### Problem Statement:Resources Usage and Cost Table:| Cost Driver Rate | Cost Driver Volume ||------------------|--------------------|| **Resources used** | || Setups | $395 per run | 450 runs || Clerical | $35 per page | 3,000 pages typed || **Resources supplied** | || Setups | $181,200 | || Clerical | $113,900 | |**Sales revenue totaled $340,000.**#### Required:a. Prepare a traditional income statement.b. Prepare an activity-based income statement.---### Required A**Prepare a traditional income statement.**### Required B**Prepare an activity-based income statement.**---### Activity-Based Income Statement Structure:| | **Resources Used** | **Unused Resource Capacity** | **Resources Supplied** ||-------------------------------|--------------------|------------------------------|-----------------------|| **Sales revenue** | | | || **Costs** |--------------------|------------------------------|-----------------------|| Volume related - Clerical | | | || Batch related - Setups | | | || **Total costs** | | | || **Operating profits** | | | |**Completion Instructions:**1. Enter activity-based cost calculations in the appropriate fields.2. Ensure the total costs and operating profits are accurately calculated based on supplied and used resources.This table helps to dissect costs based on their origin (clerical or setups) and how they relate to sales revenue, providing a comprehensive look at the profit and cost allocation. **Conlon Enterprises Resource Information**Conlon Enterprises reports the following information about resources:| Resources used | Cost Driver Rate | Cost Driver Volume ||------------------|-------------------|--------------------|| Setups | $395 per run | 450 runs || Clerical | $35 per page | 3,000 pages typed || Resources supplied||-------------------|| Setups | $181,200 || Clerical | $113,900 |Sales revenue totaled $340,000.**Required:**a. Prepare a traditional income statement.b. Prepare an activity-based income statement.**Task:**Complete this question by entering your answers in the tabs below.**Prepare a traditional income statement:****Traditional Income Statement**| | ||-------------------------------|--------------------------------------|| **Sales revenue** | || **Setup costs** | || **Clerical costs** | || **Operating profit** | |

Solution:- A) Preparation of traditional income statement as follows:-

Cost Driver Rate Cost Driver Volume Resources used Setups Clerical Resources supplied Setups Clerical 395 per run 35 per page 450 runs 3,000 pages typed $181,200 113,900 Sales revenue totaled $340,000. Required: a. Prepare a traditional income statement. b. Prepare an activity-based income statement. Complete this question by entering your answers in the tabs below. Required A Required B Prepare an activity-based income statement. Activity-Based Income Statement Resources Used Unused Resource Resources Supplied Capacity Sales revenue Costs Volume related - Clerical Batch related - Setups Total costs Operating profits

Cost Driver Rate Cost Driver Volume Resources used Setups Clerical Resources supplied Setups Clerical 395 per run 35 per page 450 runs 3,000 pages typed $181,200 113,900 Sales revenue totaled $340,000. Required: a. Prepare a traditional income statement. b. Prepare an activity-based income statement. Complete this question by entering your answers in the tabs below. Required A Required B Prepare an activity-based income statement. Activity-Based Income Statement Resources Used Unused Resource Resources Supplied Capacity Sales revenue Costs Volume related - Clerical Batch related - Setups Total costs Operating profits

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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