Requirement 1a. Prepare April and May statements of comprehensive incomefor Fast Ride Motors under variable costing Complete the top half of thestatement of comprehensive income for each month first, and then completethe bottom portion. (Enter a "0" for any zero balance accounts.) April MayLess: Unit data: April May Begginning Inventory 0 150 Production 600 550 Sales450 675 Variable costs: Manufacturing cost Per unit produced 8500 8500Operating (market) Cost per unit sold 3600 3600 Foxed cost: Manufacturingcosts 2,250,000 2,250,000 Operating (market) Costs 725, 000 725,000 Fast Ride Motors assembles and sells motor vehicles and uses standardcosting. Actual data relating to April and May are provided. (Click to view thedata.) The selling price per vehicle is $23,000. The budgeted level ofproduction used to calculate the budgeted fixed manufacturing cost per unit is600 units. There are no price, efficiency, or rate variances. Any production -volume variance is written off to COGS in the month in which it occurs.Required Prepare April and May statements of comprehensive income for FastRide Motors under (a) variable costing and (b) absorption costing. Prepare anumerical reconciliation and explanation of the difference between operatingincome for each month under variable costing and absorption costing.

Income statement may be prepared using the variable costing method or absorption costing method. The…

Requirement 1a. Prepare April and May statements of comprehensive income for Fast Ride Motors under variable costing Complete the top half of the statement of comprehensive income for each month first, and then complete the bottom portion. (Enter a " 0 " for any zero balance accounts.) April May Less: Unit data: April May Begginning Inventory 0 150 Production 600 550 Sales 450 675 Variable costs: Manufacturing cost Per unit produced 8500 8500 Operating (market) Cost per unit sold 3600 3600 Foxed cost: Manufacturing costs 2,250,000 2,250,000 Operating (market) Costs 725, 000 725,000

Requirement 1a. Prepare April and May statements of comprehensive income for Fast Ride Motors under variable costing Complete the top half of the statement of comprehensive income for each month first, and then complete the bottom portion. (Enter a " 0 " for any zero balance accounts.) April May Less: Unit data: April May Begginning Inventory 0 150 Production 600 550 Sales 450 675 Variable costs: Manufacturing cost Per unit produced 8500 8500 Operating (market) Cost per unit sold 3600 3600 Foxed cost: Manufacturing costs 2,250,000 2,250,000 Operating (market) Costs 725, 000 725,000

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

Please give me correct answer
h9
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 $161,000 Sales Variable cost of goods sold: Variable cost of goods manufactured Inventory, November 30 (23,000) $201,300 138,000 $63,300 Selling and administrative expenses 35,910 Income from operations $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
Give true answer
During Heaton Company's first two years of operations, it reported absorption costing net operating income as follows: Sales (@ $62 per unit) Year 1 $ 1,178,000 Gross margin 513,000 Selling and administrative 303,000 expenses* Net operating $ income Cost of goods sold (@$35 665,000 1,015,000 per unit) Year 2 210,000 $ 1,798,000 783,000 333,000 $ 450,000 *$3 per unit variable; $246,000 fixed each year. The company's $35 unit product cost is computed as follows: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead ($360,000 ÷ 24,000 units) Absorption costing unit product cost $9 9 2 15 $ 35
Please help me
Please do not give solution in image format thanku
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…
Provide correct solution
Variable Costing Income Statement On April 30, the end of the first month of operations, Jopl Company prepared the following income statement, based on the absorption costing concept: Joplin Company Absorption Costing Income Statement For the Month Ended April 30 Sales (4,600 units) Cost of goods sold: Cost of goods manufactured (5,200 units) Inventory, April 30 (700 units) Total cost of goods sold Gross profit Selling and administrative expenses Operating income Joplin Company Variable Costing Income Statement For the Month Ended April 30 Variable cost of goods sold: If the fixed manufacturing costs were $29,484 and the fixed selling and administrative expenses were $12,590, prepare an income statement according to the variable costing concept. Round all final answers to whole dollars. 1:110 $109,200 (14,700) Fixed costs: $138,000 (94,500) $43,500 (25,700) $17,800
Please do not give solution in image format and show all calculation thanku
Please show work. Thanks!