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at 100% of capacity during the first month. The following data summarize the results for July: Sales (19,500 units) $1,950,000 Production costs (25,000 units): Direct materials $925,000 Direct labor 445,000 Variable factory overhead 222,500 Fixed factory overhead 147,500 1,740,000 Selling and administrative expenses: Variable selling and administrative expenses $269,700 Fixed selling and administrative expenses 104,400 374,100 If required, round interim per-unit calculations to the nearest cent. a. Prepare an income statement according to the absorption costing concept. Gallatin County Motors Inc. Absorption Costing Income Statement For the Month Ended July 31

at 100% of capacity during the first month. The following data summarize the results for July: Sales (19,500 units) $1,950,000 Production costs (25,000 units): Direct materials $925,000 Direct labor 445,000 Variable factory overhead 222,500 Fixed factory overhead 147,500 1,740,000 Selling and administrative expenses: Variable selling and administrative expenses $269,700 Fixed selling and administrative expenses 104,400 374,100 If required, round interim per-unit calculations to the nearest cent. a. Prepare an income statement according to the absorption costing concept. Gallatin County Motors Inc. Absorption Costing Income Statement For the Month Ended July 31

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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Please assist.  The 2nd pic continues where first left off.  Thank you.

Gallatin County Motors Inc. assembles and sells snowmobile engines. The company began operations on July 1 and operated at 100% of capacity during the first month. The following data summarize the results for July: Sales (19,500 units) $1,950,000 Production costs (25,000 units): Direct materials $925,000 Direct labor 445,000 Variable factory overhead 222,500 Fixed factory overhead 147,500 1,740,000 Selling and administrative expenses: Variable selling and administrative expenses $269,700 Fixed selling and administrative expenses 104,400 374,100 If required, round interim per-unit calculations to the nearest cent. a. Prepare an income statement according to the absorption costing concept. Gallatin County Motors Inc. Absorption Costing Income Statement For the Month Ended July 31 %24
Transcribed Image Text:Gallatin County Motors Inc. assembles and sells snowmobile engines. The company began operations on July 1 and operated at 100% of capacity during the first month. The following data summarize the results for July: Sales (19,500 units) $1,950,000 Production costs (25,000 units): Direct materials $925,000 Direct labor 445,000 Variable factory overhead 222,500 Fixed factory overhead 147,500 1,740,000 Selling and administrative expenses: Variable selling and administrative expenses $269,700 Fixed selling and administrative expenses 104,400 374,100 If required, round interim per-unit calculations to the nearest cent. a. Prepare an income statement according to the absorption costing concept. Gallatin County Motors Inc. Absorption Costing Income Statement For the Month Ended July 31 %24
b. Prepare an income statement according to the variable costing concept. Gallatin County Motors Inc. Variable Costing Income Statement For the Month Ended July 31 Fixed costs:
Transcribed Image Text:b. Prepare an income statement according to the variable costing concept. Gallatin County Motors Inc. Variable Costing Income Statement For the Month Ended July 31 Fixed costs:
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