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- Summarized data for Walrus Co. for its first year of operations are: A. Prepare an income statement under absorption costing B. Prepare an income statement under variable costingPhiladelphia Company has the following information for March: Sales Variable cost of goods sold Fixed manufacturing costs Variable selling and administrative expenses Fixed selling and administrating expenses Determine the March: a. Manufacturing margin b. Contribution margin c. Operating income for Philadelphia Company $467,602 200,533 75,878 49,308 33,201 000Tracey Packaged Snax reports the following information for November: Units produced and sold Per unit revenue and costs: Sales revenue Direct materials costs Direct labor costs Variable manufacturing overhead Fixed manufacturing overhead (at 320,000 units) Variable marketing and administrative costs Fixed marketing and administrative costs (at 320,000 units) Required: a. Prepare a gross margin income statement. b. Prepare a contribution margin income statement. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a gross margin income statement. Sales revenue Gross margin Gross Margin Income Statement Fixed marketing and administrative costs Operating profit $ 1,152,000 (176,000) 320,000 $ 3.60 1.05 0.30 0.20 0.95 0.15 0.55
- a. Prepare an income statement according to the variable costing concept for Caterpillar Inc. Round numbers to nearest mill Caterpillar Inc. Variable Costing Income Statement (assumed) For the Year Ended December 31 Line Item Description Sales Variable cost of goods sold: Beginning inventory Variable cost of goods manufactured Ending inventory Total variable cost of goods sold Manufacturing margin Variable selling and administrative expenses Contribution margin Fixed costs: Fixed manufacturing costs Fixed selling and administrative expenses Total fixed costs Operating income Amount Amount 41,748 0000Philadelphia Company has the following information for March: $490,346 214,812 76,688 52,187 31,129 Sales Variable cost of goods sold Fixed manufacturing costs Variable selling and administrative expenses Fixed selling and administrative expenses Determine the March: a. Manufacturing margin b. Contribution margin c. Operating income for Philadelphia Company LA LA LA 0002b. Prepare income statement for August using the variable costing concept. Head Gear Inc. Variable Costing Income Statement For the Month Ended August 31 Sales 296,240 V Variable cost of goods sold: Inventory, August 1 12,240 Variable cost of goods manufactured 244,080 X Total variable cost of goods sold Manufacturing margin Variable selling and administrative expenses Contribution margin Fixed costs Fixed manufacturing costs 20.340 Fixed selling and administrative.expenses 11.750 Total fixed costs 32.090 Operating income Lin
- Absorption and Variable Costing Income Statements for Two Months and Analysis During the first month of operations ended July 31, Head Gear Inc. manufactured 33,900 hats, of which 32,200 vwere sold. Operating data for the month are summarized as follows: Sales $296,240 Manufacturing costs: Direct materials $176,280 Direct labor 47,460 Variable manufacturing cost 20,340 Fixed manufacturing cost 20,340 264/420 Selling and administrative expenses: Variable $16,100 Fixed 11,750 27,850 During August Head Gear Inc, manufectured 30,500 hats and sold 32,200 hats. Operating data for August are summarized as folovsi Sales $296,240 Manufacturing costs: Direct materials $158,600 Direct labor 42.700 Variable manufacturing cost 18,300 20,340 239,940 Fixed manufacturing cost Selling and administrative expenses: $16.100 Variable 11.750 27 850 Fixed Required: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: Sales $2,150,000 Manufacturing costs: Direct materials Direct labor Variable manufacturing cost Fixed manufacturing cost Selling and administrative expenses: Variable Fixed Required: Cost of goods sold: $960,000 420,000 156,000 288,000 1,824,000 10000 $204,000 1. Prepare an income statement based on the absorption costing concept. YoSan Inc. Absorption Costing Income Statement For the Month Ended July 31 96,000 300,000 2. Prepare an income statement based on the variable costing concept. YoSan Inc. Variable Costing Income Statement For the Month Ended July 31You 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 S S S S S S 195 2,120 1,550 570 250 92 am 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
- Tracey Packaged Snax reports the following information for November: Units produced and sold Per unit revenue and costs: Sales revenue Direct materials costs Direct labor costs Variable manufacturing overhead Fixed manufacturing overhead (at 320,000 units) Variable marketing and administrative costs Fixed marketing and administrative costs (at 320,000 units) Required: a. Prepare a gross margin income statement. b. Prepare a contribution margin income statement. Complete this question by entering your ansivers in the tabs below. Required A Required B Prepare a contribution margin income statement. Contribution Margin Income Statement 320,000 $9.60 1.65 0.90 0.80 1.55 0.75 1.15Sims Company began operations on January 1. Its cost and sales information for this year follow. Direct materials Direct labor $ 30 per unit $50 per unit $20 per unit Variable overhead $ Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses Units produced Units sold Sales price Sales 1. Prepare an income statement for the year using variable costing. 2. Prepare an income statement for the year using absorption costing. Income Required 2 >DeAnne Company produces a single product. The company's variable costing income statement for August appears below: DeAnne Company Income Statement For the month ended August 31 Sales ($15 per unit). Variable expenses: Variable cost of goods sold. Variable selling expense Total variable expenses.. Contribution margin. Fixed expenses: Fixed manufacturing. Fixed selling and administrative. Total fixed expenses....... Net operating income. ****************** $600.000 360,000 80,000 440,000 160,000 105,000 35,000 140,000 $ 20,000 The company produced 35,000 units in August and the beginning inventory consisted of 8,000 units. Variable production costs per unit and total fixed costs have remained constant over the past several months. 102. The value of the company's inventory on August 31 under the absorption costing method is: A. $27,000 B. $42,000 C. $36.000 D. $47,000
