< During the first month of operations ended July 31, YoSan Inc. manufactured 9,800 flat panel televisions, of which 9,100 were sold. Operating data for the month are summarized as follows: Sales Manufacturing costs: Direct materials Direct labor Variable manufacturing cost $1,638,000 $833,000 245,000 215,600 Fixed manufacturing cost 107,800 1,401,400 Selling and administrative expenses: Variable $127,400 Fixed 58,600 186,000 Required: 1. Prepare an income statement based on the absorption costing concept. YoSan Inc. Absorption Costing Income Statement For the Month Ended July 31 Line Item Description Sales Cost of goods sold: Amount Amount 1,638,000 Cost of goods manufactured 1,401,400 Inventory, July 31 Total cost of goods sold Gross profit Previous Next
< During the first month of operations ended July 31, YoSan Inc. manufactured 9,800 flat panel televisions, of which 9,100 were sold. Operating data for the month are summarized as follows: Sales Manufacturing costs: Direct materials Direct labor Variable manufacturing cost $1,638,000 $833,000 245,000 215,600 Fixed manufacturing cost 107,800 1,401,400 Selling and administrative expenses: Variable $127,400 Fixed 58,600 186,000 Required: 1. Prepare an income statement based on the absorption costing concept. YoSan Inc. Absorption Costing Income Statement For the Month Ended July 31 Line Item Description Sales Cost of goods sold: Amount Amount 1,638,000 Cost of goods manufactured 1,401,400 Inventory, July 31 Total cost of goods sold Gross profit Previous Next
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:<
During the first month of operations ended July 31, YoSan Inc. manufactured 9,800 flat panel televisions, of which 9,100 were sold. Operating data for the month are
summarized as follows:
Sales
Manufacturing costs:
Direct materials
Direct labor
Variable manufacturing cost
$1,638,000
$833,000
245,000
215,600
Fixed manufacturing cost
107,800
1,401,400
Selling and administrative expenses:
Variable
$127,400
Fixed
58,600
186,000
Required:
1. Prepare an income statement based on the absorption costing concept.
YoSan Inc.
Absorption Costing Income Statement
For the Month Ended July 31
Line Item Description
Sales
Cost of goods sold:
Amount
Amount
1,638,000
Cost of goods manufactured
1,401,400
Inventory, July 31
Total cost of goods sold
Gross profit
Previous
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