Please do not give solution in image format thanku On January 1 of the current year, Townsend Co. commenced operations. It operated its plant at 100% of capacity during January. The following data summarized the results for January:ProductionSales ($18 per unit)Inventory, January 31Manufacturing costs:VariableFixedTotalSelling and administrative expenses:VariableFixedTotalUnits50,000(42,000)8,000$575,00080,000$655,000$35,00010,500$45,500 a. Prepare an income statement using absorption costing.Townsend Co.Absorption Costing Income StatementFor the Month Ended January 31SalesCost of goods sold:Gross profitSelling and administrative expensesOperating incomeb. Prepare an income statement using variable costing.Townsend Co.Variable Costing Income StatementFor the Month Ended January 31Variable cost of goods sold:Fixed costs:Operating income8

The income statement is prepared to record the revenue and expenses for the current period. The…

On January 1 of the current year, Townsend Co. commenced operations. It operated its plant at 100% of capacity during January. The following data summarized the results for January: Production Sales (518 per unit) Inventory, January 31 Manufacturing costs: Variable Fixed Total Selling and administrative expenses Variable Total Units 50,000 (42,000) 8,000 $575,000 80,000 $655.000 $35.000 10,500 $45,500

On January 1 of the current year, Townsend Co. commenced operations. It operated its plant at 100% of capacity during January. The following data summarized the results for January: Production Sales (518 per unit) Inventory, January 31 Manufacturing costs: Variable Fixed Total Selling and administrative expenses Variable Total Units 50,000 (42,000) 8,000 $575,000 80,000 $655.000 $35.000 10,500 $45,500

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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