Cost of Goods Manufactured, using Variable Costing and Absorption CostingOn October 31, the end of the first month of operations, Yankovich Inc. manufactured 75,000 units and sold67,500 units. The following income statement was prepared, based on the variable costing concept:Yankovich Inc.Variable Costing Income StatementFor the Month Ended October 31SalesVariable cost of goods sold:Variable cost of goods manufacturedInventory, October 31Total variable cost of goods soldManufacturing marginTotal variable selling and administrative expensesContribution marginFixed costs:Fixed manufacturing costsFixed selling and administrative expensesTotal fixed costs$9,000,000(900,000)$600,000140,000$14,600,000(8,100,000)$6,500,000(1,460,000)$5,040,000(740,000)$4,300,000Operating incomeDetermine the unit cost of goods manufactured, based on (a) the variable costing concept and (b) the absorptioncosting concept.(a) Variable costing $(b) Absorption costing $

Under absorption costing, all variable and fixed cost of goods manufactured is included in unit cost…

Answered: Cost of Goods Manufactured, using…

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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Fanelli Corporation, a merchandising company, reported the following results for July: Number of units sold 6,400 Selling price per unit $| 600 Unit cost of goods sold $ 416 Variable selling expense per unit $ | 56 Total fixed selling expense $ 125,900 Variable administrative expense per unit | $| 24 Total fixed administrative expense $| 207,800 Cost of goods sold is a variable cost in this company. Required: a. Prepare a traditional format income statement for July. b. Prepare a contribution format income statement for July.
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Amazin' 69 Corp. Income Statement For Month Ending May 31, 20XX Fixed Cost of Goods Sold Fixed Selling and Administrative Costs Sales Revenue Variable Cost of Goods Sold Variable Selling and Administrative Costs Operating Income Calculate the contribution margin and operating income for May Amazin' 69 Corp. Contribution Margin Income Statement For Month Ending May 31 20XX
On November 30, the end of the first month of operations, Weatherford Company prepared the following income statement, based on the absorption costing concept: Weatherford Company Absorption Costing Income Statement For the Month Ended November 30 Sales (6,100 units) Cost of goods sold: Cost of goods manufactured (7,000 units) Inventory, November 30 (1,000 units) Total cost of goods sold Gross profit $161,000 Sales Variable cost of goods sold: Variable cost of goods manufactured Inventory, November 30 (23,000) $201,300 138,000 $63,300 Selling and administrative expenses 35,910 Income from operations $27,390 Assume the fixed manufacturing costs were $38,640 and the fixed selling and administrative expenses were $17,590 Prepare an income statement according to the variable costing concept. Round all final answers to whole dollars. Weatherford Company Variable Costing Income Statement For the Month Ended November 30 201,300
Aaron Corporation, which has only one product, has provided the following data concerning its most recent month of operations: Selling price Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead. Variable selling and administrative expense Multiple Choice Fixed costs: Fixed manufacturing overhead Fixed selling and administrative expense What is the unit product cost for the month under variable costing? $110 per unit $137 per unit $143 0 $120 per unit 6,850 6,550 300 $93 per unit $23 $53 $17 $17 $184,950 $ 27,300
Variable Costing Income Statement On April 30, the end of the first month of operations, Joplin Company prepared the following income statement, based on the absorption costing concept: Joplin CompanyAbsorption Costing Income StatementFor the Month Ended April 30 Sales (6,600 units) $178,200 Cost of goods sold: Cost of goods manufactured (7,700 units) $146,300 Inventory, April 30 (1,100 units) (20,900) Total cost of goods sold (125,400) Gross profit $52,800 Selling and administrative expenses (32,280) Operating income $20,520 If the fixed manufacturing costs were $39,501 and the fixed selling and administrative expenses were $15,810, prepare an income statement according to the variable costing concept. Round all final answers to whole dollars. Joplin CompanyVariable Costing Income StatementFor the Month Ended April 30 $Sales Variable cost of goods sold: $Variable cost of goods manufactured…
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Michie Company's management accountant prepared the following income statement relating to its second year of operations using the absorption costing format: Michie Company Income Statement (Absorption Costing) Year Ended December 31, Year 2 Sales Cost of goods sold: Beginning inventory Variable and fixed manufacturing costs Cost of goods available for sale Less ending inventory Total cost of goods sold Gross margin Less operating costs: Variable selling and administrative costs Fixed selling and administrative costs Net income (50,000 x $ 20.00) (10,000 $ 10.00*) (45,000 x $ 10.00*) (55,000 $10.00) (5,000 * $ 10.00) $ 1,000,000 $ 100,000 450,000 550,000 50,000 (500,000) $ 500,000 (50,000 x $ 2.00) $ 100,000 150,000 Variable manufacturing costs of $8.00 plus fixed manufacturing costs of $2.00. (250,000) $ 250,000
On October 31, the end of the first month of operations, Maryville Equipment Company pre- pared the following income statement, based on the variable costing concept: Maryville Equipment Company Variable Costing Income Statement For the Month Ended October 31 Sales (220,000 units).... $ 7,920,000 Variable cost of goods sold: Variable cost of goods manufactured . Inventory, October 31 (45,000 units) .. Total variable cost of goods sold... Manufacturing margin....... Variable selling and administrative expenses $ 6,360,000 (1,080,000) (5,280,000) $ 2,640,000 (330,000) $ 2,310,000 Contribution margin... Fixed costs: Fixed manufacturing costs ... Fixed selling and administrative expenses.. $ 530,000 100,000 Total fixed costs.... (630,000) $ 1,680,000 Operating income... Prepare an income statement under absorption costing.
Variable Costing Income Statement On April 30, the end of the first month of operations, Jopl Company prepared the following income statement, based on the absorption costing concept: Joplin Company Absorption Costing Income Statement For the Month Ended April 30 Sales (4,600 units) Cost of goods sold: Cost of goods manufactured (5,200 units) Inventory, April 30 (700 units) Total cost of goods sold Gross profit Selling and administrative expenses Operating income Joplin Company Variable Costing Income Statement For the Month Ended April 30 Variable cost of goods sold: If the fixed manufacturing costs were $29,484 and the fixed selling and administrative expenses were $12,590, prepare an income statement according to the variable costing concept. Round all final answers to whole dollars. 1:110 $109,200 (14,700) Fixed costs: $138,000 (94,500) $43,500 (25,700) $17,800

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