S Campbell Company has provided the following Year 2 data. Budget Sales Variable product costs Variable selling expense Other variable expenses. Fixed product costs Fixed selling expense Other fixed expenses Interest expens Variances Sales Variable product costs Variable selling expense Other variable expenses Fixed product costs Fixed selling expense Other fixed expenses Interest expense CAMPBELL COMPANY Internal Income Statement for Year 2 Budget Required Prepare a budgeted and actual income statement for internal use. Sales Variable expenses: Product costs Selling expenses Other expenses Contribution margin $ 519,000 202,000 47,000 3,000 16,400 23,600 1,600 690 Fixed expenses: Product costs 7,800 Unfavorable 4,400 Favorable 2,100 Unfavorable 1,800 Unfavorable 300 Favorable 470 Favorable 110 Unfavorable 100 Favorable Actual

S Campbell Company has provided the following Year 2 data. Budget Sales Variable product costs Variable selling expense Other variable expenses. Fixed product costs Fixed selling expense Other fixed expenses Interest expens Variances Sales Variable product costs Variable selling expense Other variable expenses Fixed product costs Fixed selling expense Other fixed expenses Interest expense CAMPBELL COMPANY Internal Income Statement for Year 2 Budget Required Prepare a budgeted and actual income statement for internal use. Sales Variable expenses: Product costs Selling expenses Other expenses Contribution margin $ 519,000 202,000 47,000 3,000 16,400 23,600 1,600 690 Fixed expenses: Product costs 7,800 Unfavorable 4,400 Favorable 2,100 Unfavorable 1,800 Unfavorable 300 Favorable 470 Favorable 110 Unfavorable 100 Favorable Actual

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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Accounting records for The Ralston Company show the following for the most recent fiscal year. Units produced and sold Total revenues and costs Sales revenue Direct materials costs Direct labor costs Variable manufacturing overhead Fixed manufacturing overhead Variable marketing and administrative costs Fixed marketing and administrative costs Required: a. Prepare a gross margin Income statement. b. Prepare a contribution margin Income statement. Required A Required B Complete this question by entering your answers in the tabs below. Prepare a gross margin income statement. Gross Margin Income Statement 59,500
Subject : Accounting
Complete each of the following contribution format income statements by supplying the missing numbers. a. b. c. d. Sales revenue $enter the sales revenue amount in dollars $504,696 $enter the sales revenue amount in dollars $671,472 Variable expenses 236,284 enter the variable expenses amount in dollars 123,704 enter the variable expenses amount in dollars Contribution margin 150,052 156,624 enter the contribution margin in dollars 490,336 Fixed expenses enter the fixed expenses amount in dollars 87,320 138,084 enter the fixed expenses amount in dollars Operating income 20,502 enter the operating income amount in dollars enter the operating income amount in dollars enter the operating income amount in dollars Income taxes enter the income tax amount in dollars 20,791 20,278 63,805 Net income $14,351 $enter the net income amount in dollars $60,834 $191,415
by its June contribution format income statement below: Sales (4,000 pools) Variable expenses: Variable cost of goods sold* Variable selling expenses Total variable expenses Contribution margin Fixed expenses: Manufacturing overhead Selling and administrative Total fixed expenses Net operating income (loss) Flexible Budget $ 275,000 Actual $ 275,000 74,720 90,040 27,000 27,000 101,720 117,040 173,280 157,960 68,000 68,000 93,000 93,000 161,000 161,000 $ 12,280 $ (3,040) *Contains direct materials, direct labor, and variable manufacturing overhead. Janet Dunn, who has just been appointed general manager of the Westwood Plant, has been given instructions to "get things under control." Upon reviewing the plant's income statement, Ms. Dunn has concluded that the major problem lies in the variable cost of goods sold. She has been provided with the following standard cost per swimming pool: Direct materials Direct labor Variable manufacturing overhead Total standard cost per unit Standard…
Absorption Costing Income Statement On October 31, the end of the first month of operations Maryville Equipment Company prepared the following income statement, based on the variable costing conce Maryville Equipment Company Variable Costing Income Statement For the Month Ended October 31 Sales (8,700 units) Variable cost of goods sold: Variable cost of goods manufactured Inventory, October 31 (2,600 units) Total variable cost of goods sold Manufacturing margin Variable selling and administrative expenses Contribution margin Fixed costs: Fixed manufacturing costs Fixed selling and administrative expenses Total fixed costs Operating income Company Absorption Costing Income Statement For the Month Ended October 31 $293,800 (67,600) Cost of goods sold: $56,500 34,800 $556,800 Prepare an income statement under absorption costing Round all final answers to whole dollars. Maryville Equipment (226,200) $330,600 (147,900) $182,700 (91,300) $91,400
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Prepare Income statement for the month of December 2020 assuming absorption Costing and Variable Costing and state the reason for difference in income computed between absorption costing and variable costing.
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Absorption and Variable Costing Income Statements for Two Months and Analysis During the first month of operations ended July 31, Head Gear Inc. manufactured 33,900 hats, of which 32,200 vwere sold. Operating data for the month are summarized as follows: Sales $296,240 Manufacturing costs: Direct materials $176,280 Direct labor 47,460 Variable manufacturing cost 20,340 Fixed manufacturing cost 20,340 264/420 Selling and administrative expenses: Variable $16,100 Fixed 11,750 27,850 During August Head Gear Inc, manufectured 30,500 hats and sold 32,200 hats. Operating data for August are summarized as folovsi Sales $296,240 Manufacturing costs: Direct materials $158,600 Direct labor 42.700 Variable manufacturing cost 18,300 20,340 239,940 Fixed manufacturing cost Selling and administrative expenses: $16.100 Variable 11.750 27 850 Fixed Required:
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