Salem Screen Corporation manufactures and sells 50-inch television sets and uses standard costing. Actual data relating to January, February, and March 2020 are as follows: The selling price per unit is $3,500. The budgeted level of production used to calculate the budgeted fixed manufacturing cost per unit is 1,300 units. There are no price, efficiency, or spending variances. Any production-volume variance is written off to cost of goods sold in the month in which it occurs. E (Click to view the data.) Read the requirements. Data table January February March (b). Prepare income statements for Salem Screen in January, February, and March 2020 under absorption costing. Unit data: Complete the top half of the income statement for each month first, then complete the bottom portion. (Enter a "0" for any zero balance accou not select a label. Abbreviation used; Adj. = Adjustment, Mfg. = Manufacturing.) Beginning inventory 150 150 Production 1,300 1,250 1,375 January 2020 February 2020 March 2020 Sales 1,150 1,250 1,380 Revenues Variable costs: Cost of goods sold: Manufacturing cost per unit produced $ 600 $ 600 $ 600 Beginning inventory Operating (marketing) cost per unit $ Variable manufacturing costs sold 475 $ 475 $ 475 Allocated fixed manufacturing costs Fixed costs: $ 533,000 $ 533,000 $ $ 110,000 $ 110,000 $ 110,000 Cost of goods available for sale Manufacturing costs 533,000 Deduct ending inventory Operating (marketing) costs Adj. for production-volume variance Cost of goods sold Gross margin

Name: Salem Screen Corporation manufactures and sells 50-inch television se
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Salem Screen Corporation manufactures and sells 50-inch television sets and uses standard costing. Actual data relatingto January, February, and March 2020 are as follows:The selling price per unit is $3,500. The budgeted level of production used to