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 m The following data summarize the results for July: Sales (13,500 units) $1,485,000 Production costs (17,000 units): Direct materials $691,900 Direct labor 331,500 Variable factory overhead 166,600 Fixed factory overhead 110,500 1,300,500 Selling and administrative expenses: Variable selling and administrative expenses $201,600 Fixed selling and administrative expenses 78,000 279,600 If 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 Statement For the Month Ended July 31

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 m The following data summarize the results for July: Sales (13,500 units) $1,485,000 Production costs (17,000 units): Direct materials $691,900 Direct labor 331,500 Variable factory overhead 166,600 Fixed factory overhead 110,500 1,300,500 Selling and administrative expenses: Variable selling and administrative expenses $201,600 Fixed selling and administrative expenses 78,000 279,600 If 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 Statement For the Month Ended July 31

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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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Alabama A&M AppsAnywhere * CengageNOWv2 | Online teachin x + Content A v2.cengagenow.com/ilrm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false E Apps M Gmail YouTube A Maps a News E Reading list E_CH7 еВook Show Me How DaIK TecoICation anu entnes Instructions Chart of Accounts Amount Descriptions Bank Reconciliation Journal Instructions The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $84,457. The bank statement indicated a balance of $127,190 on June 30, 20Y1. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: a. Checks outstanding totaled $33,310. b. A deposit of $17,610, representing receipts of June 30, had been made too late to appear on the bank statement. c. The bank collected $28,248 on a $26,400 note, including interest of $1,848. d. A check for $1,100 returned with the statement had been incorrectly recorded by Pala…
* CengageNOWv2 | Online teachin X b Home | bartleby x + A v2.cengagenow.com/iln/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false * D 9 : M Gmail O YouTube Maps Blackboard HW #9 - Chpt 21 O eBook Show Me How E Print Item 1. TMM.21.01 Contribution Margin and Contribution Margin Ratio For a recent year, Wicker Company-owned restaurants had the following sales and expenses (in millions): 2. TMM.21.02 Sales $14,100 3. TMM.21.03 Food and packaging $5,994 Рayroll 3,600 4. TMM.21.04 Occupancy (rent, depreciation, etc.) 1,986 5. EX.21,01 General, selling, and administrative expenses 2,100 $13,680 6. EX.21.02 Income from operations $420 7. EX.21.03 Assume that the variable costs consist of food and packaging; payroll; and 40% of the general, selling, and administrative expenses. 8. EX.21.06.ALGO a. What is Wicker Company's contribution margin? Round to the nearest million. (Give answer in millions of dollars.) million 9. EX.21.09.ALGO b. What is Wicker…
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W es D Edit View History Bookmarks Profiles Tab Window Help earch × ①QuickLaunchSSO :: Single Sig X M Question 5-Chapter 2 Home X M Chapter 2 Quiz - Connect + heducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fbb.mwcc.edu%25... mework i Saved The transactions of Spade Company appear below. a. K. Spade, owner, invested $14,250 cash in the company. b. The company purchased supplies for $413 cash. c. The company purchased $7,880 of equipment on credit. d. The company received $1,682 cash for services provided to a customer. e. The company paid $7,880 cash to settle the payable for the equipment purchased in transaction c. f. The company billed a customer $3,021 for services provided. g. The company paid $510 cash for the monthly rent. h. The company collected $1,269 cash as partial payment for the account receivable created in transaction f. i. K. Spade withdrew $1,100 cash from the company for personal use. Exercise 2-13 (Algo) Recording effects…