from operations reported in (1) and (2)
The come from operations reported under
Sween the two, due to
costing exceeds the income from operations reported under
manufacturing costs that are deferred to a future month under
costing
costing by the difference](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F70d1c92c-584f-4287-9230-8bac1737ffe3%2Ff8fcb407-684d-41ed-8135-a65c0ed2c53f%2Fp4dshk9_processed.jpeg&w=3840&q=75)
Transcribed Image Text:2. Prepare an income statement based on the variable costing concept.
YoSan Inc.
Variable Costing Income Statement
For the Month Ended July 31
Variable cost of goods sold
Fixed costs
00
0000
3. Faptain the reason for the difference in the amount of income from operations reported in (1) and (2)
The come from operations reported under
Sween the two, due to
costing exceeds the income from operations reported under
manufacturing costs that are deferred to a future month under
costing
costing by the difference
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education