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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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 month. The following data summarize the results for July: Sales (4,000 units) $2,600,000 Production costs (4,350 units): Direct materials Direct labor Variable factory overhead Fixed factory overhead Selling and administrative expenses: Variable selling and administrative expenses Fixed selling and administrative expenses Sales 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 $ 2,600,000 Cost of goods sold Gross profit 1,800,000 $1,218,000 522,000 87,000 130,500 1,957,500 $ 800,000 $60,000 25,000 85,000
Absorption and Variable Costing Income Statements During the first month of operations ended July 31, YoSan Inc. manufactured 2,400 flat panel televisions, of which 2,000 were sold. Operating data for the month are summarized as follows: Line Item Description Amount Amount Sales $2,150,000 Manufacturing costs: Direct materials $960,000 Direct labor 420,000 Variable manufacturing cost 156,000 Fixed manufacturing cost 288,000 1,824,000 Selling and administrative expenses: Variable $204,000 Fixed 96,000 300,000 Required: Question Content Area 1. Prepare an income statement based on the absorption costing concept. YoSan Inc.Absorption Costing Income StatementFor the Month Ended July 31 Line Item Description Amount Amount - Cost of goods sold: $- Select - Question Content Area 2. Prepare an income statement…
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Philadelphia Company has the following information for March: Sales $484,795 Variable cost of goods sold 205,574 Fixed manufacturing costs 76,273 Variable selling and administrative expenses 52,568 Fixed selling and administrating expenses 35,254 a. Determine the March manufacturing margin.$fill in the blank 1 b. Determine the March contribution margin.$fill in the blank 2 c. Determine the March income from operations for Philadelphia Company.$fill in the blank 3