Question: When variable costing is used the income statement is usually prepared using: Select one: a. a contribution-margin format b. a functional format c. an operational

When variable costing is used the income statement is usually prepared using:

Select one:

a. a contribution-margin format

b. a functional format

c. an operational format

d. none of these formats

e. all of these formats

Step by Step Solution

★★★★★

3.49 Rating (149 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

Answer Option A A Contributionmargin format Explanation A variable costi... View full answer

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!

Q:

Explain why no volume variance occurs when variable costing is used.

Q:

The contribution margin income statement of Delectable Donuts for August 2012 follows: Delectable sells four dozen plain donuts for every dozen custard-filled donuts. A dozen plain donuts sells for...

Q:

The contribution margin income statement of Dandy Donuts for May 2012 follows: Dandy sells three dozen plain donuts for every dozen custard-filled donuts. A dozen plain donuts sells for $6, with a...

Q:

Chapter 4Exercises 5, 8, 12, 17, and18 Problem 12 172 iStockphoto Variable Costing In 2012, the all-tube amplifier p r o d u ce d b y C l a u s e n Tu b e r e ce i ve d rave reviews and the company...

Q:

i need help with the two questions below two questions 6-33 Budgeted income statement & 7-17 Flexible Budget. Please answer and show all steps. I want to fully understand. Questions: 6-33Budgeted...

Q:

What effect will applying variable costing have on the income statement and the balance sheet?

Q:

There was no finished goods inventory on July 1, 2008, for Royal Essentials. The company operated the manufacturing facility at 100% of capacity during July. The following data summarize the results...

Q:

. 1. Prepare a 2020 income statement for Griswold Company using variable costing. . Prepare a 2020 income statement for Griswold Company using absorption costing. . Explain the differences in...

Q:

A company produces a product with the following data: Variable cost per unit: $10 Fixed manufacturing costs: $50,000 Units produced: 10,000 Units sold: 8,000 Selling price per unit: $20 Requirements:...

Q:

9 - 2 7 . ABSORPTION VERSUS VARIABLE COSTING. Horace Company manufactures a professional - grade vacuum cleaner and began operations in 2 0 2 0 . For 2 0 2 0 . Horace budgeted to produce and sell 2 5...

Q:

A pile driver of mass 500 kg is allowed to fall from rest through a distance of 1.8 m on to a 200 kg concrete pile to drive it into the ground.Each impact drives the pile into the ground by a further...

Q:

The amount of pollutants that are found in waterways near large cities is normally distributed with mean 9 ppm and standard deviation 1.3 ppm. 38 randomly selected large cities are studied. Round all...

Q:

Your faculty member will divide the class into teams. Each team will select a specific organization they will be developing the security program for a hospital, college, government building, or...

Q:

2. You are working for a glider manufacturer and have been asked to analyse the laminar boundary layer at a certain point on the smooth wing. The velocity profile at this point, u(y), is given by: u...

Q:

Please solve correctly Identify and discuss five roles of a Chief Executive Officer in an organisation, and show how these roles can be applied to ensure good corporate governance (Must not be less...

Q:

critically evaluate the current industrial relations systems in Kenya (10 marks)

Q:

Data set \begin{tabular}{|c|c|c|} \hline ABC reported for 2XX1 & $5 & Shares \\ \hline Common stock at par $ & $100,000 & 20,000 \\ \hline \end{tabular} Additial paid in capital : Common \$ $500,000...

Q:

Evenflow Power Co. is considering a new project that is a little riskier than the current operations of the company. Thus, management has decided to add an additional 1.5% to the company's overall...

Q:

Ajax division of Carlyle Corporation produces electric motors, 20% of which are sold to the Bradley division of Carlyle and the remainder to outside customers. Carlyle treats its divisions as profit...

Q:

List several costs and several benefits of implementing an ABC system.

Q:

Games N More operates a chain of retail stores that sell primarily puzzles, board games, and video games. The manager of each store receives a bonus based on annual store results. The companys CEO,...

Q:

A computer lab at a small college has 25 computers. Twice during the day, a full scan for viruses is performed on each computer. Because of differences in the configuration of the computers, the...

Q:

An investment advisor has worked with 24 clients for the past five years. Following are the percentage rates of average five-year returns that these 24 clients experienced over this time frame on...

Q:

USA Today reports salaries for National Football League (NFL) teams. The file Jaguars contains the salaries for the 2011 Jacksonville Jaguars. a. Calculate the average total salary for the...