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 m The following data summarize the results for July: Sales (13,500 units) $1,485,000 Production costs (17,000 units): Direct materials $691,900 Direct labor 331,500 Variable factory overhead 166,600 Fixed factory overhead 110,500 1,300,500 Selling and administrative expenses: Variable selling and administrative expenses $201,600 Fixed selling and administrative expenses 78,000 279,600 If required, round interim per-unit calculations to the nearest cent. 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
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 m The following data summarize the results for July: Sales (13,500 units) $1,485,000 Production costs (17,000 units): Direct materials $691,900 Direct labor 331,500 Variable factory overhead 166,600 Fixed factory overhead 110,500 1,300,500 Selling and administrative expenses: Variable selling and administrative expenses $201,600 Fixed selling and administrative expenses 78,000 279,600 If required, round interim per-unit calculations to the nearest cent. 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
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter19: Variable Costing (varcost)
Section: Chapter Questions
Problem 2R: Open the file VARCOST from the website for this book at cengagebrain.com. Enter the formulas where...
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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 ma
The following data summarize the results for July:
Sales (13,500 units)
$1,485,000
Production costs (17,000 units):
Direct materials
$691,900
Direct labor
331,500
Variable factory overhead
166,600
Fixed factory overhead
110,500
1,300,500
Selling and administrative expenses:
Variable selling and administrative expenses
$201,600
Fixed selling and administrative expenses
78,000
279,600
If required, round interim per-unit calculations to the nearest cent.
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
%24
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Excel Applications for Accounting Principles
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ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning