Absorption Costing Income Statement On June 30, the end of the first month of operations, Tudor Manufacturing Co. prepared the following income statement, based on the variable costing concept: Sales (100,000 units) Variable cost of goods sold: Variable cost of goods manufactured (120,000 units x $13 per unit) Less ending inventory (20,000 units x $13 per unit) Variable cost of goods sold Manufacturing margin Variable selling and administrative expenses Contribution margin Fixed costs: Fixed manufacturing costs Fixed selling and administrative expenses Income from operations Tudor Manufacturing Co. Income Statement-Absorption Costing For the Month Ended June 30 $1,560,000 260,000 Cost of goods sold: $60,000 31,000 $1,800,000 1,300,000 $500,000 17,000 $483,000 a. Prepare an absorption costing income statement. In your computations, round unit costs to two decimal places and round final answers to the nearest dollar. 91,000 $392,000
Absorption Costing Income Statement On June 30, the end of the first month of operations, Tudor Manufacturing Co. prepared the following income statement, based on the variable costing concept: Sales (100,000 units) Variable cost of goods sold: Variable cost of goods manufactured (120,000 units x $13 per unit) Less ending inventory (20,000 units x $13 per unit) Variable cost of goods sold Manufacturing margin Variable selling and administrative expenses Contribution margin Fixed costs: Fixed manufacturing costs Fixed selling and administrative expenses Income from operations Tudor Manufacturing Co. Income Statement-Absorption Costing For the Month Ended June 30 $1,560,000 260,000 Cost of goods sold: $60,000 31,000 $1,800,000 1,300,000 $500,000 17,000 $483,000 a. Prepare an absorption costing income statement. In your computations, round unit costs to two decimal places and round final answers to the nearest dollar. 91,000 $392,000
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter7: Variable Costing For Management
analysis
Section: Chapter Questions
Problem 5E: On April 30, the end of the first month of operations, Joplin Company prepared the following income...
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