Please do not give solution in image format thanku Absorption Costing Income StatementOn June 30, the end of the first month of operations, Tudor Manufacturing Co. prepared the following incomestatement, based on the variable costing concept:Sales (90,000 units)Variable cost of goods sold:Variable cost of goods manufactured (110,000 units x $9 per unit)Less ending inventory (20,000 units x $9 per unit)Variable cost of goods soldManufacturing marginVariable selling and administrative expensesContribution marginFixed costs:Fixed manufacturing costsFixed selling and administrative expensesIncome from operationsTudor Manufacturing Co.Income Statement-Absorption CostingFor the Month Ended June 30$990,000180,000Cost of goods sold:$49,50022,000$1,170,000810,000$360,00012,000$348,000a. Prepare an absorption costing income statement. In your computations, round unit costs to two decimalplaces and round final answers to the nearest dollar.71,500$276,500 a. Prepare an absorption costing income statement. In your computations, round unit costs to two decimalplaces and round final answers to the nearest dollar.Tudor Manufacturing Co.Income Statement-Absorption CostingFor the Month Ended June 30Cost of goods sold:14Income from operations1000b. Reconcile the variable costing income from operations of $276,500 with the absorption costing income fromoperations determined in (a).Reconciliation of Variable and Absorption CostingIncomeVariable costing income from operationsAbsorption costing income from operationsDifference

Solution: Total Cost of Goods manufactured under absorption costing = Variable Cost of Goods…

n June 30, the end of the first month of operations, Tudor Manufacturing Co. prepared the following income tatement, based on the variable costing concept: Sales (90,000 units) Wariable cost of goods sold: Variable cost of goods manufactured (110,000 units x $9 per unit) Less ending inventory (20,000 units x $9 per unit) $990,000 180,000 $1,170,000 810.000

n June 30, the end of the first month of operations, Tudor Manufacturing Co. prepared the following income tatement, based on the variable costing concept: Sales (90,000 units) Wariable cost of goods sold: Variable cost of goods manufactured (110,000 units x $9 per unit) Less ending inventory (20,000 units x $9 per unit) $990,000 180,000 $1,170,000 810.000

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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