Description of this paper

During the first month of operations ended May 31,...

Description

Solution


Question

During the first month of operations ended May 31, 2010, Dorm Room Appliance Company manufactured 10,300 microwaves, of which 9,700 were sold. Operating data for the month are summarized as follows: Prepare an income statement based on the absorption costing concept. Enter all amounts as positive numbers. DORM ROOM APPLIANCE COMPANY Absorption Costing Income Statement For the Month Ended May 31, 2010 Sales Cost of goods sold: Cost of goods manufactured Less inventory, May 31 Cost of goods sold Gross profit Selling and administrative expenses Income from operation Prepare an income statement based on the variable costing concept. Enter all amounts as positive numbers. DORM ROOM APPLIANCE COMPANY Variable Costing Income Statement For the Month Ended May 31, 2010 Sales Variable cost of goods sold: Variable cost of goods manufactured Less inventory, May 31 Variable cost of goods sold Manufacturing margin Variable selling and administrative expenses Contribution margin Fixed costs: Fixed manufacturing costs Fixed selling and administrative expenses Income from operations

 

Paper#11741 | Written in 18-Jul-2015

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