Absorption and Variable Costing Income Statements During the first month of operations ended July 31, Yosan...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Absorption and Variable Costing Income Statements During the first month of operations ended July 31, Yosan Inc. manufactured 9,800 flat panel televisions, of which 9,200 were sold. Operating data for the month are summarized as follows: Sales Manufacturing costs: Direct materials Direct labor Variable manufacturing cost Fixed manufacturing cost Selling and administrative expenses: Variable Fixed Required: Line Item Description Sales - V Cost of goods sold: $803,600 245,000 205,800 107,800 Cost of goods manufactured Komotard TRETE $128,800 59,200 $1,610,000 1,362,200 1. Prepare an income statergent based on the absorption costing concept. YoSan Inc. Absorption Costing Income Statement For the Month Ended July 31 188,000 Amount Amount 1. Prepare an income statement based on the absorption costing concept. YoSan Inc. Absorption Costing Income Statement For the Month Ended July 31 Line Item Description Sales -V Cost of goods sold: Cost of goods manufactured Inventory, July 31 ✓ Total cost of goods sold Gross profit Selling and administrative expenses Operating income ✓ Amount Amount 2. Prepare an income statement based on the variable costing concept. YoSan Inc. Variable Costing Income Statement For the Month Ended July 31 Line Item Description Sales Variable cost of goods sold: Variable cost of goods manufactured Inventory, July 31 ✓ ✓ Total variable cost of goods sold Manufacturing margin Variable selling and administrative expenses Contribution margin Fixed costs: Fixed manufacturing costs V Fixed selling and administrative expenses Total fixed costs Operating income ✔ Amount Amount 0000 00 Absorption and Variable Costing Income Statements During the first month of operations ended July 31, Yosan Inc. manufactured 9,800 flat panel televisions, of which 9,200 were sold. Operating data for the month are summarized as follows: Sales Manufacturing costs: Direct materials Direct labor Variable manufacturing cost Fixed manufacturing cost Selling and administrative expenses: Variable Fixed Required: Line Item Description Sales - V Cost of goods sold: $803,600 245,000 205,800 107,800 Cost of goods manufactured Komotard TRETE $128,800 59,200 $1,610,000 1,362,200 1. Prepare an income statergent based on the absorption costing concept. YoSan Inc. Absorption Costing Income Statement For the Month Ended July 31 188,000 Amount Amount 1. Prepare an income statement based on the absorption costing concept. YoSan Inc. Absorption Costing Income Statement For the Month Ended July 31 Line Item Description Sales -V Cost of goods sold: Cost of goods manufactured Inventory, July 31 ✓ Total cost of goods sold Gross profit Selling and administrative expenses Operating income ✓ Amount Amount 2. Prepare an income statement based on the variable costing concept. YoSan Inc. Variable Costing Income Statement For the Month Ended July 31 Line Item Description Sales Variable cost of goods sold: Variable cost of goods manufactured Inventory, July 31 ✓ ✓ Total variable cost of goods sold Manufacturing margin Variable selling and administrative expenses Contribution margin Fixed costs: Fixed manufacturing costs V Fixed selling and administrative expenses Total fixed costs Operating income ✔ Amount Amount 0000 00
Expert Answer:
Answer rating: 100% (QA)
Based on the information contained in the images I will walk you through the process of preparing an income statement based on the absorption costing ... View the full answer
Related Book For
Financial and Managerial Accounting
ISBN: 978-1285078571
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
Posted Date:
Students also viewed these finance questions
-
During the first month of operations ended July 31, 2014, YoSan Inc. manufactured 2,400 flat panel televisions, of which 2,000 were sold. Operating data for the month are summarized as follows:...
-
During the first month of operations ended July 31, 2012, Lids R Us Inc. manufactured 8,000 hats, of which 6,500 were sold. Operating data for the month are summarized as follows: During August, Lids...
-
(a) Find the acceleration at time t = 5 min of a helicopter whose height is s(t) = 300t 4t 3 m. (b) Plot the acceleration s" for 0 t 6. How does this graph show that the helicopter is slowing down...
-
Basing her decision on the same set of facts as given in Problem 2-7, Judge C rules that the two survivors are not guilty because, according to a scientific survey of the community by a professional...
-
Use spherical coordinates. Find the centroid of the solid in Exercise 25. Data from Exercises 25 Evaluate E x 2 dV, where E is bounded by the xz-plane and the hemispheres y = 9 x 2 z 2 and y = 16 ...
-
The weights (in lbs) of 14 newborn babies. Find the range, mean, variance, and standard deviation of the population data set. 7 5 12 12 6 9 11 4 7 6 8 7 10 9
-
The desert town of Dry Gulch buys its water from LowTech Inc. LowTech hires residents to walk to the nearest oasis and carry back buckets of water. Thus, the inputs to the production of water are...
-
Discuss the role of real-time communication protocols in RTOS-based systems. How do these protocols ensure real-time data exchange while maintaining system stability and predictability ?
-
Professional and Scientific Staff Management (PSSM) is a unique type of temporary staffing agency. Many organizations today hire highly skilled technical employees on a short-term, temporary basis to...
-
Objectives: Describe the three majortheoretical perspectives inSociology . Sociologists study social events, interactions, and patterns.They also develop a theory in an attempt to explain why things...
-
What ethical considerations arise in collaborative endeavors involving sensitive data sharing and knowledge exchange, and what governance mechanisms should be implemented to safeguard privacy and...
-
Marketing 1. How will we market coffee shop business? be detailed 2. Describe the marketing mix ( the four Ps of marketing ). BE DETAILED WITH EXAMPLES FROM A COFFEE SHOP. Product: price: point of...
-
What is the present value of the following future amount? $311,205 to be received 15 years from now, discounted back to the present at 5 percent, compounded annually.
-
The use of Clinical Decision Support Systems to facilitate the decision-making process carries with it some concerns. Some fear the use of Clinical Decision Support Systems can create dependency on...
-
Simplify. 74 y3 12n 3 21x y 3mn
-
Enron Corp. was one of several corporations convicted of fraud in its accounting practices during the early part of this decade. It had created dummy corporations to hide massive borrowing and to...
-
Prove the formula for (d/dx)(cos-1x) by the same method as for (d/dx)(sin-1x).
-
What is the major difference in the accounting for a portfolio of trading securities and a portfolio of available-for-sale securities?
-
In a recent year's financial statements, Procter & Gamble showed an unfunded pension liability of $4,267 million and a periodic pension cost of $538 million. Explain the meaning of the $4,267 million...
-
On June 30, the end of the first month of operations, Haman Company prepared the following income statement, based on the absorption costing concept: If the fixed manufacturing costs were $ 75,600...
-
Using the data in exercise 2, determine how many units of resources the firm will want to acquire. Data from in exercise 2 Using the information in the following table, calculate the marginal revenue...
-
What does it mean to say that the demand for resources is a derived demand? Is the demand for all goods and services a derived demand?
-
Using the information in the following table, calculate the marginal revenue product (MRP = MPP MR). Unit of Resources Total Resource Output Price Price 1 10 $5 $10 2 25 $5 $10 345 35 $5 $10 40 $5...
Study smarter with the SolutionInn App