please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) 1. Smart Screen Corporation manufactures and sell 50-inch television sets. The sellingprice per unit is $2,500. A fixed manufacturing cost rate is computed at the end ofeach month by dividing the actual fixed manufacturing costs by the actualproduction units.Actual data relating to January and February 2019 are as follows:Unit DataBeginning unitsProductionSalesVariable costsManufacturing cost/unit producedOperating (Marketing) cost/unit soldFixed costsManufacturing costsOperating (Marketing) costsJanuary February01000700$900$600300800800$900$600$400,000 $400,000$140,000$140,000Required:1. Prepare income statements for big screen in January and February 2019 underabsorption costing.2. Prepare income statements for big screen in January and February 2019 undervariable costing.3. Reconcile the difference between the operating incomes under absorption andvariable costing for the months of January and February 2019.

The income under the variable costing is the income which has been very easy to determine as all the…

1. Prepare income statements for big screen in January and February 2019 under absorption costing. 2. Prepare income statements for big screen in January and February 2019 under variable costing. 3. Reconcile the difference between the operating incomes under absorption and variable costing for the months of January and February 2019.

1. Prepare income statements for big screen in January and February 2019 under absorption costing. 2. Prepare income statements for big screen in January and February 2019 under variable costing. 3. Reconcile the difference between the operating incomes under absorption and variable costing for the months of January and February 2019.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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