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Revive Me Sports Drink produced 9,600 cases of powdered drink mix and sold 15,100 cases in July. The sales prices was $32.00, variable costs were $14.00 per case, comprising $10.00 for manufacturing costs and $4.00 for selling and administrative expenses. Total fixed costs were $69,600, which were made up of manufacturing costs of $45,400 and selling and administrative cost of $24,200. The company had no beginning Finished Goods Inventory. 1. Prepare the July income statement using absorption costing.

Revive Me Sports Drink produced 9,600 cases of powdered drink mix and sold 15,100 cases in July. The sales prices was $32.00, variable costs were $14.00 per case, comprising $10.00 for manufacturing costs and $4.00 for selling and administrative expenses. Total fixed costs were $69,600, which were made up of manufacturing costs of $45,400 and selling and administrative cost of $24,200. The company had no beginning Finished Goods Inventory. 1. Prepare the July income statement using absorption costing.

FINANCIAL ACCOUNTING
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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Revive Me Sports Drink produced 9,600 cases of powdered drink mix and sold 15,100 cases in July. The sales prices was $32.00, variable costs were $14.00 per case, comprising $10.00 for manufacturing costs and $4.00 for selling and administrative expenses. Total fixed costs were $69,600, which were made up of manufacturing costs of $45,400 and selling and administrative cost of $24,200. The company had no beginning Finished Goods Inventory. 1. Prepare the July income statement using absorption costing. Revive Me Sports Drink Income Statement For Month Ending July 31, 20XX Cost of Goods Sold Selling and Administrative Costs: 2. Prepare the July income statement using variable costing. Revive Me Sports Drink Contribution Margin Income Statement For Month Ending July 31, 20XX Variable Costs: Fixed Costs:
Transcribed Image Text:Revive Me Sports Drink produced 9,600 cases of powdered drink mix and sold 15,100 cases in July. The sales prices was $32.00, variable costs were $14.00 per case, comprising $10.00 for manufacturing costs and $4.00 for selling and administrative expenses. Total fixed costs were $69,600, which were made up of manufacturing costs of $45,400 and selling and administrative cost of $24,200. The company had no beginning Finished Goods Inventory. 1. Prepare the July income statement using absorption costing. Revive Me Sports Drink Income Statement For Month Ending July 31, 20XX Cost of Goods Sold Selling and Administrative Costs: 2. Prepare the July income statement using variable costing. Revive Me Sports Drink Contribution Margin Income Statement For Month Ending July 31, 20XX Variable Costs: Fixed Costs:
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