During the first month of operations ended July 31, YoSan Inc. manufactured 2,400 flat panel televisions, of which 2,000 were sold. Operating data for the month are summarized as follows: Sales $2,150,000 Manufacturing costs: Direct materials.... $960,000 Direct labor .. 420,000 Variable manufacturing cost Fixed manufacturing cost . Selling and administrative expenses: Variable ... 156,000 288,000 1,824,000 $204,000 Fixed. 96,000 300,000 1. Prepare an income statement based on the absorption costing concept. 2. Prepare an income statement based on the variable costing concept.
During the first month of operations ended July 31, YoSan Inc. manufactured 2,400 flat panel televisions, of which 2,000 were sold. Operating data for the month are summarized as follows: Sales $2,150,000 Manufacturing costs: Direct materials.... $960,000 Direct labor .. 420,000 Variable manufacturing cost Fixed manufacturing cost . Selling and administrative expenses: Variable ... 156,000 288,000 1,824,000 $204,000 Fixed. 96,000 300,000 1. Prepare an income statement based on the absorption costing concept. 2. Prepare an income statement based on the variable costing concept.
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...
Related questions
Question
100%
Pls help on number 1 and 2
Transcribed Image Text:During the first month of operations ended July 31, YoSan Inc. manufactured 2,400 flat panel
televisions, of which 2,000 were sold. Operating data for the month are summarized as follows:
Sales
$2,150,000
Manufacturing costs:
Direct materials....
$960,000
Direct labor ..
420,000
Variable manufacturing cost
Fixed manufacturing cost .
Selling and administrative expenses:
Variable ...
156,000
288,000
1,824,000
$204,000
Fixed.
96,000
300,000
1. Prepare an income statement based on the absorption costing concept.
2. Prepare an income statement based on the variable costing concept.
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 2 steps with 2 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
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
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
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning