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Sam Darnold Company produces a single product called INT6, this company has provided the following data concerning its most recent month of operations: Selling price Units in begining inventory Units produced 119 370 6,420 6,330 Units sold Units in ending inventory Variable costs per unit: 460 Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expense Fixed costs: %24 46 21 2 18 Fixed manufacturing overhead Fixed selling and administrative expense $141,240 $ 56,970 The company produces the same number of units every month, although the sales In units vary from month to month. The company's varlable costs per unit and total fixed costs have been constant from month to month. Requlred: a. Prepare a contribution format Income statement for the month using varlable costing. b. Prepare an Income statement for the month using absorption costing.

Sam Darnold Company produces a single product called INT6, this company has provided the following data concerning its most recent month of operations: Selling price Units in begining inventory Units produced 119 370 6,420 6,330 Units sold Units in ending inventory Variable costs per unit: 460 Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expense Fixed costs: %24 46 21 2 18 Fixed manufacturing overhead Fixed selling and administrative expense $141,240 $ 56,970 The company produces the same number of units every month, although the sales In units vary from month to month. The company's varlable costs per unit and total fixed costs have been constant from month to month. Requlred: a. Prepare a contribution format Income statement for the month using varlable costing. b. Prepare an Income statement for the month 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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Sam Darnold Company produces a single product called INT6, this company has provided the following data concerning its most recent month of operations: Selling price Units in beginning inventory Units produced 119 370 6,420 Units sold 6,330 Units in ending inventory Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expense Fixed costs: Fixed manufacturing overhead Fixed selling and administrative expense 460 $. 46 21 2. 18 $141,240 $ 56,970 The company produces the same number of units every month, although the sales In units vary from month to month. The company's varlable costs per unit and total fixed costs have been constant from month to month. Requlred: a. Prepare a contribution format Income statement for the month using varlable costing. b. Prepare an Income statement for the month using absorption costing. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a contribution format income statement for the month using variable costing, Variable Costing Income Statement Variable expenses: Fixed expenses: < Prev 7 of 10 Next > e here to search
Transcribed Image Text:Sam Darnold Company produces a single product called INT6, this company has provided the following data concerning its most recent month of operations: Selling price Units in beginning inventory Units produced 119 370 6,420 Units sold 6,330 Units in ending inventory Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expense Fixed costs: Fixed manufacturing overhead Fixed selling and administrative expense 460 $. 46 21 2. 18 $141,240 $ 56,970 The company produces the same number of units every month, although the sales In units vary from month to month. The company's varlable costs per unit and total fixed costs have been constant from month to month. Requlred: a. Prepare a contribution format Income statement for the month using varlable costing. b. Prepare an Income statement for the month using absorption costing. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a contribution format income statement for the month using variable costing, Variable Costing Income Statement Variable expenses: Fixed expenses: < Prev 7 of 10 Next > e here to search
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