Morning Company reports the following information for March:E (Click the icon to view the data.)Read the requirements.Requirement 1. Calculate the gross profit and operating income for March using absorption costing.Morning CompanyIncome Statement (Absorption Costing)For the Month Ended March 31Data TableNet Sales Revenue67,850Variable Cost of Goods Solłd19,300Operating incomeFixed Cost of Goods Sold8,400Variable Selfing and Administrative Costs16,500RequirementsFixed Selling and Administrative Costs3,8001. Calculate the gross profit and operating income for March using absorptioncosting.2. Calculate the contribution margin and operating income for March usingvariable costing.PrintDone

Variable costing Method: In Variable costing Method, it includes only variable costs associated with…

Morning Company reports the following information for March E (Click the icon to view the data.) Read the requirements. Requirement 1. Calculate the gross profit and operating income for March using absorption costing. Morning Company Income Statement (Absorption Costing) For the Month Ended March 31 E Data Table Net Sales Revenue 67,850 Variable Cost of Goods Sold 19,300 Operating Income Fixed Cost of Goods Sold 8,400 Variable Selfing and Administrative Costs 16,500 Requirements Fixed Selling and Administrative Costs 3,800 1. Calculate the gross profit and operating income for March using absorption costing 2. Calculate the contribution margin and operating income for March using variable costing Print Done

Morning Company reports the following information for March E (Click the icon to view the data.) Read the requirements. Requirement 1. Calculate the gross profit and operating income for March using absorption costing. Morning Company Income Statement (Absorption Costing) For the Month Ended March 31 E Data Table Net Sales Revenue 67,850 Variable Cost of Goods Sold 19,300 Operating Income Fixed Cost of Goods Sold 8,400 Variable Selfing and Administrative Costs 16,500 Requirements Fixed Selling and Administrative Costs 3,800 1. Calculate the gross profit and operating income for March using absorption costing 2. Calculate the contribution margin and operating income for March using variable costing Print Done

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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Absorption and Variable Costing Income Statements for Two Months and Analysis During the first month of operations ended July 31, Head Gear Inc. manufactured 33,900 hats, of which 32,200 vwere sold. Operating data for the month are summarized as follows: Sales $296,240 Manufacturing costs: Direct materials $176,280 Direct labor 47,460 Variable manufacturing cost 20,340 Fixed manufacturing cost 20,340 264/420 Selling and administrative expenses: Variable $16,100 Fixed 11,750 27,850 During August Head Gear Inc, manufectured 30,500 hats and sold 32,200 hats. Operating data for August are summarized as folovsi Sales $296,240 Manufacturing costs: Direct materials $158,600 Direct labor 42.700 Variable manufacturing cost 18,300 20,340 239,940 Fixed manufacturing cost Selling and administrative expenses: $16.100 Variable 11.750 27 850 Fixed Required:
Joshua Company has determined the following selling price and manufacturing cost per unit based on normal production of 72,000 units per year: Selling price per unit.. $ 22 Variable cost per unit: Direct materials... $ 4 Direct labor ..... 4 Variable factory overhead.. 2 Variable cost per unit $ 10 Fixed costs: Fixed factory overhead per year $ 360,000 Fixed selling and administrative expense per year........ 48,000 Month Units Produced Units Sold October.. 6,000 3,000 November ...... 1,000 4,000 December...... 8,000 6,000 October has no beginning inventories. REQUIRED: Prepare comparative income statements, including a comparative schedule of cost of goods sold, for each of these three months in 2016 under each of the following: 1. Absorption costing (include under- or overapplied overhead). 2. Variable costing.
The contribution margin income statement of Unique Donuts for August 2024 follows: (Click the icon to view the contribution margin income statement.) Data table Unique Donuts Contribution Margin Income Statement Month Ended August 31, 2024 Net Sales Revenue Variable Costs: Cost of Goods Sold Selling Costs Administrative Costs Contribution Margin Fixed Costs: Selling Costs Administrative Costs Operating Income $ 32,300 17,200 1,300 42,210 14,070 $ $ - 127,000 50,800 76,200 56,280 19,920 Requirements Unique sells two dozen plain donuts for every dozen custard-filled donuts. A dozen plain donuts sells for $3.10, with total variable cost of $1.24 per dozen. A dozen custard-filled donuts sells for $7.20, with total variable cost of $2.88 per dozen. d-filled donuts 1. Calculate the weighted-average contribution margin. 2. Determine Unique's monthly breakeven point in dozens of plain donuts and custard-filled donuts. Prove your answer by preparing a summary contribution margin income…
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Income statements under absorption costing and variable costing Fresno Industries Inc. manufactures and sells high-quality camping tents. The company began operations on January 1 and operated at 100% of capacity (204,000 units) during the first month, creating an ending inventory of 25,000 units. During February, the company produced 179,000 units during the month but sold 204,000 units at $530 per unit. The February manufacturing costs and selling and administrative expenses were as follows: Manufacturing costs in February 1 beginning inventory: Variable Fixed Total Manufacturing costs in February: Variable Fixed Total Selling and administrative expenses in February: Variable Fixed Total Number of Units Unit Cost 25,000 $265.00 $6,625,000 25,000 850,000 $299.00 $7,475,000 204,000 204,000 34.00 179,000 $265.00 $47,435,000 179,000 7,016,800 $304.20 $54,451,800 39.20 26.10 Total Cost 1.00 27.10 $5,324,400 204,000 $5,528,400 This information has been collected in the Microsoft Excel…
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Please Do not Give image format Allocate manufacturing, ordering, and selling costs to the two customer groups by using an activity-based management (ABM) allocation basis. Calculate the net profit before tax (NPBT) for each customer group using an ABM allocation basis.
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Amazin' 69 Corp. Income Statement For Month Ending May 31, 20XX Fixed Cost of Goods Sold Fixed Selling and Administrative Costs Sales Revenue Variable Cost of Goods Sold Variable Selling and Administrative Costs Operating Income Calculate the contribution margin and operating income for May Amazin' 69 Corp. Contribution Margin Income Statement For Month Ending May 31 20XX
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