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EntertainMe Corporation manufactures and sells 50-inch television sets and uses standard costing. Actual data relating to January, February, and March 2020 are as follows: The selling price per unit is $3,300. The budgeted level of production used to calculate the budgeted fixed manufacturing cost per unit is 1,500 units. units. There are no price, efficiency, or spending variances. Any production-volume variance is written off to cost of goods sold in the month in which it occurs. Data Unit data: Beginning inventory Production Sales Variable costs: Manufacturing cost per unit produced Operating (marketing) cost per unit sold Fixed costs: Manufacturing costs Operating (marketing) costs January 0 1,500 1,350 February March $800 150 1,400 1,400 150 $1,000 $1,000 $1,000 $800 1,520 1,530 $800 $525,000 $525,000 $525,000 $130,000 $130,000 $130,000 (b). Prepare income statements for EntertainMe in January, February, and March 2020 under absorption costing. Please help step by step with the preparation of the income statement under absorption costing.

EntertainMe Corporation manufactures and sells 50-inch television sets and uses standard costing. Actual data relating to January, February, and March 2020 are as follows: The selling price per unit is $3,300. The budgeted level of production used to calculate the budgeted fixed manufacturing cost per unit is 1,500 units. units. There are no price, efficiency, or spending variances. Any production-volume variance is written off to cost of goods sold in the month in which it occurs. Data Unit data: Beginning inventory Production Sales Variable costs: Manufacturing cost per unit produced Operating (marketing) cost per unit sold Fixed costs: Manufacturing costs Operating (marketing) costs January 0 1,500 1,350 February March $800 150 1,400 1,400 150 $1,000 $1,000 $1,000 $800 1,520 1,530 $800 $525,000 $525,000 $525,000 $130,000 $130,000 $130,000 (b). Prepare income statements for EntertainMe in January, February, and March 2020 under absorption costing. Please help step by step with the preparation of the income statement under absorption costing.

FINANCIAL ACCOUNTING
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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EntertainMe Corporation manufactures and sells 50-inch television sets and uses standard costing. Actual data relating to January, February, and March 2020 are as follows: The selling price per unit is $3,300. The budgeted level of production used to calculate the budgeted fixed manufacturing cost per unit is 1,500 units. units. There are no price, efficiency, or spending variances. Any production-volume variance is written off to cost of goods sold in the month in which it occurs. Data Unit data: Beginning inventory Production Sales Variable costs: Manufacturing cost per unit produced Operating (marketing) cost per unit sold Fixed costs: Manufacturing costs Operating (marketing) costs January 0 1,500 1,350 February March $800 150 1,400 1,400 150 $1,000 $1,000 $1,000 $800 1,520 1,530 $800 $525,000 $525,000 $525,000 $130,000 $130,000 $130,000 (b). Prepare income statements for EntertainMe in January, February, and March 2020 under absorption costing. Please help step by step with the preparation of the income statement under absorption costing.
Transcribed Image Text:EntertainMe Corporation manufactures and sells 50-inch television sets and uses standard costing. Actual data relating to January, February, and March 2020 are as follows: The selling price per unit is $3,300. The budgeted level of production used to calculate the budgeted fixed manufacturing cost per unit is 1,500 units. units. There are no price, efficiency, or spending variances. Any production-volume variance is written off to cost of goods sold in the month in which it occurs. Data Unit data: Beginning inventory Production Sales Variable costs: Manufacturing cost per unit produced Operating (marketing) cost per unit sold Fixed costs: Manufacturing costs Operating (marketing) costs January 0 1,500 1,350 February March $800 150 1,400 1,400 150 $1,000 $1,000 $1,000 $800 1,520 1,530 $800 $525,000 $525,000 $525,000 $130,000 $130,000 $130,000 (b). Prepare income statements for EntertainMe in January, February, and March 2020 under absorption costing. Please help step by step with the preparation of the income statement under absorption costing.
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