Please do not give solution in image format thanku On January 1 of the current year, Townsend Co. commenced operations. It operated its plant at 100% of capacity during January. The following data summarized the results for January:ProductionSales ($18 per unit)Inventory, January 31Manufacturing costs:VariableFixedTotalSelling and administrative expenses:VariableFixedTotalUnits50,000(42,000)8,000$575,00080,000$655,000$35,00010,500$45,500 a. Prepare an income statement using absorption costing.Townsend Co.Absorption Costing Income StatementFor the Month Ended January 31SalesCost of goods sold:Gross profitSelling and administrative expensesOperating incomeb. Prepare an income statement using variable costing.Townsend Co.Variable Costing Income StatementFor the Month Ended January 31Variable cost of goods sold:Fixed costs:Operating income8

The income statement is prepared to record the revenue and expenses for the current period. The…

On January 1 of the current year, Townsend Co. commenced operations. It operated its plant at 100% of capacity during January. The following data summarized the results for January: Production Sales (518 per unit) Inventory, January 31 Manufacturing costs: Variable Fixed Total Selling and administrative expenses Variable Total Units 50,000 (42,000) 8,000 $575,000 80,000 $655.000 $35.000 10,500 $45,500

On January 1 of the current year, Townsend Co. commenced operations. It operated its plant at 100% of capacity during January. The following data summarized the results for January: Production Sales (518 per unit) Inventory, January 31 Manufacturing costs: Variable Fixed Total Selling and administrative expenses Variable Total Units 50,000 (42,000) 8,000 $575,000 80,000 $655.000 $35.000 10,500 $45,500

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter2: Job Order Costing

Section: Chapter Questions

Problem 6BE: Cost of goods sold Pine Creek Company completed 200,000 units during the year at a cost of...

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Cost of goods sold Pine Creek Company completed 200,000 units during the year at a cost of 3,000,000. The beginning finished goods inventory was 25,000 units at 310,000. Determine the cost of goods sold for 210,000 units, assuming a FIFO cost flow.
On January 1 of the current year, Townsend Co. commenced operations. It operated its plant at 100% of capacity during January. The following data summarized the results for January: Production Sales ($18 per unit) Inventory, January 31 Manufacturing costs: Variable Fixed Total Selling and administrative expenses: Variable Fixed Total Cost of goods sold: Units 50,000 (42,000) 8,000 Operating income $575,000 80,000 $655,000 a. Prepare an income statement using absorption costing. Townsend Co. Absorption Costing Income Statement For the Month Ended January 31 Line Item Description Amount Amount $35,000 10,500 $45,500
On January 1 of the current year, Townsend Co. commenced operations. It operated its plant at 100% of capacity during January. The following data summarized the results for January: Line Item Description Units Production 50,000 Sales ($18 per unit) (42,000) Inventory, January 31 8,000 Manufacturing costs: Amount Variable $575,000 Fixed 80,000 Total $655,000 Selling and administrative expenses: Amount Variable $35,000 Fixed 10,500 Total $45,500 Question Content Area a. Prepare an income statement using absorption costing. Townsend Co. Absorption Costing Income Statement For the Month Ended January 31 Line Item Description Amount Amount $- Select - Cost of goods sold: $- Select - - Select - - Select - $- Select - - Select - Operating income $Operating income Question Content Area b. Prepare an income statement using variable costing. Townsend Co. Variable Costing Income Statement For the Month Ended January 31 Line Item Description Amount Amount $-…
On January 1 of the current year, Townsend Co. commenced operations. It operated its plant at 100% of capacity during January. The following data summarized the results for January: Units Production 50,000 Sales ($18 per unit) (42,000) Inventory, January 31 8,000 Manufacturing costs: Variable $575,000 Fixed 80,000 Total $655,000 Selling and administrative expenses: Variable $35,000 Fixed 10,500 Total $45,500 a. Prepare an income statement using absorption costing. Townsend Co. Absorption Costing Income Statement For the Month Ended January 31 Next
On January 1 of the current year, Townsend Co. commenced operations. It operated its plant at 100% of capacity during January. The following data summarized the results for January: Units Production 50,000 Sales ($18 per unit) (42,000) Inventory, January 31 8,000 Manufacturing costs: Variable $575,000 Fixed 80,000 Total $655,000 Selling and administrative expenses: Variable $35,000 Fixed 10,500 Total $45,500 a. Prepare an income statement using absorption costing. Townsend Co. Absorption Costing Income Statement For the Month Ended January 31 $fill in the blank 9631bb05c073fa8_2 Cost of goods sold: $fill in the blank 9631bb05c073fa8_4 fill in the blank 9631bb05c073fa8_6 fill in the blank 9631bb05c073fa8_8 $fill in the blank 9631bb05c073fa8_10 fill in the blank 9631bb05c073fa8_12 Operating income $fill in the blank…
On January 1 of the current year, Townsend Co. commenced operations. It operated its plant at 100% of capacity during January. The following data summarIzed the results for January: Units Production 50,000 Sales ($18 per unit) (42,000) Inventory, January 31 8,000 Manufacturing costs: Variable $575,000 Fixed 80,000 Total $655,000 Selling and administrative expenses: Variable $35,000 Fixed 10,500 Total $45,500 a. Prepare an income statement using absorption costing.
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MV Company showed cost of goods sold of P4,320,000 in the statement of comprehensive income after the first year of operations. The total manufacturing cost comprised the following: Materials used 50% Direct labor incurred 30% Manufacturing overhead 20% Goods in process at year-end amounted to 10% of the total manufacturing cost. Finished goods at year-end amounted to 20% of the cost of goods manufactured. What is the amount of the direct labor cost incurred?