Please help with the two I got wrong and explain. Thank you. Absorption and Variable Costing Income StatementsDuring the first month of operations ended July 31, YoSan Inc. manufactured 2,400 flat panel televisions, of which 2,000 were sold.Operating data for the month are summarized as follows:SalesManufacturing costs:Direct materials.Direct laborVariable manufacturing costFixed manufacturing costSelling and administrative expenses:VariableFixedRequired:SalesCost of goods sold:Cost of goods manufacturedInventory, July 31 ✔Total cost of goods soldGross profit ✓Selling and administrative expenses$960,000420,000156,000288,000Operating income$204,0001. Prepare an income statement based on the absorption costing concept.YoSan Inc.Absorption Costing Income StatementFor the Month Ended July 31$2,150,00096,000 300,0001,824,0001,824,000304,0002,150,000dood1,520,000630,000300,000330,000 2. Prepare an income statement based on the variable costing concept.YoSan Inc.Variable Costing Income StatementFor the Month Ended July 31Sales ✔Variable cost of goods sold:Variable cost of goods manufactured ✓Inventory, July 31 ✔Total variable cost of goods soldManufacturing margin ✓Variable selling and administrative expensesContribution marginFixed costs:Fixed manufacturing costsFixed selling and administrative expensesTotal fixed costsOperating income00 X288,000X96,0002,150,0001,280,000870,000204,000666,000384,000282,000

A variable cost income statement is a reporting tool. With this report, the owner can understand the…

Sales Variable cost of goods sold: Variable cost of goods manufactured Inventory, July 31 ✔ 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 ✔ 0 X 0 X 288,000 96,000 ✓ 2,150,000 1,280,000 870,000 204,000 666,000 384,000

Sales Variable cost of goods sold: Variable cost of goods manufactured Inventory, July 31 ✔ 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 ✔ 0 X 0 X 288,000 96,000 ✓ 2,150,000 1,280,000 870,000 204,000 666,000 384,000

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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