Crazy Mountain Sports Inc. assembles and sells snowmobile engines. The company began operations on March 1 and operated at 100% of capacity during the first month. The following data summarize the results f March: Sales (8,500 units) Production costs (11,000 units): Direct materials Direct labor Variable factory overhead Fixed factory overhead Selling and administrative expenses: Variable selling and administrative expenses Fixed selling and administrative expenses $850,000 $407,000 195,800 97,900 64,900 765,600 $118,700 45,900 164,600 If required, round interim per-unit calculations to the nearest cent. a. Prepare an income statement according to the absorption costing concept. Crazy Mountain Sports Inc. Absorption Costing Income Statement For the Month Ended March 31

Crazy Mountain Sports Inc. assembles and sells snowmobile engines. The company began operations on March 1 and operated at 100% of capacity during the first month. The following data summarize the results f March: Sales (8,500 units) Production costs (11,000 units): Direct materials Direct labor Variable factory overhead Fixed factory overhead Selling and administrative expenses: Variable selling and administrative expenses Fixed selling and administrative expenses $850,000 $407,000 195,800 97,900 64,900 765,600 $118,700 45,900 164,600 If required, round interim per-unit calculations to the nearest cent. a. Prepare an income statement according to the absorption costing concept. Crazy Mountain Sports Inc. Absorption Costing Income Statement For the Month Ended March 31

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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How would I calculate this problem? I just guessed on which answer made sense to me. Please help. thank you in advance.
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P Do Homework - Homework 2 - Google Chrome A mylab.pearson.com/Student/PlayerHomework.aspx?homeworkld=617070625&questionld=12&flushed=true&cld=6813423¢erwin=yes BAB110 NII, W22 Question 12, 6.4a HW Score: ! = Homework: Homework 2 Part 1 of 2 O Points: Find the rate of markdown and the markdown. Regular Selling Price $31.20 Rate of Markdown Markdown Sale Price ? $18.70 The rate of markdown is %. (Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places as needed.)
please explain how come you come up with step 3 and Im so confused about the numbers, I'm so sorry I'm not good with math. thank you for your understanding!
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