ng data for the month are summarized as follows: Sales $1,665,000 Manufacturing costs: Direct materials $859,100 Direct labor 254,100 Variable manufacturing cost 217,800 Fixed manufacturing cost 108,900 1,439,900 Selling and administrative expenses: Variable $133,200 Fixed 61,300 194,500 Required: 1. Prepare an income statement based on the absorption costing concept. YoSan Inc. Absorption Costing Income Statement For the Month Ended July 31 Sales v Cost of goods sold: Cost of goods manufactured v Total cost of goods sold x Manufacturing margin X Ne Check My Work and Exit Submit Assignment for

ng data for the month are summarized as follows: Sales $1,665,000 Manufacturing costs: Direct materials $859,100 Direct labor 254,100 Variable manufacturing cost 217,800 Fixed manufacturing cost 108,900 1,439,900 Selling and administrative expenses: Variable $133,200 Fixed 61,300 194,500 Required: 1. Prepare an income statement based on the absorption costing concept. YoSan Inc. Absorption Costing Income Statement For the Month Ended July 31 Sales v Cost of goods sold: Cost of goods manufactured v Total cost of goods sold x Manufacturing margin X Ne Check My Work and Exit Submit Assignment for

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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Assume a merchandising company uses the high-low method to separate any mixed costs into their variable and fixed elements. It provided the following income statements: May June July Sales in units 4,800 5,000 5,500 Sales $ 168,000 $ 175,000 $ 192,500 Cost of goods sold 86,400 90,000 99,000 Gross margin 81,600 85,000 93,500 Selling and administrative expenses: Advertising 17,000 17,000 17,000 Shipping 16,800 17,500 19,250 Salaries and commissions 29,600 30,000 31,000 Total selling and administrative expenses 63,400 64,500 67,250 Net operating income $ 18,200 $ 20,500 $ 26,250 What is the total estimated selling and administrative expense if the company sells 5,000 units? Garrison 17e Rechecks 2021-10-08
Variable Costing Income Statement On April 30, the end of the first month of operations, Joplin Company prepared the following income statement, based on the absorption costing concept: Joplin CompanyAbsorption Costing Income StatementFor the Month Ended April 30 Sales (6,600 units) $178,200 Cost of goods sold: Cost of goods manufactured (7,700 units) $146,300 Inventory, April 30 (1,100 units) (20,900) Total cost of goods sold (125,400) Gross profit $52,800 Selling and administrative expenses (32,280) Operating income $20,520 If the fixed manufacturing costs were $39,501 and the fixed selling and administrative expenses were $15,810, prepare an income statement according to the variable costing concept. Round all final answers to whole dollars. Joplin CompanyVariable Costing Income StatementFor the Month Ended April 30 $Sales Variable cost of goods sold: $Variable cost of goods manufactured…
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 (70,400 units) during the first month, creating an ending inventory of 6,400 units. During February, the company produced 64,000 units during the month but sold 70,400 units at $90 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 Cost of goods sold: 6,400 $36.00 6,400 14.00 64,000 64,000 Unit Cost 70,400 70,400 Total Cost $230,400 89,600 $50.00 $320,000 $36.00 $2,304,000 15.40 985,600 $51.40 $3,289,600 $18.20 $1,281,280 7.00 492,800 $25.20 $1,774,080 a. Prepare an income statement according to the absorption…
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On October 31, the end of the first month of operations, Maryville Equipment Company pre- pared the following income statement, based on the variable costing concept: Maryville Equipment Company Variable Costing Income Statement For the Month Ended October 31 Sales (220,000 units).... $ 7,920,000 Variable cost of goods sold: Variable cost of goods manufactured . Inventory, October 31 (45,000 units) .. Total variable cost of goods sold... Manufacturing margin....... Variable selling and administrative expenses $ 6,360,000 (1,080,000) (5,280,000) $ 2,640,000 (330,000) $ 2,310,000 Contribution margin... Fixed costs: Fixed manufacturing costs ... Fixed selling and administrative expenses.. $ 530,000 100,000 Total fixed costs.... (630,000) $ 1,680,000 Operating income... Prepare an income statement under absorption costing.
Variable Costing Income Statement On April 30, the end of the first month of operations, Jopl Company prepared the following income statement, based on the absorption costing concept: Joplin Company Absorption Costing Income Statement For the Month Ended April 30 Sales (4,600 units) Cost of goods sold: Cost of goods manufactured (5,200 units) Inventory, April 30 (700 units) Total cost of goods sold Gross profit Selling and administrative expenses Operating income Joplin Company Variable Costing Income Statement For the Month Ended April 30 Variable cost of goods sold: If the fixed manufacturing costs were $29,484 and the fixed selling and administrative expenses were $12,590, prepare an income statement according to the variable costing concept. Round all final answers to whole dollars. 1:110 $109,200 (14,700) Fixed costs: $138,000 (94,500) $43,500 (25,700) $17,800
Variable Costing Income Statement On April 30, the end of the first month of operations, Joplin Company prepared the following income statement, based on the absorption costing concept: Joplin Company Absorption Costing Income Statement For the Month Ended April 30 Sales (3,700 units) $74,000 Cost of goods sold: Cost of goods manufactured (4,300 units) $60,200 Inventory, April 30 (600 units) (8,400) Total cost of goods sold (51,800) Gross profit $22,200 Selling and administrative expenses (13,480) Operating income $8,720 If the fixed manufacturing costs were $16,254 and the fixed selling and administrative expenses were $6,600, prepare an income statement according to the variable costing concept. Round all final answers to whole dollars.
Variable Costing Lindquist Company has the following information for February: Sales $690,000 Variable cost of goods sold 324,300 Fixed manufacturing costs 117,300 Variable selling and administrative expenses 62,100 Fixed selling and administrative expenses 41,400 Determine the following for Lindquist Company for the month of February: a. Manufacturing margin b. Contribution margin c. Operating income 365,700
Subject : Accounting
Joplin Company Absorption Costing Income Statement For the Month Ended April 30 Sales (2,500 units) Cost of goods sold: Cost of goods manufactured (2,900 units) Inventory, April 30 (400 units) Total cost of goods sold Gross profit Selling and administrative expenses Operating income $75,400 (10,400) $92,500 (65,000) $27,500 (16,050) $11,450 If the fixed manufacturing costs were $18,096 and the fixed selling and administrative expenses were $7,860, prepare an income statement according to the i variable costing concept. Round all final answers to whole dollars.