E Managerial Accountin xB 3-1 Problem Set: Mod X* CengageNOWv2 |On xb My Questions | bartlel x* Cengage Learningx: Cengage Learningx +A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=falseUpdate :Problem Set: Module 6O eBookShow Me How1. EX.07.02.ALGOb. Prepare an income statement according to the variable costing concept.Gallatin County Motors Inc.2. TMM.07.01Variable Costing Income StatementFor the Month Ended July 3113. EX.07.12.ALGOSales2,405,000 VVariable cost of goods sold2,169,600 x4. EX.07.05.ALGOManufacturing margin5. TMM.07.05Variable selling and administrative expensesContribution marginFixed costs:Fixed factory overhead costsFixed selling and administrative expensesTotal fixed costsOperating incomeFeedbackV Check My Workb. Under variable costing, the cost of goods manufactured includes only variable manufacturing costs.Check My WorkNext >Progress: 1/5 items7:51 PMP Type here to search99+W51°F12/19/2021 E Managerial Accountin xB 3-1 Problem Set: Mod X* CengageNOWv2 |On xb My Questions | bartlel x* Cengage LearningCengage Learning+A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=falseUpdate :Problem Set: Module 6O eBookI Show Me How1. EX.07.02.ALGOIncome Statements under Absorption Costing and Variable CostingGallatin County Motors Inc. assembles and sells snowmobile engines. The company began operations on July 1 and operated at 100% of capacity during2. TMM.07,01the first month. The following data summarize the results for July:3. EX.07.12.ALGOSales (18,500 units)$2,405,000Production costs (24,000 units):4. EX.07.05.ALGODirect materials$1,154,4005. TMM.07.05Direct labor554,400Variable factory overhead276,000Fixed factory overhead184,8002,169,600Selling and administrative expenses:Variable selling and administrative expenses$336,300Fixed selling and administrative expenses130,200466,500If 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 StatementFor the Month Ended July 31Sales2,405.000 vCost of goods sold1,672,400 VCheck My WorkNextProgress: 1/5 items7:51 PMP Type here to search9951°F12/19/2021

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Income statement refers to reporting of the sales revenues as well as operating expenses of the…

Business

Accounting

D. Prepare an Income statemer according to the varlable costing concept. Gallatin County Motors Inc. Variable Costing Income Statement For the Month Ended July 31 Sales 2,405,000 Variable cost of goods sold Manufacturing margin 2,169,600 x Variable selling and administrative expenses Contribution margin Fixed costs: Fixed factory overhead costs Fixed selling and administrative expenses Total fixed costs

D. Prepare an Income statemer according to the varlable costing concept. Gallatin County Motors Inc. Variable Costing Income Statement For the Month Ended July 31 Sales 2,405,000 Variable cost of goods sold Manufacturing margin 2,169,600 x Variable selling and administrative expenses Contribution margin Fixed costs: Fixed factory overhead costs Fixed selling and administrative expenses Total fixed costs

