Instructions On November 30, the end of the first month of operations, Weatherford Company prepared the...

 

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Instructions On November 30, the end of the first month of operations, Weatherford Company prepared the following income statement, based on the absorption costing concept: Sales (21,000 units) 2 Cost of goods sold: 3 4 5 Weatherford Company Absorption Costing Income Statement For the Month Ended November 30 Cost of goods manufactured (24,400 units) Inventory, November 30 (3,400 units) Total cost of goods sold 6 Gross profit 7 Selling and administrative expenses 8 Income from operations $1,952,000.00 (272,000.00) $2,940,000.00 1,680,000.00 $1,260,000.00 150,000.00 $1,110,000.00 If the fixed manufacturing costs were $195,200 and the fixed selling and administrative expenses were $105,000, prepare an income statement according to the variable costing concept. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. A colon (:) will automatically appear if required. Enter all amounts as positive numbers. Round your cost per unit answer to two decimal places and final answers to nearest whole dollar. Labels and Amount Descriptions Fixed costs For the Month Ended November 30 November 30 Amount Descriptions Contribution margin Contribution margin ratio Fixed manufacturing costs Fixed selling and administrative expenses Gross profit Income from operations Inventory, November 30 Loss from operations Manufacturing margin Planned contribution margin Sales Sales mix Total fixed costs Total variable cost of goods sold Variable cost of goods manufactured Variable cost of goods sold Variable selling and administrative expenses P Variable Costing Income Statement 1 2 3 4 5 6 7 8 9 (Label) 10 11 12 13 Weatherford Company Variable Costing Income Statement (Label) Instructions On November 30, the end of the first month of operations, Weatherford Company prepared the following income statement, based on the absorption costing concept: Sales (21,000 units) 2 Cost of goods sold: 3 4 5 Weatherford Company Absorption Costing Income Statement For the Month Ended November 30 Cost of goods manufactured (24,400 units) Inventory, November 30 (3,400 units) Total cost of goods sold 6 Gross profit 7 Selling and administrative expenses 8 Income from operations $1,952,000.00 (272,000.00) $2,940,000.00 1,680,000.00 $1,260,000.00 150,000.00 $1,110,000.00 If the fixed manufacturing costs were $195,200 and the fixed selling and administrative expenses were $105,000, prepare an income statement according to the variable costing concept. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. A colon (:) will automatically appear if required. Enter all amounts as positive numbers. Round your cost per unit answer to two decimal places and final answers to nearest whole dollar. Labels and Amount Descriptions Fixed costs For the Month Ended November 30 November 30 Amount Descriptions Contribution margin Contribution margin ratio Fixed manufacturing costs Fixed selling and administrative expenses Gross profit Income from operations Inventory, November 30 Loss from operations Manufacturing margin Planned contribution margin Sales Sales mix Total fixed costs Total variable cost of goods sold Variable cost of goods manufactured Variable cost of goods sold Variable selling and administrative expenses P Variable Costing Income Statement 1 2 3 4 5 6 7 8 9 (Label) 10 11 12 13 Weatherford Company Variable Costing Income Statement (Label)

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