Homework Help is Here – Start Your Trial Now!
Business
Accounting
Race Track Motors assembles and sells motor vehicles and uses standard costing. Actual data relating to April and May 2020 are as follows: (Click the icon to view the data.) The selling price per vehicle is $28,000. The budgeted level of production used to calculate the budgeted fixed manufacturing cost per unit is 500 units. There are no price, efficiency, or spending variances. Any production-volume variance is written off to cost of goods sold in the month in which it occurs. Read the requirements. Requirement 1. Prepare April and May 2020 income statements for Race Track Motors under (a) variable costing and (b) absorption costing. (a) Prepare April and May 2020 income statements for Race Track Motors under variable costing. Complete the top half of the income statement for each month first, then complete the bottom portion. (Complete all input fields. Enter a "0" for any zero balance accounts.) April 2020 May 2020 $ 11,200,000 $ 15,400,000 Revenues Variable cost of goods sold: Beginning inventory Variable manufacturing costs Cost of goods available for sale Deduct ending inventory Variable cost of goods sold Variable operating costs Contribution margin $ 0 880,000 1,210,000 Data table A 1 2 3 4 5 Sales 6 Variable costs: 7 8 9 Fixed costs: 10 Manufacturing costs 11 Operating (marketing) costs Unit data: Beginning inventory Production Manufacturing cost per unit produced $ Operating (marketing) cost per unit sold Print B April Done 0 500 400 8,500 $ 2,200 C May 100 475 550 8,500 2,200 $ 2,400,000 $2,400,000 700,000 700,000 X

Race Track Motors assembles and sells motor vehicles and uses standard costing. Actual data relating to April and May 2020 are as follows: (Click the icon to view the data.) The selling price per vehicle is $28,000. The budgeted level of production used to calculate the budgeted fixed manufacturing cost per unit is 500 units. There are no price, efficiency, or spending variances. Any production-volume variance is written off to cost of goods sold in the month in which it occurs. Read the requirements. Requirement 1. Prepare April and May 2020 income statements for Race Track Motors under (a) variable costing and (b) absorption costing. (a) Prepare April and May 2020 income statements for Race Track Motors under variable costing. Complete the top half of the income statement for each month first, then complete the bottom portion. (Complete all input fields. Enter a "0" for any zero balance accounts.) April 2020 May 2020 $ 11,200,000 $ 15,400,000 Revenues Variable cost of goods sold: Beginning inventory Variable manufacturing costs Cost of goods available for sale Deduct ending inventory Variable cost of goods sold Variable operating costs Contribution margin $ 0 880,000 1,210,000 Data table A 1 2 3 4 5 Sales 6 Variable costs: 7 8 9 Fixed costs: 10 Manufacturing costs 11 Operating (marketing) costs Unit data: Beginning inventory Production Manufacturing cost per unit produced $ Operating (marketing) cost per unit sold Print B April Done 0 500 400 8,500 $ 2,200 C May 100 475 550 8,500 2,200 $ 2,400,000 $2,400,000 700,000 700,000 X

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

I will dislike if u solve in descriptive format ..

 

If u don't know the answer don't touch it .

Race Track Motors assembles and sells motor vehicles and uses standard costing. Actual data relating to April and May 2020 are as follows: (Click the icon to view the data.) The selling price per vehicle is $28,000. The budgeted level of production used to calculate the budgeted fixed manufacturing cost per unit is 500 units. There are no price, efficiency, or spending variances. Any production-volume variance is written off to cost of goods sold in the month in which it occurs. Read the requirements. Requirement 1. Prepare April and May 2020 income statements for Race Track Motors under (a) variable costing and (b) absorption costing. (a) Prepare April and May 2020 income statements for Race Track Motors under variable costing. Complete the top half of the income statement for each month first, then complete the bottom portion. (Complete all input fields. Enter a "0" for any zero balance accounts.) April 2020 May 2020 $ 11,200,000 $ 15,400,000 Revenues Variable cost of goods sold: Beginning inventory Variable manufacturing costs Cost of goods available for sale Deduct ending inventory Variable cost of goods sold Variable operating costs Contribution margin $ 0 880,000 1,210,000 Data table A 1 2 3 4 5 Sales 6 Variable costs: 7 8 9 Fixed costs: 10 Manufacturing costs 11 Operating (marketing) costs Unit data: Beginning inventory Production Manufacturing cost per unit produced $ Operating (marketing) cost per unit sold Print B April Done 0 500 400 8,500 $ 2,200 C May 100 475 550 8,500 2,200 $ 2,400,000 $2,400,000 700,000 700,000 X
Transcribed Image Text:Race Track Motors assembles and sells motor vehicles and uses standard costing. Actual data relating to April and May 2020 are as follows: (Click the icon to view the data.) The selling price per vehicle is $28,000. The budgeted level of production used to calculate the budgeted fixed manufacturing cost per unit is 500 units. There are no price, efficiency, or spending variances. Any production-volume variance is written off to cost of goods sold in the month in which it occurs. Read the requirements. Requirement 1. Prepare April and May 2020 income statements for Race Track Motors under (a) variable costing and (b) absorption costing. (a) Prepare April and May 2020 income statements for Race Track Motors under variable costing. Complete the top half of the income statement for each month first, then complete the bottom portion. (Complete all input fields. Enter a "0" for any zero balance accounts.) April 2020 May 2020 $ 11,200,000 $ 15,400,000 Revenues Variable cost of goods sold: Beginning inventory Variable manufacturing costs Cost of goods available for sale Deduct ending inventory Variable cost of goods sold Variable operating costs Contribution margin $ 0 880,000 1,210,000 Data table A 1 2 3 4 5 Sales 6 Variable costs: 7 8 9 Fixed costs: 10 Manufacturing costs 11 Operating (marketing) costs Unit data: Beginning inventory Production Manufacturing cost per unit produced $ Operating (marketing) cost per unit sold Print B April Done 0 500 400 8,500 $ 2,200 C May 100 475 550 8,500 2,200 $ 2,400,000 $2,400,000 700,000 700,000 X
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 1 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS