Please do not give solution in image format thanku Sales for both months were $700,000. In January produced 32,000 dishes and sold 25,000 dishes. In Februaryproduced 18,000 dishes and sold 25,000 dishes.JANUARY:Direct MaterialsDirect LaborVariable OverheadFixed Overhead$320,00096,000FEBRUARY:Birect MaterialsDirect LaborVariable OverheadFixed Overhead64,00010,000Variable Operating Expenses 62,500Fixed Operating Expenses5,500$180,00054,00036,00010,000Variable Operating Expenses 62,500Fixed Operating Expenses5,500REQUIRED:1) Using Variable Costing, prepare January and February Income Statements2) Using Absorption Costing, prepare January and February Income Statements

Variable costing : Under variable costing , product cost includes direct materials,direct labor and…

Sales for both months were $700,000. In January produced 32,000 dishes and sold 25,000 dishes. In produced 18,000 dishes and sold 25,000 dishes. JANUARY: Direct Materials Direct Labor Variable Overhead Fixed Overhead FEBRUARY: Birect Materials $320,000 96,000 Direct Labor Variable Overhead Fixed Overhead 64,000 Variable Operating Expenses 62,500 Fixed Operating Expenses 5,500 10,000 $180,000 54,000 36,000 10,000 Variable Operating Expenses Fixed Operating Expenses 62,500 5,500 REQUIRED: 1) Using Variable Costing, prepare January and February Income Statements 2) Using Absorption Costing, prepare January and February Income Statements

Sales for both months were $700,000. In January produced 32,000 dishes and sold 25,000 dishes. In produced 18,000 dishes and sold 25,000 dishes. JANUARY: Direct Materials Direct Labor Variable Overhead Fixed Overhead FEBRUARY: Birect Materials $320,000 96,000 Direct Labor Variable Overhead Fixed Overhead 64,000 Variable Operating Expenses 62,500 Fixed Operating Expenses 5,500 10,000 $180,000 54,000 36,000 10,000 Variable Operating Expenses Fixed Operating Expenses 62,500 5,500 REQUIRED: 1) Using Variable Costing, prepare January and February Income Statements 2) Using Absorption Costing, prepare January and February Income Statements

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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