Please do not give solution in image format thanku Variable and Absorption Costing-Service CompanyLawn RX, Inc. prepares a variable costing income statement for internal management and an absorption costing incomestatement for its bank. Lawn RX provides a quarterly lawn care service that is sold for $150. The variable and fixed costdata are as follows:Direct labor.OverheadVariable cost per unitFixed costa. Calculate reported income for management.Do not use negative signs with any answers..SalesCost of Goods Sold:Beginning InventoryVariable CostsFixed CostLess: Ending InventoryCost of Goods SoldMarketing, general and administrativeVariable cost (per service contract completed)Administrative expenses (fixed - per month)During 2016, 10,000 service contracts were signed and 9,500 service contracts were completed. Lawn RX had no servicecontracts at the beginning of the year.b. Calculate reported income for the bank.Do not use negative signs with any answers.SalesCost of Goods Sold:Beginning InventoryVariable Costs$100.00$5.00Answer Contribution marginGross profitLess: Ending inventorySelling expenseOverhead costAnswerContribution marginGross profitLess: Ending inventory Selling expenseOverhead costAdministrative expenseNet Income$100,000Administrative ExpenseTotal Fixed CostNet Income$6.00$42,000Absorption Costing Income StatementVariable Costing Income StatementAnswerContribution marginGross profitLess: Ending inventory Overhead cost Variable selling expenseVariable cost of goods sold$AnswerContribution marginGross profitLess: Ending inventoryOverhead costVariable selling expenseAnswerContribution marginGross profitLess: Ending inventory Overhead costVariable selling expenseFixed costs:AnswerContribution marginGross profitLess: Ending inventoryOverhead costVariable selling expense$$$$$

The income statement is one of the important financial statements of the business. It records the…

Variable and Absorption Costing-Service Company Lawn RX, Inc. prepares a variable costing income statement for internal management and an absorption costing income statement for its bank. Lawn RX provides a quarterly lawn care service that is sold for $150. The variable and fixed cost data are as follows: Direct labor Overhead Variable cost per unit Fixed cost a. Calculate reported income for management. Do not use negative signs with any answers. $100.00 Marketing, general and administrative Variable cost (per service contract completed) Administrative expenses (fixed - per month) During 2016, 10,000 service contracts were signed and 9,500 service contracts were completed. Lawn RX had no service contracts at the beginning of the year. Sales $5.00 $100,000 $6.00 $42,000 Absorption Costing Income Statement $

Variable and Absorption Costing-Service Company Lawn RX, Inc. prepares a variable costing income statement for internal management and an absorption costing income statement for its bank. Lawn RX provides a quarterly lawn care service that is sold for $150. The variable and fixed cost data are as follows: Direct labor Overhead Variable cost per unit Fixed cost a. Calculate reported income for management. Do not use negative signs with any answers. $100.00 Marketing, general and administrative Variable cost (per service contract completed) Administrative expenses (fixed - per month) During 2016, 10,000 service contracts were signed and 9,500 service contracts were completed. Lawn RX had no service contracts at the beginning of the year. Sales $5.00 $100,000 $6.00 $42,000 Absorption Costing Income Statement $

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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