The following data is for a company that produces a single product. selling price 193 Units in beginning inventory Units produced Units sold 3,090 2,910 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 53 59 15 13 $ 89,610 $ 8,730 Requlred: a. What is the unit product cost for the month under varlable costing? b. What is the unit product cost for the month under absorption costing? c. Prepare a contribution format income statement for the month using varlable costing. d. Prepare an income statement for the month using absorption costing. e. Reconcile the variable costing and absorption costing net operating Incomes for the month. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Prepare a contribution format income statement for the month using variable costing. Variable Costing Income Statement Variable expenses: Fixed expenses: < Required B Required D >

The following data is for a company that produces a single product. selling price 193 Units in beginning inventory Units produced Units sold 3,090 2,910 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 53 59 15 13 $ 89,610 $ 8,730 Requlred: a. What is the unit product cost for the month under varlable costing? b. What is the unit product cost for the month under absorption costing? c. Prepare a contribution format income statement for the month using varlable costing. d. Prepare an income statement for the month using absorption costing. e. Reconcile the variable costing and absorption costing net operating Incomes for the month. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Prepare a contribution format income statement for the month using variable costing. Variable Costing Income Statement Variable expenses: Fixed expenses: < Required B Required D >

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Front Company had net income of $88,500 based on variable costing. Beginning and ending inventories were 2,400 units and 4,400 units, respectively. Assume the fixed overhead per unit was $8.70 for both the beginning and ending inventory. What is net income under absorption costing? Multiple Choice • 89,700 • $29,340 $147,660 S105,900 • S71,100
The beginning inventory is 16,100 units. All of the units that were manufactured during the period and 16,100 units of the beginning inventory were sold. The beginning inventory fixed manufacturing costs are $41 per unit, and variable manufacturing costs are $96 per unit. a. Determine whether variable costing operating income is less than or greater than absorption costing operating income. b. Determine the difference in variable costing and absorption costing operating income.
don't give answer in image format
Income Statements under Absorption Costing and Variable Costing Fresno Industries Inc. manufactures and sells high-quality camping tents. The company began operations on January 1 and operated at 100% of capacity (70,400 units) during the first month, creating an ending inventory of 6,400 units. During February, the company produced 64,000 units during the month but sold 70,400 units at $90 per unit. The February manufacturing costs and selling and administrative expenses were as follows: Manufacturing costs in February 1 beginning inventory: Variable Fixed Total Manufacturing costs in February: Variable Fixed Total Selling and administrative expenses in February: Variable Fixed Total Number of Units Cost of goods sold: 6,400 $36.00 6,400 14.00 64,000 64,000 Unit Cost 70,400 70,400 Total Cost $230,400 89,600 $50.00 $320,000 $36.00 $2,304,000 15.40 985,600 $51.40 $3,289,600 $18.20 $1,281,280 7.00 492,800 $25.20 $1,774,080 a. Prepare an income statement according to the absorption…
I need help with question is correct answer
Subject : Accounting
Use the information given below to prepare the Income Statement for March 2022 according to theabsorption costing method.
H1.
Morning Company reports the following information for March: E (Click the icon to view the data.) Read the requirements. Requirement 1. Calculate the gross profit and operating income for March using absorption costing. Morning Company Income Statement (Absorption Costing) For the Month Ended March 31 Data Table Net Sales Revenue 67,850 Variable Cost of Goods Solłd 19,300 Operating income Fixed Cost of Goods Sold 8,400 Variable Selfing and Administrative Costs 16,500 Requirements Fixed Selling and Administrative Costs 3,800 1. Calculate the gross profit and operating income for March using absorption costing. 2. Calculate the contribution margin and operating income for March using variable costing. Print Done