b My Questions bartleby X C During The First Month Of Opera X me teach X engagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=assignments&takeAssignmentSessionLocator=assignment-take&inpr Calculator Print Item Show Me How eBook Variable Absorption Costing Income Statement HEETA... 2. Prepa 1. Prepare an income statement based on the absorption costing concept. Be sure to complete the statement Descript heading. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer positive. choices for text entries. A colon () will automatically appear if it is required. Enter amounits as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative Kodiak Fridgeration Company Absorption Costing Income Statement 1 (Label) 2 (Labe 2 (Label) 3 4 5 6 7 7 9 (Label 10 11 12 13 Check My Work 8 more Check My Work uses remaining. All work saved. LL -LAB2-T-01 nent-take&inprogress-false Fr Variable Costing Income Statement 2. Prepare an income statement based on the variable costing concept. Be sure to complete the statement heading. Refer to the list of Labels and Amount ent Descriptions provided for the exact wording of the answer choices for text entries. A colon () will automatically appear if it is required. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. bers tive. Kodiak Fridgeration Company Variable Costing Income Statement (Label) 2 (Label) 9 (Label) 10 11 12 13 Next Previous Submit Assignment for Grading Save and Exit All work saved. 10:09 PM 10/29/2019 LL
b My Questions bartleby X C During The First Month Of Opera X me teach X engagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=assignments&takeAssignmentSessionLocator=assignment-take&inpr Calculator Print Item Show Me How eBook Variable Absorption Costing Income Statement HEETA... 2. Prepa 1. Prepare an income statement based on the absorption costing concept. Be sure to complete the statement Descript heading. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer positive. choices for text entries. A colon () will automatically appear if it is required. Enter amounits as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative Kodiak Fridgeration Company Absorption Costing Income Statement 1 (Label) 2 (Labe 2 (Label) 3 4 5 6 7 7 9 (Label 10 11 12 13 Check My Work 8 more Check My Work uses remaining. All work saved. LL -LAB2-T-01 nent-take&inprogress-false Fr Variable Costing Income Statement 2. Prepare an income statement based on the variable costing concept. Be sure to complete the statement heading. Refer to the list of Labels and Amount ent Descriptions provided for the exact wording of the answer choices for text entries. A colon () will automatically appear if it is required. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. bers tive. Kodiak Fridgeration Company Variable Costing Income Statement (Label) 2 (Label) 9 (Label) 10 11 12 13 Next Previous Submit Assignment for Grading Save and Exit All work saved. 10:09 PM 10/29/2019 LL
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter2: Basic Managerial Accounting Concepts
Section: Chapter Questions
Problem 49E: Use the following information for Exercises 2-47 through 2-49. Jasper Company provided the following...
Related questions
Question
100%
During the first month of operations ended August 31, Kodiak Fridgeration Company manufactured 46,000 mini refrigerators, of which 42,000 were sold. Operating data for the month are summarized as follows:
1
|
Sales
|
|
$9,660,000.00
|
2
|
|
|
|
3
|
Direct materials
|
$3,220,000.00
|
|
4
|
Direct labor
|
1,380,000.00
|
|
5
|
Variable manufacturing cost
|
828,000.00
|
|
6
|
Fixed manufacturing cost
|
506,000.00
|
5,934,000.00
|
7
|
Selling and administrative expenses:
|
|
|
8
|
Variable
|
$756,000.00
|
|
9
|
Fixed
|
294,000.00
|
1,050,000.00
|
Required: | |||
1. | Prepare an income statement based on the absorption costing concept.* | ||
2. | Prepare an income statement based on the variable costing concept.* | ||
3. | Explain the reason for the difference in the amount of operating income reported in (1) and (2).
|
Labels | |
August 31 | |
Cost of goods sold | |
Fixed costs | |
For the Month Ended August 31 | |
Variable cost of goods sold | |
Amount Descriptions | |
Contribution margin | |
Contribution margin ratio | |
Cost of goods manufactured | |
Fixed manufacturing costs | |
Fixed selling and administrative expenses | |
Gross profit | |
Operating income | |
Inventory, August 31 | |
Loss from operations | |
Manufacturing margin | |
Planned contribution margin | |
Sales | |
Sales mix | |
Selling and administrative expenses | |
Total cost of goods sold | |
Total fixed costs | |
Total variable cost of goods sold | |
Variable cost of goods manufactured | |
Variable selling and administrative expenses |
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 6 steps with 4 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning