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D21 6-1 Problem Set: Module Six - x Variable factory overhead Fixed factory overhead Selling and administrative expenses: Variable selling and administrative expenses Fixed selling and administrative expenses ← → C v2.cengagenow.com/ilrn/takeAssignment/takeAssignment Main.do?invoker=&take AssignmentSession Locator-assignment-take&inprogress=false Sales CengageNOWv2 | Online teac x If required, round interim per-unit calculations to the nearest cent. Feedback ✓ Cost of goods sold Gross profit Selling and administrative expenses Check My Work 142,000 95,000 a. Prepare an income statement according to the absorption costing concept. Gallatin County Motors Inc. Absorption Costing Income Statement For the Month Ended July 31 $172,500 66,800 Assignment Score: 83.87% Cengage Learning $1,280,000 ✓ 888,000 X 239,300 ✓ 1,113,000 239,300 x + Correct Check My Work a. Under absorption costing, the cost of goods manufactured includes direct materials, direct labor, and factory overhead costs. Both fixed and variable factory costs are included as part of factory avachand All work saved. Email Instructor 12 Previous Next :> Save and Exit Submit Assignment for Grading ⠀ (?

D21 6-1 Problem Set: Module Six - x Variable factory overhead Fixed factory overhead Selling and administrative expenses: Variable selling and administrative expenses Fixed selling and administrative expenses ← → C v2.cengagenow.com/ilrn/takeAssignment/takeAssignment Main.do?invoker=&take AssignmentSession Locator-assignment-take&inprogress=false Sales CengageNOWv2 | Online teac x If required, round interim per-unit calculations to the nearest cent. Feedback ✓ Cost of goods sold Gross profit Selling and administrative expenses Check My Work 142,000 95,000 a. Prepare an income statement according to the absorption costing concept. Gallatin County Motors Inc. Absorption Costing Income Statement For the Month Ended July 31 $172,500 66,800 Assignment Score: 83.87% Cengage Learning $1,280,000 ✓ 888,000 X 239,300 ✓ 1,113,000 239,300 x + Correct Check My Work a. Under absorption costing, the cost of goods manufactured includes direct materials, direct labor, and factory overhead costs. Both fixed and variable factory costs are included as part of factory avachand All work saved. Email Instructor 12 Previous Next :> Save and Exit Submit Assignment for Grading ⠀ (?

Financial & Managerial Accounting
Financial & Managerial Accounting
14th Edition
ISBN:9781337119207
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter18: Activity-Based Costing
Section: Chapter Questions
Problem 18.3TIF: Communication The controller of New Wave Sounds Inc. prepared the following product profitability...
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Income Statements under Absorption Costing and Variable Costing

Gallatin County Motors Inc. assembles and sells snowmobile engines. The company began operations on July 1 and operated at 100% of capacity during the first month. The following data summarize the results for July:

Sales (8,000 units)   $1,280,000  
Production costs (10,000 units):    
Direct materials $592,000    
Direct labor 284,000    
Variable factory overhead 142,000    
Fixed factory overhead 95,000   1,113,000  
Selling and administrative expenses:    
Variable selling and administrative expenses $172,500    
Fixed selling and administrative expenses 66,800   239,300  

 

 

D21 6-1 Problem Set: Module Six - x Variable factory overhead Fixed factory overhead Selling and administrative expenses: Variable selling and administrative expenses Fixed selling and administrative expenses ← → C v2.cengagenow.com/ilrn/takeAssignment/takeAssignment Main.do?invoker=&take AssignmentSession Locator-assignment-take&inprogress=false Sales CengageNOWv2 | Online teac x If required, round interim per-unit calculations to the nearest cent. Feedback ✓ Cost of goods sold Gross profit Selling and administrative expenses Check My Work 142,000 95,000 a. Prepare an income statement according to the absorption costing concept. Gallatin County Motors Inc. Absorption Costing Income Statement For the Month Ended July 31 $172,500 66,800 Assignment Score: 83.87% Cengage Learning $1,280,000 ✓ 888,000 X 239,300 ✓ 1,113,000 239,300 x + Correct Check My Work a. Under absorption costing, the cost of goods manufactured includes direct materials, direct labor, and factory overhead costs. Both fixed and variable factory costs are included as part of factory avachand All work saved. Email Instructor 12 Previous Next :> Save and Exit Submit Assignment for Grading ⠀ (?
Transcribed Image Text:D21 6-1 Problem Set: Module Six - x Variable factory overhead Fixed factory overhead Selling and administrative expenses: Variable selling and administrative expenses Fixed selling and administrative expenses ← → C v2.cengagenow.com/ilrn/takeAssignment/takeAssignment Main.do?invoker=&take AssignmentSession Locator-assignment-take&inprogress=false Sales CengageNOWv2 | Online teac x If required, round interim per-unit calculations to the nearest cent. Feedback ✓ Cost of goods sold Gross profit Selling and administrative expenses Check My Work 142,000 95,000 a. Prepare an income statement according to the absorption costing concept. Gallatin County Motors Inc. Absorption Costing Income Statement For the Month Ended July 31 $172,500 66,800 Assignment Score: 83.87% Cengage Learning $1,280,000 ✓ 888,000 X 239,300 ✓ 1,113,000 239,300 x + Correct Check My Work a. Under absorption costing, the cost of goods manufactured includes direct materials, direct labor, and factory overhead costs. Both fixed and variable factory costs are included as part of factory avachand All work saved. Email Instructor 12 Previous Next :> Save and Exit Submit Assignment for Grading ⠀ (?
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