On July 31, 2008, the end of the first month of operations, Martin Company prepared the following
Question:
On July 31, 2008, the end of the first month of operations, Martin Company prepared the following income statement, based on the absorption costing concept:
Prepare a variable costing income statement, assuming that the fixed manufacturing costs were $28,950 and the variable selling and administrative expenses were$32,000.
Transcribed Image Text:
Sales (14,000 units) .. Cost of goods sold: $616,000 Cost of goods manufactured._ . Less ending inventory (1,000 units) . . $558,750 . 37,250 Cost of goods sold Gross profit Selling and administrative expenses 521,500 94,500 58,200 36,300 .
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 55% (9 reviews)
Computations Variable cost of goods manufactured 558750 28950 529800 Unit cost of ending ...View the full answer
Answered By
Atuga Nichasius
I am a Highly skilled Online Tutor has a Bachelor’s Degree in Engineering as well as seven years of experience tutoring students in high school, bachelors and post graduate levels. I have a solid understanding of all learning styles as well as using asynchronous online platforms for tutoring needs. I individualise tutoring for students according to content tutoring needs assessments.
My strengths include good understanding of all teaching methods and learning styles and I am able to convey material to students in an easy to understand manner. I can also assists students with homework questions and test preparation strategies and I am able to help students in math, gre, business , and statistics
I consider myself to have excellent interpersonal and assessment skills with strong teaching presentation verbal and written communication
I love tutoring. I love doing it. I find it intrinsically satisfying to see the light come on in a student's eyes.
My first math lesson that I taught was when I was 5. My neighbor, still in diapers, kept skipping 4 when counting from 1 to 10. I worked with him until he could get all 10 numbers in a row, and match them up with his fingers.
My students drastically improve under my tutelage, generally seeing a two grade level improvement (F to C, C to A, for example), and all of them get a much clearer understanding!
I am committed to helping my students get the top grades no matter the cost. I will take extra hours with you, repeat myself a thousand times if I have to and guide you to the best of my ability until you understand the concept that I'm teaching you.
5.00+
2+ Reviews
10+ Question Solved
Related Book For
Accounting
ISBN: 978-0324401844
22nd Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
Question Posted:
Students also viewed these Managerial Accounting questions
-
On July 31, 2010, the end of the first month of operations, Hilton Company prepared the following income statement, based on the absorption costing concept: Prepare a variable costing income...
-
On July 31, 2014, the end of the first month of operations, Rhys Company prepared the following income statement, based on the absorption costing concept: a. Prepare a variable costing income...
-
On June 30, the end of the first month of operations, Bastile Company prepared the following income statement, based on the absorption costing concept: If the fixed manufacturing costs were $192,000...
-
Using a spreadsheet, compute the average return and standard deviation of each of the three asset classes. Compute the annual return of a portfolio consisting of 50% stocks, 40% real estate, and 10%...
-
(a) Moberg Company sells three different categories of tools (small, medium, and large). The cost and market value of its inventory of tools are as follows. Determine the value of the company's...
-
The Wall Street Journal has an article on the new banking regulations. The Financial Times, like the Wall Street Journal, is a highly respected business publication. Therefore, the Financial Times...
-
Assume your audit objective is to estimate the upper error limit for an audit population and, therefore, you select probability-proportional-to-size (PPS) sampling. From prior year working papers and...
-
What does Disney do best to connect with its core consumers?
-
A series RL circuit is powered by an alternating voltage source oscillating with angular frequency 3.9 rad/s and peak-to-peak voltage 74.0 V. It is connected in series to a 2.5 ohm resistor and a 1.6...
-
It has been said that Businesses dont fail Leaders do. Explain what this means.
-
In the following equations, based on the variable costing income statement, identify the items designated by X: a. Net Sales - X = Manufacturing Margin b. Manufacturing Margin - X = Contribution...
-
On June 30, 2008, the end of the first month of operations, Kristen Candle Co. prepared the following income statement, based on the variable costing concept: Prepare an absorption costing...
-
What are the major milestones for each of the 4 development phases of RUP?
-
An investor purchases 100 shares of XYZ at 60 and also writes an XYZ 65 call @3. 100.100 18. What is the investor's maximum potential loss?
-
Let P ( A ) = 0 . 2 0 , P ( B | A ) = 0 . 8 0 and P ( B | A ^ C ) = 0 . 2 3 . Compute P ( B )
-
Using the static budget, calculate the variable cost/unit and prepare a flexible budget. Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole number. Static...
-
Before unveiling the new iPhone15, the pricing manager at Apple was considering how much to charge for the new version and also how much to charge for the iPhone14, which is now an older model but...
-
Slategrey and Co. is a retail business. It reported a gross profit of $1,042,500 for the current year. If 70% of the gross profit was operating expenses, calculate the operating income of Slategrey...
-
A stockbroker has taken a random sample of 4 stocks from a large population of low-priced stocks. Stock prices for this population are normally distributed. The sample prices of the 4 stocks are $5,...
-
You are a Loan Officer with an Investment Bank. Today you need to set your lending parameters. They are: LTV: 55% 10 Year T-Bill: TBD Rate Markup: 300 Basis Points Term: 30 Years Amortization: 30...
-
Consider one-dimensional Lebesgue measure on \([0,1]\). Verify that the sequence \(u_{n}(x):=\) \(n 1_{(0,1 / n)}(x), n \in \mathbb{N}\), converges pointwise to the function \(u \equiv 0\), but that...
-
How should changes in the estimated unguaranteed residual value be handled by the lessor?
-
How should changes in the estimated unguaranteed residual value be handled by the lessor?
-
Describe the effect of a bargain-purchase option on accounting for a capital-lease transaction by a lessee.
-
Develop a 3-year financial projection for your proposed cancer tele-genetics program . State any and all assumptions you make in creating your estimates. Please consider the following in creating...
-
Lets assume that we have project L, which has a 40% chance of turning out good. The company Raises $7,000, 50% from bondholders demanding a 6% interest rate and 50% from stockholders, which becomes...
-
Please assist in the filling out the above and below table. I have provided all information that has been provided to me. Company Shares Outstanding Latest Share Price MVE Total Debt W d W e a b c =...
Study smarter with the SolutionInn App