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Accelerate Motors assembles and sells motor vehicles and uses standard costing. Actual data relating to April and May 2020 are as follows: (Click the icon to view the data) The selling price per vehicle is $28,000. The budgeted level of production used to calculate the budgeted fixed manufacturing cost per unit is 600 units. There are no price, efficiency, or spending variances. Any production-volume variance is wr off to cost of goods sold in the month in which it occurs. Read the requirements Requirement 1. Prepare April and May 2020 income statements for Accelerate Motors unde(a) variable costing and (b) absorption costing (a) Prepare April and May 2020 income statements for Accelerate Motors under variable costing Complete the top half of the income statement for each month first, then complete the bottom portion (Complete all input fields. Enter a "0" for any zero balance accounts.) April 2020 May 2020 Data table A 1 2 Unit data 3 Beginning inventory 4 Production 5 Sales 6 Variable costs: 7 8 9 Fixed costs 10 Manufacturing costs 11 Operating (marketing) costs Manufacturing cost per unit produced Operating (marketing) cost per unit sold $ B April 0 600 500 8,500 $ 2,000 с May 100 550 625 8,500 2,000 $ 2,400,000 $2,400,000 800,000 800,000 - X

Accelerate Motors assembles and sells motor vehicles and uses standard costing. Actual data relating to April and May 2020 are as follows: (Click the icon to view the data) The selling price per vehicle is $28,000. The budgeted level of production used to calculate the budgeted fixed manufacturing cost per unit is 600 units. There are no price, efficiency, or spending variances. Any production-volume variance is wr off to cost of goods sold in the month in which it occurs. Read the requirements Requirement 1. Prepare April and May 2020 income statements for Accelerate Motors unde(a) variable costing and (b) absorption costing (a) Prepare April and May 2020 income statements for Accelerate Motors under variable costing Complete the top half of the income statement for each month first, then complete the bottom portion (Complete all input fields. Enter a "0" for any zero balance accounts.) April 2020 May 2020 Data table A 1 2 Unit data 3 Beginning inventory 4 Production 5 Sales 6 Variable costs: 7 8 9 Fixed costs 10 Manufacturing costs 11 Operating (marketing) costs Manufacturing cost per unit produced Operating (marketing) cost per unit sold $ B April 0 600 500 8,500 $ 2,000 с May 100 550 625 8,500 2,000 $ 2,400,000 $2,400,000 800,000 800,000 - X

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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Accelerate Motors assembles and sells motor vehicles and uses standard costing Actual data relating to April and May 2020 are as follows: (Click the icon to view the data.) The selling price per vehicle is $28,000. The budgeted level of production used to calculate the budgeted fixed manufacturing cost per unit is 600 units. There are no price, efficiency, or spending variances. Any production-volume variance is writ off to cost of goods sold in the month in which it occurs. Read the requirements. Requirement 1. Prepare April and May 2020 income statements for Accelerate Motors unde(a) variable costing and (b) absorption costing. (a) Prepare April and May 2020 income statements for Accelerate Motors under variable costing Complete the top half of the income statement for each month first, then complete the bottom portion (Complete all input fields. Enter a "0" for any zero balance accounts.) April 2020 May 2020 Data table 1 2 3 4 5 Sales 6 Variable costs: 7 A Unit data: Beginning inventory Production Manufacturing cost per unit produced 8 Operating (marketing) cost per unit sold 9 Fixed costs: 10 11 Manufacturing costs Operating (marketing) costs Print $ B April Done 0 600 500 8,500 $ 2,000 $ 2,400,000 $ 800,000 C May 100 550 625 8,500 2,000 2,400,000 800,000 - X
Transcribed Image Text:Accelerate Motors assembles and sells motor vehicles and uses standard costing Actual data relating to April and May 2020 are as follows: (Click the icon to view the data.) The selling price per vehicle is $28,000. The budgeted level of production used to calculate the budgeted fixed manufacturing cost per unit is 600 units. There are no price, efficiency, or spending variances. Any production-volume variance is writ off to cost of goods sold in the month in which it occurs. Read the requirements. Requirement 1. Prepare April and May 2020 income statements for Accelerate Motors unde(a) variable costing and (b) absorption costing. (a) Prepare April and May 2020 income statements for Accelerate Motors under variable costing Complete the top half of the income statement for each month first, then complete the bottom portion (Complete all input fields. Enter a "0" for any zero balance accounts.) April 2020 May 2020 Data table 1 2 3 4 5 Sales 6 Variable costs: 7 A Unit data: Beginning inventory Production Manufacturing cost per unit produced 8 Operating (marketing) cost per unit sold 9 Fixed costs: 10 11 Manufacturing costs Operating (marketing) costs Print $ B April Done 0 600 500 8,500 $ 2,000 $ 2,400,000 $ 800,000 C May 100 550 625 8,500 2,000 2,400,000 800,000 - X
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