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B 6-2 Problem Set: Chapter 6 - AC( X 2 CengageNOWv2 | Online teachin X Cengage Learning x E Some Lessons From The Assembhomework Help - Q&A from On x + X https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false O.. Module 6 Assignment eBook Show Me How Calculator Print Item 1. TMM.6-1 Income Statements under Absorption and Variable Costing 2. EX.06-02.ALGO Shawnee Motors Inc. assembles and sells MP3 players. The company began operations on August 1 and operated at 100% of capacity during the first month. The following data summarize the results for August: Sales (13,500 units $1,890,000 3. EX.06-12. BLANKSHEET.AL... Production costs (17,000 units): Direct materials $880,600 Direct labor 423,300 Variable factory overhead 210,800 Fixed factory overhead 141,100 1,655,800 Selling and administrative expenses: Variable selling and administrative expenses $256,600 Fixed selling and administrative expenses 99,300 355,900 if required, round interim per-unit calculations to the nearest cent. a. Prepare an income statement according to the absorption costing concept. Shawnee Motors Inc. Absorption Costing Income Statement For the Month Ended August 3: Sales v $ 1,890,000 Cost of goods sold v 1,309,500 X Gross profit v 580,500 X Selling and administrative expenses v O X Income from operations v O X Feedback Check My Work a. Under absorption costing, the cost of goods manufactured includes direct materials, direct labor, and factory overhead costs. Both fixed and variable factory costs are included as part of factory overhead. Learning Objective 1. Progress: 2/3 items Check My Work Previous Next Assignment Score: 58.53% All work saved. Email Instructor Save and Exit Submit Assignment for Grading Type here to search O w 10:08 AM 9/11/2020 EB 6-2 Problem Set: Chapter 6 - AC( X 2 CengageNOWv2 | Online teachin X Cengage Learning x E Some Lessons From The Assembhomework Help - Q&A from On x + X https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false O.. Module 6 Assignment eBook Show Me How Calculator Print Item 1. TMM.6-1 b. Prepare an income statement according to the variable costing concept. 2. EX.06-02.ALGO Shawnee Motors Inc. Variable Costing Income Statement 3. EX.06-12. BLANKSHEET.AL... For the Month Ended August 31 Sales v $ 1,890,000 Variable cost of goods sold v 1,309,500 X Manufacturing margin v 580,500 X Variable selling and administrative expenses v O X Contribution margin v O X Fixed costs: Fixed factory overhead v O X Fixed selling and administrative expenses v O X Total fixed costs v O X Income from operations v O X Feedback c. What is the reason for the difference in the amount of income from operations reported in (a) and (b)? Under the absorption costing v method, the fixed manufacturing cost included in the cost of goods sold is matched with the revenues. Under variable costing v , all of the fixed manufacturing cost is deducted in the period in which it is incurred, regardless of the amount of inventory change. Thus, when inventory increases, the absorption costing v income statement will have a higher income from operations than will the variable costing income statement. Feedback Check My Work Correct Feedback Check My Work Partially correct Progress: 2/3 items Check My Work Previous Next Assignment Score: 58.53% All work saved. Email Instructor Save and Exit Submit Assignment for Grading Type here to search O w 10:08 AM 9/11/2020 E