You have been provided the following data relating to Milestone Ltd.: Particulars Selling Price Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per Unit: Direct Material Direct Labor Variable manufacturing overhead Variable selling and administrative overhead Fixed Costs: Fixed manufacturing overhead Fixed selling and administartive Amount S SS S S S S S 195 2,120 1,550 570 92 35 13 7 29,680 29,450 Calculate the total period cost for the month under variable costing method. a. Total period cost under the variable costing is $62,580 b. Total period cost under the variable costing is $69,980 c. Total period cost under the variable costing is $83,900 d. Total period cost under the variable costing is $50,350

You have been provided the following data relating to Milestone Ltd.: Particulars Selling Price Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per Unit: Direct Material Direct Labor Variable manufacturing overhead Variable selling and administrative overhead Fixed Costs: Fixed manufacturing overhead Fixed selling and administartive Amount S SS S S S S S 195 2,120 1,550 570 92 35 13 7 29,680 29,450 Calculate the total period cost for the month under variable costing method. a. Total period cost under the variable costing is $62,580 b. Total period cost under the variable costing is $69,980 c. Total period cost under the variable costing is $83,900 d. Total period cost under the variable costing is $50,350

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Description: You have been provided the following data relating to Milestone Ltd.:ParticularsSelling PriceUnits in beginning inventoryUnits producedUnits soldUnits in ending inventoryVariable costs per Unit:Direct MaterialDirect LaborVariable manufacturing overh

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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On November 30, the end of the first month of operations, Weatherford Company prepared the following income statement, based on the absorption costing concept: Weatherford Company Absorption Costing Income Statement For the Month Ended November 30 Sales (6,100 units) Cost of goods sold: Cost of goods manufactured (7,000 units) Inventory, November 30 (1,000 units) Total cost of goods sold Gross profit $161,000 Sales Variable cost of goods sold: Variable cost of goods manufactured Inventory, November 30 (23,000) $201,300 138,000 $63,300 Selling and administrative expenses 35,910 Income from operations $27,390 Assume the fixed manufacturing costs were $38,640 and the fixed selling and administrative expenses were $17,590 Prepare an income statement according to the variable costing concept. Round all final answers to whole dollars. Weatherford Company Variable Costing Income Statement For the Month Ended November 30 201,300
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V. Prepare a CONTRIBUTION MARGIN (also known as variable costing) income statement given a traditional (also known as absorption costing) income statement Bruno Industries manufactures and sells a single product. The controller has prepared the following income statement for the most recent year: B C D 1 2 3 Bruno Industries Traditional Income Statement (Absorption Costing) For the Year Ended December 31 4 5 Sales revenue 6 Less: Cost of goods sold 7 Gross profit 8 Less: Operating expenses 9 Operating income $ 406,000 329,000 $ 77,000 73,000 $ 4,000 10 The company produced 8,000 units and sold 7,000 units during the year ending December 31. Fixed manufacturing overhead (MOH) for the year was $152,000, while fixed operating expenses were $62,000. The company had no beginning inventory. Requirements 1. Will the company's operating income under variable costing be higher, lower, or the same as its operating income under absorption costing? Why? 2. Prepare a variable costing income…
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Variable Costing Income Statement On April 30, the end of the first month of operations, Jopl 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 (4,600 units) Cost of goods sold: Cost of goods manufactured (5,200 units) Inventory, April 30 (700 units) Total cost of goods sold Gross profit Selling and administrative expenses Operating income Joplin Company Variable Costing Income Statement For the Month Ended April 30 Variable cost of goods sold: If the fixed manufacturing costs were $29,484 and the fixed selling and administrative expenses were $12,590, prepare an income statement according to the variable costing concept. Round all final answers to whole dollars. 1:110 $109,200 (14,700) Fixed costs: $138,000 (94,500) $43,500 (25,700) $17,800
Grace Corporation, which has only one 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 $6,400 $18,600 $5,600 SS $(20,400) $ $ $ 95 0 3,500 3,100 400 22 What is the net operating income for the month under absorption costing? 2975 39 55,900 3,000
A. Manufacturing margin? b. Contribution margin? C. Operating income for PhiladelPho's company ?
am. 132.
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