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Managerial Accounting: The Corners...
Solutions
Managerial Accounting: The Corners...
Variable-Costing Income Statement
Refer to the data for Osterman Company on the previous page.
Required:
- 1. Calculate the cost of goods sold under variable costing.
- 2. Prepare an income statement using variable costing.
Use the following information for Brief Exercises 3-23 and 3-24:
During the most recent year, Osterman Company had the following data:
1.
Compute the value of cost of goods sold with the help of variable costing.
Cost of Goods Sold:
Cost of goods sold can be defined as the cost incurred in manufacturing the goods that are sold during a time period. It includes all direct costs such as direct material and labor cost and excludes all types of indirect expenses, such as selling and distribution expenses.
Use the following formula to calculate the value of costs of goods sold:
Substitute $19 for cost of per unit produced and 9,300 units for units sold in the above formula
2.
Construct an income statement with the help of variable costing.
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