Requirement 1. Prepare April and May 2020 income statements for FastRide Motors under (a) variable costing...

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Requirement 1. Prepare April and May 2020 income statements for FastRide Motors under (a) variable costing and (b) absorption costing. (a) Prepare April and May 2020 income statements for FastRide Motors under variable costing. Complete the top half of the income statement for each month first, then complete the bottom portion. (Complete all input fields. Enter a "0" for any zero balance accounts.) April 2020 May 2020 Revenues Variable cost of goods sold: Beginning inventory Fixed manufacturing costs Deduct ending inventory Variable operating costs Contribution margin Operating income III A 1 2 Unit data: 3 Beginning inventory 4 Production 5 Sales 6 Variable costs: 7 Manufacturing cost per unit produced $ 8 Operating (marketing) cost per unit sold 9 Fixed costs: 10 Manufacturing costs 11 Operating (marketing) costs Print B April Done 0 700 550 8,500 $ 2,800 C May 150 650 775 8,500 2,800 $ 2,100,000 $2,100,000 750,000 750,000 e costing and (b) absorption costing. ete the top half of the income statement for balance accounts.) 20 an May 220 income to Fotos under arbecing Complete the top of the Requirement 1. Prepare April and May 2020 income statements for FastRide Motors under (a) variable costing and (b) absorption costing. (a) Prepare April and May 2020 income statements for FastRide Motors under variable costing. Complete the top half of the income statement for each month first, then complete the bottom portion. (Complete all input fields. Enter a "0" for any zero balance accounts.) April 2020 May 2020 Revenues Variable cost of goods sold: Beginning inventory Fixed manufacturing costs Deduct ending inventory Variable operating costs Contribution margin Operating income III A 1 2 Unit data: 3 Beginning inventory 4 Production 5 Sales 6 Variable costs: 7 Manufacturing cost per unit produced $ 8 Operating (marketing) cost per unit sold 9 Fixed costs: 10 Manufacturing costs 11 Operating (marketing) costs Print B April Done 0 700 550 8,500 $ 2,800 C May 150 650 775 8,500 2,800 $ 2,100,000 $2,100,000 750,000 750,000 e costing and (b) absorption costing. ete the top half of the income statement for balance accounts.) 20 an May 220 income to Fotos under arbecing Complete the top of the

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Solution To prepare the April and May 2020 income statements for FastRide Motors under variable costing well need to calculate the relevant values based on the given unit data and cost information Let... View the full answer