Please do not give solution in image format thanku Audiophonics Limited manufactures and sells high-quality and durable ear buds for use with personal electronics that are custommoulded to each customer's ear. Cost data for the product follow:Variable costs per unit:Direct materialsDirect labourVariable factory overheadVariable selling and administrativeTotal variable costs per unitFixed costs per month:Fixed manufacturing overheadFixed selling and administrativeTotal fixed cost per monthMayJune$Units Sold16,60027,800$13194541The product sells for $63 per unit. Production and sales data for May and June, the first two months of operations, are as follows:Units Produced22, 20022, 200$222,000199,800$421,800 2. Prepare variable costing income statements for May and June using the contribution approach. (Do not leave any empty spaces;input a 0 wherever it is required.)Variable expenses:Variable cost of goods sold:Total variable expensesFixed expenses:Total fixed expensesTotal fixed expensesOperating income (loss)MayVariable costing operating income (loss)Add: Cost deferred in inventory under absorption costing3. Reconcile the variable costing and absorption costing operating income figures. (Loss amounts should be indicated with a minussign.)JuneDeduct: Cost released from inventory under absorption costingAbsorption costing operating incomeMayJune

The income statement can be prepared using various methods as absorption and variable costing. The…

Audiophonics Limited manufactures and sells high-quality and durable ear buds for use with personal electronics that are cus moulded to each customer's ear. Cost data for the product follow: Variable costs per unit: Direct materials Direct labour Variable factory overhead Variable selling and administrative Total variable costs per unit Fixed costs per month: Fixed manufacturing overhead Fixed selling and administrative Total fixed cost per month May June Units Produced 22, 200 22, 200 $ Units Sold 16,600 27,800 $ The product sells for $63 per unit. Production and sales data for May and June, the first two months of operations, are as foll 13 19 4 5 41 $222,000 199,800 $421,800

Audiophonics Limited manufactures and sells high-quality and durable ear buds for use with personal electronics that are cus moulded to each customer's ear. Cost data for the product follow: Variable costs per unit: Direct materials Direct labour Variable factory overhead Variable selling and administrative Total variable costs per unit Fixed costs per month: Fixed manufacturing overhead Fixed selling and administrative Total fixed cost per month May June Units Produced 22, 200 22, 200 $ Units Sold 16,600 27,800 $ The product sells for $63 per unit. Production and sales data for May and June, the first two months of operations, are as foll 13 19 4 5 41 $222,000 199,800 $421,800

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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