Complete this question by entering your answers in the tabs below.Req A and BReq CReq DPrepare a traditional (absorption) income statement for Maryville for the month of August. Assume that sales for the monthwere $242,071 and the company's effective income tax rate was 30%. (Do not round intermediate calculations.)MARYVILLE INC.Absorption Income StatementFor the month of AugustSalesCost of goods soldGross profit2$Selling and administrative expensesOperating income$Interest expenseIncome before taxes$2$ Maryville Inc. incurred the following costs during August:Raw materials used$ 39,50063,10049,90023,59017,9109,500Direct laborManufacturing overhead, actualSelling expensesAdministrative expensesInterest expenseDuring the month, 6,100 units of product were manufactured and 4,500 units of product were sold. On August 1, Maryvillecarried no inventories. On August 31, there were no inventories other than finished goods.Required:a. Calculate the cost of goods manufactured during August and the average cost per unit of product manufactured.b. Calculate the cost of goods sold during August.c. Calculate the difference between cost of goods manufactured and cost of goods sold. How will this amount be reported inthe financial statements?d. Prepare a traditional (absorption) income statement for Maryville for the month of August. Assume that sales for the monthwere $242,071 and the company's effective income tax rate was 30%.

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Description: Complete this question by entering your answers in the tabs below.Req A and BReq CReq DPrepare a traditional (absorption) income statement for Maryville for the month of August. Assume that sales for the monthwere $242,071 and the company's effectiv

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Prepare a traditional (absorption) income statement for Maryville for the month of August. Assume that sales for the month were $242,071 and the company's effective income tax rate was 30%. (Do not round intermediate calculations.)

Prepare a traditional (absorption) income statement for Maryville for the month of August. Assume that sales for the month were $242,071 and the company's effective income tax rate was 30%. (Do not round intermediate calculations.)

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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