Question: need some help with the formulas here ). Prepare an income statement according to the var snowmobile engines. The company began operations costing concept. July

need some help with the formulas here

need some help with the formulas here ). Prepare an income statement

). Prepare an income statement according to the var snowmobile engines. The company began operations costing concept. July 1 and operated at 100% of capacity during the firs Gallatin County Motors Inc. month. The following data summarize the results for Ju Variable Costing Income Statement For the Month Ended July 31 Sales (16,500 units) $2,145,000 Sales 2,145,000 Production costs (21,000 units): Variable cost of goods sold 1,812,329 Direct materials $1,010,100 Manufacturing margin Direct labor 485,100 Variable selling and administrative expenses 294,300 Variable factory overhead 241,500 Contribution margin Fixed factory overhead 161,700 1,898,400 Fixed costs: Selling and administrative expenses: Fixed factory overhead costs 161,700 Variable selling and administrative expenses $294,300 Fixed selling and administrative expenses 113,900 Fixed selling and administrative expenses 113,900 408,200 Total fixed costs 275,600 Operating income f required, round interim per-unit calculations to the Feedback nearest cent. Check My Work a. Prepare an income statement according to the b. Under variable costing, the cost of goods absorption costing concept. manufactured includes only variable manufacturin Gallatin County Motors Inc. Absorption Costing Income Statement costs

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!