On November 30, the end of the first month of operations, Weatherford Company prepared the following income statement, based on the absorption costing concept: Weatherford Company Absorption Costing Income Statement For the Month Ended November 30 Sales (6,100 units) Cost of goods sold: Cost of goods manufactured (7,000 units) Inventory, November 30 (1,000 units) Total cost of goods sold Gross profit Selling and administrative expenses Income from operations $161,000 Sales Variable cost of goods sold: Variable cost of goods manufactured (23,000) $201,300 138,000 $63,300 35,910 $27,390 Assume the fixed manufacturing costs were $38,640 and the fixed selling and administrative expenses were $17,590. Prepare an income statement according to the variable costing concept. Round all final answers to whole dollars. Weatherford Company Variable Costing Income Statement For the Month Ended November 30 201,300

On November 30, the end of the first month of operations, Weatherford Company prepared the following income statement, based on the absorption costing concept: Weatherford Company Absorption Costing Income Statement For the Month Ended November 30 Sales (6,100 units) Cost of goods sold: Cost of goods manufactured (7,000 units) Inventory, November 30 (1,000 units) Total cost of goods sold Gross profit Selling and administrative expenses Income from operations $161,000 Sales Variable cost of goods sold: Variable cost of goods manufactured (23,000) $201,300 138,000 $63,300 35,910 $27,390 Assume the fixed manufacturing costs were $38,640 and the fixed selling and administrative expenses were $17,590. Prepare an income statement according to the variable costing concept. Round all final answers to whole dollars. Weatherford Company Variable Costing Income Statement For the Month Ended November 30 201,300

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

D&I Inc., a merchandising company, reported the following results for September. Sales price per unit 1,075 Fixed selling and administrative expense per unit 109 Variable selling and administrative expense per unit 170 Cost of goods sold per unit 528 There were 500 units sold This question is independent of all the other questions. Please use only the information in this question to calculate the answer. Based on the information provided above calculate the number of units that need to be sold to achieve a profit of $45,000. Cost of goods sold is a variable cost in this company. Enter only the amount for the break – even in units (rounded to a whole number, based on general rounding rules) in the box, provided below. Enter the amount only. Do not enter letters, words, or the calculation.
The Gross Margin for July is? Explain
Cost of Goods Manufactured, using Variable Costing and Absorption Costing On March 31, the end of the first year of operations, Barnard Inc., manufactured 3,300 units and sold 2,800 units. The following income statement was prepared, based on the variable costing concept: Sales Variable cost of goods sold: Variable cost of goods manufactured Inventory, March 31 Total variable cost of goods sold Manufacturing margin Total variable selling and administrative expenses Contribution margin Fixed costs: Barnard Inc. Variable Costing Income Statement For the Year Ended March 31, 20Y1 Fixed manufacturing costs Fixed selling and administrative expenses Total fixed costs Operating income Variable costing Absorption costing $508,200 (77,000) $231,000 72,800 $896,000 (431,200) $464,800 (106,400) $358,400 (303,800) $54,600 Determine the unit cost of goods manufactured, based on (a) the variable costing concept and (b) the absorption costing concept.
The following information is available about the operations of the Delaware Publishing Company for the month of January. Find the missing values. Revenue (total sales) Fixed costs Variable costs Total costs Net Income $28,400 $85,700 $29,200
sasa
Please give me correct answer
Cost of Goods Sold Morning Smiles Coffee Company manufactures Stoneware French Press coffee makers. During the month of March, 8,100 coffee makers were completed at a cost of goods manufactured of $607,500. Suppose that on March 1, Morning Smiles had 1,000 units in finished goods inventory costing $70,000 and on March 31, 1,100 unit. O finished goods inventory costing $65,000. 1. Prepare a cost of goods sold statement for the month of March. Morning Smiles Coffee Company Cost of Goods Sold Statement For the Month of March 2. Calculate the number of coffee makers that were sold during March. units
How do I prepare an Income Statement for March 2022 by using the absorption costing method? Other info: The variable manufacturing cost per unit and total manufacturing cost per unit of the finished goods on 01 March 2022 was R21.60 and R26.20 respectively.
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…
Differential Analysis for a Discontinued Product The condensed product-line income statement for Rhinebeck Company for the month of October is as follows: Sales Cost of goods sold Gross profit Selling and administrative expenses Operating income (loss) Rhinebeck Company Revenues. Costs: Product-Line Income Statement For the Month Ended October 31 Fixed costs Variable cost of goods sold Variable selling and admin. expenses Profit (Loss) Hats Fixed costs are 15% of the cost of goods sold and 42% of the selling and administrative expenses. Rhinebeck Company assumes that fixed costs would not be materially affected if the Gloves line were discontinued. a. Prepare a differential analysis dated October 31 to determine if Mufflers should be continued (Alternative 1) or discontinued (Alternative 2). If an amount is zero, enter "0". If required, use a minus sign to indicate a loss. $65,200 (27,000) $38,200 (28,500) $9,700 Differential Analysis Continue (Alt. 1) or Discontinue (Alt. 2) Mufflers…
Provide correct solution