Solomon Manufacturing Company established the following standard price and cost data. $ 8.10 per unit 3.30 per unit 2,600 total 600 total Sales price Variable manufacturing cost Fixed manufacturing cost Fixed selling and administrative cost Solomon planned to produce and sell 2,900 units. Actual production and sales amounted to 3,100 units. Required a. Prepare the pro forma income statement in contribution format that would appear in a master budget. b. Prepare the pro forma income statement in contribution format that would appear in a flexible budget.

Solomon Manufacturing Company established the following standard price and cost data. $ 8.10 per unit 3.30 per unit 2,600 total 600 total Sales price Variable manufacturing cost Fixed manufacturing cost Fixed selling and administrative cost Solomon planned to produce and sell 2,900 units. Actual production and sales amounted to 3,100 units. Required a. Prepare the pro forma income statement in contribution format that would appear in a master budget. b. Prepare the pro forma income statement in contribution format that would appear in a flexible budget.

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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Based on a predicted level of production and sales of 24,000 units, a company anticipates total contribution margin of $79,200, fixed costs of $24,000, and operating income of $55,200. Based on this information, the budgeted operating income for 21,000 units would be: Multiple Choice $55,200. $103,200. $45,300. $44,571. $79,200.
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Marissa Co., the consultant of Marisol Co. had summarized the following standard cost data extracted from the historical recordsa and performance reports issued by the cost accounting department in the prior year to assist in her analysis and evaluation of the standard costing policy of the company: Input required per unit Standard cost per unit Standard cost per unit Direct Materials 6 kg per unit P90 per kg P540 Direct Labor 5 hrs per unit P50 per hr P250 Other information follows: Budgeted factory overhead for the year: Variable 480,000 Fixed 600,000 The company's normal capacity per month is 400 units Actual cost materia;s purchased for the year is P2,342,000 During the year, direct materials purchased is 26,880 kg while direct materials actually used is 24,760 kgs Actual labor costs for the year 1,080,000 of which 24,900 direct labor hours was consumed Actual factory overhead amounted to 1,320,000, 65% of which is fixed cost, FOH is based on labor hours…
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Subject - account Please help me. Thankyou.
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