During the first month of operations ended July 31, YoSan Inc. manufactured 2,400 flat panel televisions, of which 2,000 were sold. Operating data for the month are summarized as follows: Sales $2,150,000 Manufacturing costs: Direct materials.... $960,000 Direct labor .. 420,000 Variable manufacturing cost Fixed manufacturing cost . Selling and administrative expenses: Variable ... 156,000 288,000 1,824,000 $204,000 Fixed. 96,000 300,000 1. Prepare an income statement based on the absorption costing concept. 2. Prepare an income statement based on the variable costing concept.
During the first month of operations ended July 31, YoSan Inc. manufactured 2,400 flat panel televisions, of which 2,000 were sold. Operating data for the month are summarized as follows: Sales $2,150,000 Manufacturing costs: Direct materials.... $960,000 Direct labor .. 420,000 Variable manufacturing cost Fixed manufacturing cost . Selling and administrative expenses: Variable ... 156,000 288,000 1,824,000 $204,000 Fixed. 96,000 300,000 1. Prepare an income statement based on the absorption costing concept. 2. Prepare an income statement based on the variable costing concept.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Pls help on number 1 and 2
Transcribed Image Text:During the first month of operations ended July 31, YoSan Inc. manufactured 2,400 flat panel
televisions, of which 2,000 were sold. Operating data for the month are summarized as follows:
Sales
$2,150,000
Manufacturing costs:
Direct materials....
$960,000
Direct labor ..
420,000
Variable manufacturing cost
Fixed manufacturing cost .
Selling and administrative expenses:
Variable ...
156,000
288,000
1,824,000
$204,000
Fixed.
96,000
300,000
1. Prepare an income statement based on the absorption costing concept.
2. Prepare an income statement based on the variable costing concept.
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