Cost of Goods Manufactured, using Variable Costing and Absorption Costing On December 31, the end of the first year of operations, Frankenreiter Inc., manufactured 1,900 units and sold 1,600 units. The following income statement was prepared, based on the variable costing concept: Frankenreiter Inc. Variable Costing Income Statement For the Year Ended December 31, 20Y1 Sales   $608,000   Variable cost of goods sold:     Variable cost of goods manufactured $345,800      Inventory, December 31 (54,600)     Total variable cost of goods sold   291,200   Manufacturing margin   $316,800   Total variable selling and administrative expenses   73,600   Contribution margin   $243,200   Fixed costs:     Fixed manufacturing costs $159,600      Fixed selling and administrative expenses 48,000        Total fixed costs     207,600   Income from operations   $35,600   Determine the unit cost of goods manufactured, based on (a) the variable costing concept and (b) the absorption costing concept. Variable costing $fill in the blank 1 Absorption costing $fill in the blank 2

On November 30, the end of the first month of operations, Weatherford Company prepared the following income statement, based on the absorption costing concept: Weatherford Company Absorption Costing Income Statement For the Month Ended November 30 Sales (6,100 units) Cost of goods sold: Cost of goods manufactured (7,000 units) Inventory, November 30 (1,000 units) Total cost of goods sold Gross profit $161,000 Sales Variable cost of goods sold: Variable cost of goods manufactured Inventory, November 30 (23,000) $201,300 138,000 $63,300 Selling and administrative expenses 35,910 Income from operations $27,390 Assume the fixed manufacturing costs were $38,640 and the fixed selling and administrative expenses were $17,590 Prepare an income statement according to the variable costing concept. Round all final answers to whole dollars. Weatherford Company Variable Costing Income Statement For the Month Ended November 30 201,300

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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.

Variable Costing Income Statement On April 30, the end of the first month of operations, Jopl Company prepared the following income statement, based on the absorption costing concept: Joplin Company Absorption Costing Income Statement For the Month Ended April 30 Sales (4,600 units) Cost of goods sold: Cost of goods manufactured (5,200 units) Inventory, April 30 (700 units) Total cost of goods sold Gross profit Selling and administrative expenses Operating income Joplin Company Variable Costing Income Statement For the Month Ended April 30 Variable cost of goods sold: If the fixed manufacturing costs were $29,484 and the fixed selling and administrative expenses were $12,590, prepare an income statement according to the variable costing concept. Round all final answers to whole dollars. 1:110 $109,200 (14,700) Fixed costs: $138,000 (94,500) $43,500 (25,700) $17,800

2. On February 28, the end of the first month of operations, Kibitz Computer Technology prepared the following income statement, based on the variable costing concept: Kibitz Computer Technology Variable Costing Income Statement For the Month Ended February 28 Sales (250,000 units) 2$ 67,000,000 Variable cost of goods sold: Variable cost of goods manufactured $ 46,000,000 Inventory, February 28 (5,500,000) Total variable cost of goods sold 40,500,000 Manufacturing margin 2$ 26,500,000 Total variable selling and admin. expenses 2,400,000 Contribution margin 2$ 24,100,000 Fixed Costs Fixed manufacturing costs $ 8,500,000 Fixed selling and admin. Expenses 375,000 Total fixed costs 8,875,000 Income from operations 15,225,000 Prepare an income statement under absorption costing.

Absorption Statement Absorption costing does not distinguish between variable and fixed costs. All manufacturing costs are included in the cost of goods sold. Saxon, Inc.Absorption Costing Income StatementFor the Year Ended December 31 Sales   $1,200,000  Cost of goods sold:       Cost of goods manufactured $840,000      Ending inventory (168,000)       Total cost of goods sold   (672,000) Gross profit   $528,000  Selling and administrative expenses   (289,000) Operating income   $239,000  Variable Statement Under variable costing, the cost of goods manufactured includes only variable manufacturing costs. This type of income statement includes a computation of manufacturing margin. Saxon, Inc.Variable Costing Income StatementFor the Year Ended December 31 Sales   $1,200,000  Variable cost of goods sold:       Variable cost of goods manufactured $600,000      Ending inventory (120,000)       Total variable cost of goods sold   (480,000) Manufacturing…

Absorption costing does not distinguish between variable and fixed costs. All manufacturing costs are included in the cost of goods sold. Saxon, Inc.Absorption Costing Income StatementFor the Year Ended December 31 Sales   $1,200,000  Cost of goods sold:       Cost of goods manufactured $840,000      Ending inventory (210,000)       Total cost of goods sold   (630,000) Gross profit   $570,000  Selling and administrative expenses   (290,000) Operating income   $280,000  Variable Statement Under variable costing, the cost of goods manufactured includes only variable manufacturing costs. This type of income statement includes a computation of manufacturing margin. Saxon, Inc.Variable Costing Income StatementFor the Year Ended December 31 Sales   $1,200,000  Variable cost of goods sold:       Variable cost of goods manufactured $600,000      Ending inventory (150,000)       Total variable cost of goods sold   (450,000) Manufacturing margin   $750,000…