The following data are from the accounting records of Niles Castings for year 2. Units produced and sold 89,000 Total revenues and costs Sales revenue $310,000 Direct materials costs 63,000 Direct labor costs 34,000 Variable manufacturing overhead 10,000 Fixed manufacturing overhead 45,000 Variable marketing and administrative costs 13,000 Fixed marketing and administrative costs 37,000 Required: Prepare a gross margin income statement Prepare a contribution margin income statement. Complete this question by entering your answers in the tabs below. Required A Required B A. Prepare a gross margin income statement. B. Prepare a contribution margin income statement. Gross Margin Income Statement _______________________________________ __________________ _______________________________________ __________________ _______________________________________ __________________ _______________________________________ __________________
The following data are from the accounting records of Niles Castings for year 2.
Units produced and sold 89,000
Total revenues and costs
Sales revenue $310,000
Direct materials costs 63,000
Direct labor costs 34,000
Variable manufacturing overhead 10,000
Fixed manufacturing overhead 45,000
Variable marketing and administrative costs 13,000
Fixed marketing and administrative costs 37,000
Required:
Prepare a gross margin income statement
Prepare a contribution margin income statement.
Complete this question by entering your answers in the tabs below.
Required A Required B
A. Prepare a gross margin income statement. B. Prepare a contribution margin income statement.
Gross Margin Income Statement
_______________________________________ __________________
_______________________________________ __________________
_______________________________________ __________________
_______________________________________ __________________
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
