During the first month of operations ended July 31, YoSan Inc. manufactured 9,800 flat panel televisions,...
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During the first month of operations ended July 31, YoSan Inc. manufactured 9,800 flat panel televisions, of which 9,100 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 $617,400 186,200 156,800 78,400 $100,100 46,000 $1,228,500 1,038,800 146,100 Required 1. Prepare an income statement based on the absorption costing concept. 2. Prepare an income statement based on the variable costing concept. During the first month of operations ended July 31, YoSan Inc. manufactured 9,800 flat panel televisions, of which 9,100 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 $617,400 186,200 156,800 78,400 $100,100 46,000 $1,228,500 1,038,800 146,100 Required 1. Prepare an income statement based on the absorption costing concept. 2. Prepare an income statement based on the variable costing concept.
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Related Book For
Financial and Managerial Accounting
ISBN: 978-1285078571
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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