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Amazing Screen Corporation manufactures and sells 50-inch television sets and uses standard costing. Actual data relating to January, February, and March 2020 are as follows: Requirement 1. Prepare income statements for Amazing Screen in January, February, and March 2020 under (a) variable costing and (b) absorption costing. (a). Prepare income statements for Amazing Screen in January, February, and March of 2020 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. January 2020 March 2020 February 2020 Requirements 1. Prepare income statements for Amazing Screen in January, February, and March 2020 under (a) variable costing and (b) absorption costing. 2. Explain the difference in operating income for January, February, and March under variable costing and absorption costing Print Done The selling price per unit is $2,400. The budgeted level of production used to calculate the budgeted fixed manufacturing cost per unit is 1,000 units. There are no price, efficiency, or spending variances. Any production-volume variance is written off to cost of goods sold in the month in which it occurs. - X Data table Unit data: Beginning inventory Production Sales Variable costs: Manufacturing cost per unit produced Operating (marketing) cost per unit sold Fixed costs: Manufacturing costs Operating (marketing) costs Print $ $ January 0 1,000 850 February 950 $ 575 S $ 480,000 $ $ 170,000 $ Done 150 975 975 950 $ 575 S 480,000 $ 170,000 $ March - X 150 1,040 1,065 950 575 480,000 170,000

Amazing Screen Corporation manufactures and sells 50-inch television sets and uses standard costing. Actual data relating to January, February, and March 2020 are as follows: Requirement 1. Prepare income statements for Amazing Screen in January, February, and March 2020 under (a) variable costing and (b) absorption costing. (a). Prepare income statements for Amazing Screen in January, February, and March of 2020 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. January 2020 March 2020 February 2020 Requirements 1. Prepare income statements for Amazing Screen in January, February, and March 2020 under (a) variable costing and (b) absorption costing. 2. Explain the difference in operating income for January, February, and March under variable costing and absorption costing Print Done The selling price per unit is $2,400. The budgeted level of production used to calculate the budgeted fixed manufacturing cost per unit is 1,000 units. There are no price, efficiency, or spending variances. Any production-volume variance is written off to cost of goods sold in the month in which it occurs. - X Data table Unit data: Beginning inventory Production Sales Variable costs: Manufacturing cost per unit produced Operating (marketing) cost per unit sold Fixed costs: Manufacturing costs Operating (marketing) costs Print $ $ January 0 1,000 850 February 950 $ 575 S $ 480,000 $ $ 170,000 $ Done 150 975 975 950 $ 575 S 480,000 $ 170,000 $ March - X 150 1,040 1,065 950 575 480,000 170,000

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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Amazing Screen Corporation manufactures and sells 50-inch television sets and uses standard costing. Actual data relating to January, February, and March 2020 are as follows: MINDE ZAP Requirement 1. Prepare income statements for Amazing Screen in January, February, and March 2020 under (a) variable costing and (b) absorption costing. (a). Prepare income statements for Amazing Screen in January, February, and March of 2020 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. January 2020 February 2020 March 2020 Requirements 1. Prepare income statements for Amazing Screen in January, February, and March 2020 under (a) variable costing and (b) absorption costing. 2. Explain the difference in operating income for January, February, and March under variable costing and absorption costing. Print Done The selling price per unit is $2,400. The budgeted level of production used to calculate the budgeted fixed manufacturing cost per unit is 1,000 units. There are no price, efficiency, or spending variances. Any production-volume variance is written off to cost of goods sold in the month in which it occurs. X Data table Unit data: Beginning inventory Production Sales Variable costs: Manufacturing cost per unit produced Operating (marketing) cost per unit sold Fixed costs: Manufacturing costs Operating (marketing) costs Print $ $ January 0 1,000 850 February March 950 $ 575 $ $ 480,000 $ $ 170,000 $ Done 150 975 975 950 $ 575 $ 480,000 $ 170,000 $ - X 150 1,040 1,065 950 575 480,000 170,000
Transcribed Image Text:Amazing Screen Corporation manufactures and sells 50-inch television sets and uses standard costing. Actual data relating to January, February, and March 2020 are as follows: MINDE ZAP Requirement 1. Prepare income statements for Amazing Screen in January, February, and March 2020 under (a) variable costing and (b) absorption costing. (a). Prepare income statements for Amazing Screen in January, February, and March of 2020 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. January 2020 February 2020 March 2020 Requirements 1. Prepare income statements for Amazing Screen in January, February, and March 2020 under (a) variable costing and (b) absorption costing. 2. Explain the difference in operating income for January, February, and March under variable costing and absorption costing. Print Done The selling price per unit is $2,400. The budgeted level of production used to calculate the budgeted fixed manufacturing cost per unit is 1,000 units. There are no price, efficiency, or spending variances. Any production-volume variance is written off to cost of goods sold in the month in which it occurs. X Data table Unit data: Beginning inventory Production Sales Variable costs: Manufacturing cost per unit produced Operating (marketing) cost per unit sold Fixed costs: Manufacturing costs Operating (marketing) costs Print $ $ January 0 1,000 850 February March 950 $ 575 $ $ 480,000 $ $ 170,000 $ Done 150 975 975 950 $ 575 $ 480,000 $ 170,000 $ - X 150 1,040 1,065 950 575 480,000 170,000
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