2a. Prepare income statement for July using the variable costing concept. Head Gear Inc. Variable Costing Income Statement For the Month Ended July 31 Sales 296,240 V Variable cost of goods sold: Variable cost of goods manufactured 244,080 Inventory, July 31 11,900 X Total variable cost of goods sold Manufacturing margin Variable selling and administrative expenses Contribution margin Fixed costs: Fixed manufacturing costs 20,340 Fixed selling and administrative expenses 11,750 Total fixed costs 32,090 Operating income Fendack

Cost of Goods Manufactured, using Variable Costing and Absorption Costing On December 31, the end of the first year of operations, Frankenreiter Inc., manufactured 1,800 units and sold 1,500 units. The following income statement was prepared, based on the variable costing concept: Frankenreiter Inc.Variable Costing Income StatementFor the Year Ended December 31, 20Y1 Sales   $780,000   Variable cost of goods sold:     Variable cost of goods manufactured $450,000      Inventory, December 31 (75,000)     Total variable cost of goods sold   375,000   Manufacturing margin   $405,000   Total variable selling and administrative expenses   93,000   Contribution margin   $312,000   Fixed costs:     Fixed manufacturing costs $205,200      Fixed selling and administrative expenses 63,000        Total fixed costs     268,200   Income from operations   $43,800   Determine the unit cost of goods manufactured, based on (a) the variable costing concept and (b) the…

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Variable Costing Income Statement On April 30, the end of the first month of operations, Joplin Company prepared the following income statement, based on the absorption costing concept: Joplin CompanyAbsorption Costing Income StatementFor the Month Ended April 30 Sales (6,600 units)   $178,200    Cost of goods sold:     Cost of goods manufactured (7,700 units) $146,300      Inventory, April 30 (1,100 units) (20,900)     Total cost of goods sold   (125,400)   Gross profit   $52,800    Selling and administrative expenses   (32,280)   Operating income   $20,520    If the fixed manufacturing costs were $39,501 and the fixed selling and administrative expenses were $15,810, prepare an income statement according to the variable costing concept. Round all final answers to whole dollars. Joplin CompanyVariable Costing Income StatementFor the Month Ended April 30     $Sales Variable cost of goods sold:       $Variable cost of goods manufactured…

Michie Company's management accountant prepared the following income statement relating to its second year of operations using the absorption costing format: Michie Company Income Statement (Absorption Costing) Year Ended December 31, Year 2 Sales Cost of goods sold: Beginning inventory Variable and fixed manufacturing costs Cost of goods available for sale Less ending inventory Total cost of goods sold Gross margin Less operating costs: Variable selling and administrative costs Fixed selling and administrative costs Net income (50,000 x $ 20.00) (10,000 $ 10.00*) (45,000 x $ 10.00*) (55,000 $10.00) (5,000 * $ 10.00) $ 1,000,000 $ 100,000 450,000 550,000 50,000 (500,000) $ 500,000 (50,000 x $ 2.00) $ 100,000 150,000 Variable manufacturing costs of $8.00 plus fixed manufacturing costs of $2.00. (250,000) $ 250,000

On October 31, the end of the first month of operations, Maryville Equipment Company pre- pared the following income statement, based on the variable costing concept: Maryville Equipment Company Variable Costing Income Statement For the Month Ended October 31 Sales (220,000 units).... $ 7,920,000 Variable cost of goods sold: Variable cost of goods manufactured . Inventory, October 31 (45,000 units) .. Total variable cost of goods sold... Manufacturing margin....... Variable selling and administrative expenses $ 6,360,000 (1,080,000) (5,280,000) $ 2,640,000 (330,000) $ 2,310,000 Contribution margin... Fixed costs: Fixed manufacturing costs ... Fixed selling and administrative expenses.. $ 530,000 100,000 Total fixed costs.... (630,000) $ 1,680,000 Operating income... Prepare an income statement under absorption costing.

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am. 132.