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On October 31, the end of the first year of operations, Yankovich Inc. manufactured 6,500 units and sold 5,600 units. The following income statement was prepared, based on the variable costing concept: Line Item Description Sales Variable cost of goods sold: Variable cost of goods manufactured Inventory, October 31 Total variable cost of goods sold Manufacturing margin Total variable selling and administrative expenses Contribution margin Fixed costs: Amount Amount $1,904,000 $1,059,500 (146,700) Fixed manufacturing costs $487,500 Fixed selling and administrative expenses 151,200 Total fixed costs Operating income (912,800) $991,200 (229,600) $761,600 (638,700) $122,900 Determine the unit cost of goods manufactured, based on (a) the variable costing concept and (b) the absorption costing concept. (a) Variable costing $ (b) Absorption costing $

On October 31, the end of the first year of operations, Yankovich Inc. manufactured 6,500 units and sold 5,600 units. The following income statement was prepared, based on the variable costing concept: Line Item Description Sales Variable cost of goods sold: Variable cost of goods manufactured Inventory, October 31 Total variable cost of goods sold Manufacturing margin Total variable selling and administrative expenses Contribution margin Fixed costs: Amount Amount $1,904,000 $1,059,500 (146,700) Fixed manufacturing costs $487,500 Fixed selling and administrative expenses 151,200 Total fixed costs Operating income (912,800) $991,200 (229,600) $761,600 (638,700) $122,900 Determine the unit cost of goods manufactured, based on (a) the variable costing concept and (b) the absorption costing concept. (a) Variable costing $ (b) Absorption costing $

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Cost of Goods Manufactured, using Variable Costing and Absorption Costing On October 31, the end of the first year of operations, Yankovich Inc. manufactured 6,500 units and sold 5,600 units. The following income statement was prepared, based on the variable costing concept: Amount Line Item Description Sales Variable cost of goods sold: Variable cost of goods manufactured Inventory, October 31 Total variable cost of goods sold Manufacturing margin Total variable selling and administrative expenses Contribution margin Fixed costs: Fixed manufacturing costs Fixed selling and administrative expenses Total fixed costs Operating income $1,059,500 (146,700) $487,500 151,200 Amount $1,904,000 (912,800) $991,200 (229,600) $761,600 (638,700) $122,900 Determine the unit cost of goods manufactured, based on (a) the variable costing concept and (b) the absorption costing concept. (a) Variable costing $ (b) Absorption costing $
Transcribed Image Text:Cost of Goods Manufactured, using Variable Costing and Absorption Costing On October 31, the end of the first year of operations, Yankovich Inc. manufactured 6,500 units and sold 5,600 units. The following income statement was prepared, based on the variable costing concept: Amount Line Item Description Sales Variable cost of goods sold: Variable cost of goods manufactured Inventory, October 31 Total variable cost of goods sold Manufacturing margin Total variable selling and administrative expenses Contribution margin Fixed costs: Fixed manufacturing costs Fixed selling and administrative expenses Total fixed costs Operating income $1,059,500 (146,700) $487,500 151,200 Amount $1,904,000 (912,800) $991,200 (229,600) $761,600 (638,700) $122,900 Determine the unit cost of goods manufactured, based on (a) the variable costing concept and (b) the absorption costing concept. (a) Variable costing $ (b) Absorption costing $
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