Variable CostingMarley Company has the following information for March:Sales$912,000Variable cost of goods sold474,000Fixed manufacturing costs82,000Variable selling and administrative expenses238,100Fixed selling and administrative expenses54,700Determine the following for Marley Company for the month of March:a. Manufacturing marginb. Contribution marginc. Operating income$

Hence, for the month of March, $438,000 is the manufacturing margin. It is the difference in net…

Answered: Variable Costing Marley Company has the…

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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Philadelphia Company has the following information for March: Sales $456,237 Variable cost of goods sold 219,296 Fixed manufacturing costs 77,140 Variable selling and administrative expenses 50,892 Fixed selling and administrating expenses 38,240 Determine the March: a. Manufacturing margin $fill in the blank 1 b. Contribution margin $fill in the blank 2 c. Operating income for Philadelphia Company $fill in the blank 3
Variable Costing Income Statement On April 30, the end of the first month of operations, Joplin Company prepared the following income statement, based on the absorption costing concept: Joplin Company Absorption Costing Income Statement For the Month Ended April 30 Sales (5,100 units) $107,100 Cost of goods sold: Cost of goods manufactured (5,800 units) $87,000 Inventory, April 30 (800 units) (12,000) Total cost of goods sold (75,000) Gross profit $32,100 Selling and administrative expenses (17,820) Operating income $14,280 If the fixed manufacturing costs were $18,270 and the fixed selling and administrative expenses were $8,730, prepare an income statement according to the variable costing concept. Round all final answers to whole dollars. Joplin Company Variable Costing Income Statement For the Month Ended April 30 Variable cost of goods sold:
ll.2
Denton Company manufactures and sells a single product. Cost data for the product are given: Variable costs per unit: Direct materials. Direct labor Variable manufacturing overhead Variable selling and administrative July August Total variable cost per unit. Fixed costs per month: Fixed manufacturing overhead Fixed selling and administrative Total fixed cost per month The product sells for $47 per unit. Production and sales data for July and August, the first two months of operations, follow: Units Produced 21,000 21,000 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income. $ 3 11 Units Sold 17,000 25,000 Required: 1. Determine the unit product cost under: a. Absorption costing. b. Variable costing. 4 1 $ 19 The company's Accounting Department has prepared the following absorption costing income statements for July and August: July $ 799,000 408,000 391,000 183,000 $ 208,000 $ 126,000 166,000 $ 292,000 2. Prepare variable costing income…
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A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations: Selling price Units in beginning inventory Units produced Units sold Units in ending inventory 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 expense The total gross margin for the month under absorption costing is: Multiple Choice $81,900 $21,840 $128,430 $139,230 $ 144 0 3,020 2,730 290 $ 47 $21 $ 16 $9 $90,600 $35,490
The following data is for a company that produces a single product. Selling price 193 Units in beginning inventory Units produced 3,090 2,910 Units sold Variable costs per unit: Direct materials 53 Direct labor 59 2$ Variable manufacturing overhead Variable selling and administrative expense 15 13 Fixed costs: Fixed manufacturing overhead Fixed selling and administrative $ 89,610 $ 8,730 Required: a. What is the unit product cost for the month under variable 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 variable 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 What is the unit product cost for the month under variable costing? Cost Per…
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Absorption and Variable Costing Income Statements for Two Months and Analysis During the first month of operations ended July 31, Head Gear Inc. manufactured 29,300 hats, of which 27,800 were sold. Operating data for the month are summarized as follows: Sales $177,920 Manufacturing costs: Direct materials $105,480 Direct labor 29,300 Variable manufacturing cost 11,720 Fixed manufacturing cost 11,720 158,220 Selling and administrative expenses: Variable $8,340 Fixed 6,090 14,430 During August, Head Gear Inc. manufactured 26,300 hats and sold 27,800 hats. Operating data for August are summarized as follows: Sales $177,920 Manufacturing costs: Direct materials $94,680 Direct labor 26,300 Variable manufacturing cost 10,520 Fixed manufacturing cost 11,720 143,220 Selling and administrative expenses: Variable $8,340 Fixed 6,090 14,430 Required: 1a. Prepare income…
Absorption and Variable Costing Income Statements During the first month of operations ended July 31, YoSan Inc. manufactured 2,400 flat panel televisions, of which 2,000 were sold. Operating data for the month are summarized as follows: Line Item Description Amount Amount Sales $2,150,000 Manufacturing costs: Direct materials $960,000 Direct labor 420,000 Variable manufacturing cost 156,000 Fixed manufacturing cost 288,000 1,824,000 Selling and administrative expenses: Variable $204,000 Fixed 96,000 300,000 Required: Question Content Area 1. Prepare an income statement based on the absorption costing concept. YoSan Inc.Absorption Costing Income StatementFor the Month Ended July 31 Line Item Description Amount Amount Cost of goods sold: - Question Content Area 2. Prepare an income statement based on the variable costing concept.…
Green and White Company reported the following monthly data: 3,600 units $ 27 per unit $ 2 per unit $ 3 per unit $ 3.50 per unit $ 14,400 in total $0.50 per unit Units produced Sales price Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses What is Green and White's contribution margin for this month if 1,140 units were sold? Multiple Choice O $64,800 O $20,520 $30,780 $97,200 $3,600 in total $25,080
Variable Costing Income Statement On April 30, the end of the first month of operations, Joplin Company prepared the following income statement, based on the absorption costing concept: Joplin Company Absorption Costing Income Statement For the Month Ended April 30 Sales (6, 100 units) $201, 300 Cost of goods sold: Cost of goods manufactured (7, 100 units) $163,300 Inventory, April 30 (1,000 units) (23,000) Total cost of goods sold (140, 300) Gross profit $61,000 Selling and administrative expenses (36,830) Operating income $24, 170 If the fixed manufacturing costs were $ 44,091 and the fixed selling and administrative expenses were $18, 040, prepare an income statement according to the variable costing concept. Round all final answers to whole dollars. Joplin Company Variable Costing Income Statement For the Month Ended April 30 $Sales Variable cost of goods sold: $- Select - - Select - - Select - $- Select - - Select - $ - Select - Fixed costs: $Variable cost of goods sold Fixed…

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