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Absorption and Variable Costing Income Statements During the first month of operations ended July 31, Yusan Inc manufactured 9,700 flat panel televisions, of which 9,000 were sold Operating data for the month are summarized as follows Manufacturing costs Direct materials Direct labor Variable manufacturing cost Fixed manufacturing cost Required: Yosan Inc. Absorption Costing Income Statement For the Month July 31 Ended Cost of goods 40 00 $1,440,000 $727,500 213,400 184,300 97,000 1,222,200 $117,000 100 53,800 170,000

Absorption and Variable Costing Income Statements During the first month of operations ended July 31, Yusan Inc manufactured 9,700 flat panel televisions, of which 9,000 were sold Operating data for the month are summarized as follows Manufacturing costs Direct materials Direct labor Variable manufacturing cost Fixed manufacturing cost Required: Yosan Inc. Absorption Costing Income Statement For the Month July 31 Ended Cost of goods 40 00 $1,440,000 $727,500 213,400 184,300 97,000 1,222,200 $117,000 100 53,800 170,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Absorption and Variable Costing Income Statements During the first month of operations ended July 31, Yosan Inc. manufactured 9,700 flat panel televisions, of which 9,000 were sold. Operating data for the month are summarized Manufacturing costs Direct materials Direct labor Variable manufacturing cost Fixed manufacturing cost Selling and administrative expenses Variable Foed Required URCLE Cost of goods sold $727,500 213,400 184,300 97,000 1,222,200 $117,000 $1,440,000 1. Prepare an income statement based on the absorption costing concept Yosan Inc Absorption Costing Income Statement For the Month Ended July 31 000 53,800 170,800 klaud
Transcribed Image Text:Absorption and Variable Costing Income Statements During the first month of operations ended July 31, Yosan Inc. manufactured 9,700 flat panel televisions, of which 9,000 were sold. Operating data for the month are summarized Manufacturing costs Direct materials Direct labor Variable manufacturing cost Fixed manufacturing cost Selling and administrative expenses Variable Foed Required URCLE Cost of goods sold $727,500 213,400 184,300 97,000 1,222,200 $117,000 $1,440,000 1. Prepare an income statement based on the absorption costing concept Yosan Inc Absorption Costing Income Statement For the Month Ended July 31 000 53,800 170,800 klaud
2. Prepare an income statement based on the variable costing concept. YoSan Inc. Variable Costing Income Statement For the Month Ended July 31 Variable cost of goods sold Fixed costs 00 0000 3. Faptain the reason for the difference in the amount of income from operations reported in (1) and (2) The come from operations reported under Sween the two, due to costing exceeds the income from operations reported under manufacturing costs that are deferred to a future month under costing costing by the difference
Transcribed Image Text:2. Prepare an income statement based on the variable costing concept. YoSan Inc. Variable Costing Income Statement For the Month Ended July 31 Variable cost of goods sold Fixed costs 00 0000 3. Faptain the reason for the difference in the amount of income from operations reported in (1) and (2) The come from operations reported under Sween the two, due to costing exceeds the income from operations reported under manufacturing costs that are deferred to a future month under costing costing by the difference
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