FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Inventory Accounting
Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.
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Allard Manufacturing Company established the following standard price and cost data. Sales price Variable manufacturing cost Fixed manufacturing cost Fixed selling and administrative cost $8.20 per unit $ 3.10 per unit $2,600 total $ 800 total Allard planned to produce and sell 2,200 units. Actual production and sales amounted to 2,400 units.
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Transcribed Image Text:Allard Manufacturing Company established the following standard price and cost data. Sales price Variable manufacturing cost Fixed manufacturing cost Fixed selling and administrative cost $8.20 per unit $ 3.10 per unit $2,600 total $ 800 total Allard planned to produce and sell 2,200 units. Actual production and sales amounted to 2,400 units.
Required a. Prepare the pro forma income statement in contribution format that would appear in a master budget. ALLARD MANUFACTURING COMPANY Pro Forma Income Statement Sales Variable selling and administrative Contribution margin Fixed selling and administrative Net income Master Budget 2,200 Units $ $ 19,680 7,440 12,240 3,400 8,840 b. Prepare the pro forma income statement in contribution format that would appear in a flexible budget. ALLARD MANUFACTURING COMPANY Pro Forma Income Statement Flexible Budget 2,400 Units
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Transcribed Image Text:Required a. Prepare the pro forma income statement in contribution format that would appear in a master budget. ALLARD MANUFACTURING COMPANY Pro Forma Income Statement Sales Variable selling and administrative Contribution margin Fixed selling and administrative Net income Master Budget 2,200 Units $ $ 19,680 7,440 12,240 3,400 8,840 b. Prepare the pro forma income statement in contribution format that would appear in a flexible budget. ALLARD MANUFACTURING COMPANY Pro Forma Income Statement Flexible Budget 2,400 Units
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Step 2: 1. Pro Forma Income Statement - Master Budget
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Step 3: 2. Pro Forma Income Statement - Flexible Budget
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