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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Absorption Statement Absorption costing does not distinguish between variable and fixed costs. All manufacturing costs are included in the cost of goods sold. Saxon, Inc.Absorption Costing Income StatementFor the Year Ended December 31 Sales $1,200,000 Cost of goods sold: Cost of goods manufactured $800,000 Ending inventory (200,000) Total cost of goods sold (600,000) Gross profit $600,000 Selling and administrative expenses (260,000) Operating income $340,000 Variable Statement Under variable costing, the cost of goods manufactured includes only variable manufacturing costs. This type of income statement includes a computation of manufacturing margin. Saxon, Inc.Variable Costing Income StatementFor the Year Ended December 31 Sales $1,200,000 Variable cost of goods sold: Variable cost of goods manufactured $560,000 Ending inventory (140,000) Total variable cost of goods sold (420,000) Manufacturing…
During Heaton Company's first two years of operations, the company reported absorption costing net operating income as follows: Year 2 $ 1,827,000 1,073,000 754,000 333,000 $ 421,000 Year 1 Sales (@ $63 per unit) Cost of goods sold (@ $37 per unit) Gross margin Selling and administrative expenses* Net operating income $1,197,000 703,000 494,000 303,000 $ 191,000 * $3 per unit variable; $246,000 fixed each year. The company's $37 unit product cost is computed as follows: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead ($456,000 - 24,000 units) Absorption costing unit product cost 9 8 1 19 $ 37 Forty percent of fixed manufacturing overhead consists of wages and salaries; the remainder consists of depreciation charges on production equipment and buildings. Production and cost data for the two years are: Units produced Units sold Year 1 24,000 19,000 Year 2 24,000 29,000 Required: 1. Prepare a variable costing contribution format income statement…
Absorption and Variable Costing Income Statements for Two Months and Analysis During the first month of operations ended July 31, Head Gear Inc. manufactured 33,900 hats, of which 32,200 vwere sold. Operating data for the month are summarized as follows: Sales $296,240 Manufacturing costs: Direct materials $176,280 Direct labor 47,460 Variable manufacturing cost 20,340 Fixed manufacturing cost 20,340 264/420 Selling and administrative expenses: Variable $16,100 Fixed 11,750 27,850 During August Head Gear Inc, manufectured 30,500 hats and sold 32,200 hats. Operating data for August are summarized as folovsi Sales $296,240 Manufacturing costs: Direct materials $158,600 Direct labor 42.700 Variable manufacturing cost 18,300 20,340 239,940 Fixed manufacturing cost Selling and administrative expenses: $16.100 Variable 11.750 27 850 Fixed Required:
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Cost of Goods Manufactured, using Variable Costing and Absorption Costing On March 31, the end of the first month of operations, Barnard Inc. manufactured 15,000 units and sold 12,000 units. The following income statement was prepared, based on the variable costing concept: Barnard Inc. Variable Costing Income Statement For the Year Ended March 31, 20Y1 Sales $2,160,000 Variable cost of goods sold: Variable cost of goods manufactured $1,620,000 Inventory, March 31 (324,000) Total variable cost of goods sold (1,296,000) Manufacturing margin $864,000 Total variable selling and administrative expenses (96,000) Contribution margin $768,000 Fixed costs: Fixed manufacturing costs $210,000 Fixed selling and administrative expenses 45,000 Total fixed costs (255,000) $513,000 Operating income Determine the unit cost of goods manufactured, based on (a) the variable costing concept and (b) the absorption costing concept.
Cost of Goods Manufactured, using Variable Costing and Absorption Costing On March 31, the end of the first year of operations, Barnard Inc., manufactured 3,300 units and sold 2,800 units. The following income statement was prepared, based on the variable costing concept: Sales Variable cost of goods sold: Variable cost of goods manufactured Inventory, March 31 Total variable cost of goods sold Manufacturing margin Total variable selling and administrative expenses Contribution margin Fixed costs: Barnard Inc. Variable Costing Income Statement For the Year Ended March 31, 20Y1 Fixed manufacturing costs Fixed selling and administrative expenses Total fixed costs Operating income Variable costing Absorption costing $508,200 (77,000) $231,000 72,800 $896,000 (431,200) $464,800 (106,400) $358,400 (303,800) $54,600 Determine the unit cost of goods manufactured, based on (a) the variable costing concept and (b) the absorption costing concept.
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Thalassines Kataskeves, S.A. Income Statement-Bilge Pump For the Quarter Ended March 31 Sales Variable expenses: Variable manufacturing expenses Sales commissions Shipping Total variable expenses Contribution margin Fixed expenses: Advertising (for the bilge pump product line). Depreciation of equipment (no resale value) General factory overhead Salary of product-line manager i Insurance on inventories Purchasing department Total fixed expenses Net operating loss *Common costs allocated on the basis of machine-hours. +Common costs allocated on the basis of sales dollars. $ 125,000 48,000 13,000 28,000 108,000 42,000 113,000 13,000 57,000 $ 460,000 Required: What is the financial advantage (disadvantage) of discontinuing the bilge pump? 186,000 274,000 361,000 $ (87,000) Discontinuing the bilge pump would not affect sales of other product lines and would have no effect on the company's total general factory overhead or total Purchasing Department expenses.
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