D21 6-1 Problem Set: Module Six - x Variable factory overhead Fixed factory overhead Selling and administrative expenses: Variable selling and administrative expenses Fixed selling and administrative expenses ← → C v2.cengagenow.com/ilrn/takeAssignment/takeAssignment Main.do?invoker=&take AssignmentSession Locator-assignment-take&inprogress=false Sales CengageNOWv2 | Online teac x If required, round interim per-unit calculations to the nearest cent. Feedback ✓ Cost of goods sold Gross profit Selling and administrative expenses Check My Work 142,000 95,000 a. Prepare an income statement according to the absorption costing concept. Gallatin County Motors Inc. Absorption Costing Income Statement For the Month Ended July 31 $172,500 66,800 Assignment Score: 83.87% Cengage Learning $1,280,000 ✓ 888,000 X 239,300 ✓ 1,113,000 239,300 x + Correct Check My Work a. Under absorption costing, the cost of goods manufactured includes direct materials, direct labor, and factory overhead costs. Both fixed and variable factory costs are included as part of factory avachand All work saved. Email Instructor 12 Previous Next :> Save and Exit Submit Assignment for Grading ⠀ (?
D21 6-1 Problem Set: Module Six - x Variable factory overhead Fixed factory overhead Selling and administrative expenses: Variable selling and administrative expenses Fixed selling and administrative expenses ← → C v2.cengagenow.com/ilrn/takeAssignment/takeAssignment Main.do?invoker=&take AssignmentSession Locator-assignment-take&inprogress=false Sales CengageNOWv2 | Online teac x If required, round interim per-unit calculations to the nearest cent. Feedback ✓ Cost of goods sold Gross profit Selling and administrative expenses Check My Work 142,000 95,000 a. Prepare an income statement according to the absorption costing concept. Gallatin County Motors Inc. Absorption Costing Income Statement For the Month Ended July 31 $172,500 66,800 Assignment Score: 83.87% Cengage Learning $1,280,000 ✓ 888,000 X 239,300 ✓ 1,113,000 239,300 x + Correct Check My Work a. Under absorption costing, the cost of goods manufactured includes direct materials, direct labor, and factory overhead costs. Both fixed and variable factory costs are included as part of factory avachand All work saved. Email Instructor 12 Previous Next :> Save and Exit Submit Assignment for Grading ⠀ (?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Income Statements under Absorption Costing and Variable Costing
Gallatin County Motors Inc. assembles and sells snowmobile engines. The company began operations on July 1 and operated at 100% of capacity during the first month. The following data summarize the results for July:
| Sales (8,000 units) | $1,280,000 | |||
| Production costs (10,000 units): | ||||
| Direct materials | $592,000 | |||
| Direct labor | 284,000 | |||
| Variable factory |
142,000 | |||
| Fixed factory overhead | 95,000 | 1,113,000 | ||
| Selling and administrative expenses: | ||||
| Variable selling and administrative expenses | $172,500 | |||
| Fixed selling and administrative expenses | 66,800 | 239,300 |
Transcribed Image Text:D21 6-1 Problem Set: Module Six - x
Variable factory overhead
Fixed factory overhead
Selling and administrative expenses:
Variable selling and administrative expenses
Fixed selling and administrative expenses
← → C v2.cengagenow.com/ilrn/takeAssignment/takeAssignment Main.do?invoker=&take AssignmentSession Locator-assignment-take&inprogress=false
Sales
CengageNOWv2 | Online teac x
If required, round interim per-unit calculations to the nearest cent.
Feedback
✓
Cost of goods sold
Gross profit
Selling and administrative expenses
Check My Work
142,000
95,000
a. Prepare an income statement according to the absorption costing concept.
Gallatin County Motors Inc.
Absorption Costing Income Statement
For the Month Ended July 31
$172,500
66,800
Assignment Score: 83.87%
Cengage Learning
$1,280,000 ✓
888,000 X
239,300 ✓
1,113,000
239,300
x +
Correct
Check My Work
a. Under absorption costing, the cost of goods manufactured includes direct materials, direct labor, and factory overhead costs. Both fixed and variable factory costs are included as part of factory
avachand
All work saved.
Email Instructor
12
Previous
Next :>
Save and Exit Submit Assignment for Grading
⠀
(?
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