Income statement: Absorption costing 18 19 Sales FORMULA1 20 Cost of goods sold: 21 Variable manufacturing costs FORMULA2 22 Fixed manufacturing costs FORMULA3 23 ---------- 24 Total goods available for sale $0 25 Less ending inventory FORMULA4 26 ---------- 27 Cost of goods sold $0 28 ---------- 29 Gross profit $0 30 Fixed selling expenses FORMULA5 31 Variable selling expenses FORMULA6 32 ---------- 33 Operating income $0 34 ========== _ _ _ 35 Income statement: Variable costing 36 37 Sales $0 38 Cost of goods sold: 39 Variable manufacturing costs FORMULA7 40 Less ending inventory FORMULA8 41 ---------- 42 Variable cost of goods sold $0 43 ---------- 44 Manufacturing margin $0 45 Variable selling expenses FORMULA9 46 ---------- 47 Contribution margin $0 48 Fixed manufacturing costs FORMULA10 49 Fixed selling expenses 0 50 ---------- 51 Operating income $0 52 ==========

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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VAR	COST Student Name =>	______________________
	Section Number =>	______________________
-	-	-	-
-	-	-	-
6	Data Section:
7
8	Actual production in units	100,000
9	Sales in units	80,000
10	Sales price per unit	$30
11	Variable manufacturing costs per unit	$14
12	Variable selling costs per unit	$2
13	Fixed manufacturing costs	$630,000
14	Fixed selling expenses	$100,000
28
15	-	-	-
16	Answer Section:

17	Income statement: Absorption costing
18
19	Sales	FORMULA1
20	Cost of goods sold:
21	Variable manufacturing costs	FORMULA2
22	Fixed manufacturing costs	FORMULA3
23		----------
24	Total goods available for sale	$0
25	Less ending inventory	FORMULA4
26		----------
27	Cost of goods sold	$0
28		----------
29	Gross profit	$0
30	Fixed selling expenses	FORMULA5
31	Variable selling expenses	FORMULA6
32		----------
33	Operating income	$0
34		==========
	_	_	_

35	Income statement: Variable costing
36
37	Sales	$0
38	Cost of goods sold:
39	Variable manufacturing costs	FORMULA7
40	Less ending inventory	FORMULA8
41		----------
42	Variable cost of goods sold	$0
43		----------
44	Manufacturing margin	$0
45	Variable selling expenses	FORMULA9
46		----------
47	Contribution margin	$0
48	Fixed manufacturing costs	FORMULA10
49	Fixed selling expenses	0
50		----------
51	Operating income	$0
52		==========

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