Income Statements under Absorption Costing and Variable Costing Fresno Industries Inc. manufactures and sells high-quality camping tents. The company began operations on January 1 and operated at 100% of capacity (163,000 units) during the first month, creating an ending inventory of 15,000 units. During February, the company produced 148,000 units during the month but sold 163,000 units at $520 per unit. The February manufacturing costs and selling and administrative expenses were as follows:   Number of Units Unit Cost Total Cost Manufacturing costs in February 1 beginning inventory:           Variable 15,000 $260.00 $3,900,000     Fixed 15,000 24.00 360,000       Total   $284.00 $4,260,000 Manufacturing costs in February:           Variable 148,000 $260.00 $38,480,000     Fixed 148,000 27.70 4,099,600       Total   $287.70 $42,579,600 Selling and administrative expenses in February:           Variable 163,000 $18.50 $3,015,500     Fixed 163,000 4.00 652,000       Total   $22.50 $3,667,500 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.     Open spreadsheet   a.  Prepare an income statement according to the absorption costing concept for the month ending February 28. Line Item Description Amount Amount     $fill in the blank 3 Cost of goods sold:       $fill in the blank 5       fill in the blank 7         fill in the blank 9     $fill in the blank 11       fill in the blank 13     $fill in the blank 15 b.  Prepare an income statement according to the variable costing concept for the month ending February 28. Line Item Description Amount Amount     $fill in the blank 17      fill in the blank 19     $fill in the blank 21      fill in the blank 23     $fill in the blank 25 Fixed costs:       $fill in the blank 27       fill in the blank 29        fill in the blank 31

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Diego Company manufactures one product that is sold for $72 per unit in two geographic regions-the East and West regions. The following information pertains to the company's first year of operations in which it produced 55,000 units and sold 50,000 units. Variable costs per unit: Manufacturing: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year: Profit will Fixed manufacturing overhead Fixed selling and administrative expense $ 23 $ 14 $3 $5 The company sold 37,000 units in the East region and 13,000 units in the West region. It determined that $290,000 of its fixed selling and administrative expense is traceable to the West region, $240,000 is traceable to the East region, and the remaining $77,000 is a common fixed expense. The company will continue to incur the total amount of its fixed manufacturing overhead costs as long as it continues to produce any amount of its only product. $ 770,000 $ 607,000 15. Assume the…

Highland Company produces a lightweight backpack that is popular with college students. Standard variable costs relating to a single backpack are given below: Direct materials Direct labor variable manufacturing overhead Total standard cost per unit Standard Quantity or Hours ? ? ? Materials Used $ 6,720 $ 5,355 standard Price or Rate $4.00 per yard Overhead is applied to production on the basis of direct labor-hours. During March, 420 backpacks were manufactured and sold. Selected Information relating to the month's production is given below: ? $ 420 U Total standard cost allowed* Actual costs incurred. Materials price variance Materials quantity variance Labor rate variance Labor efficiency variance Variable overhead rate variance Variable overhead efficiency variance *For the month's production. The following additional Information is available for March's production: Actual direct labor-hours Difference between standard and actual cost per backpack produced during March ? $2 per…

Diego Company manufactures one product that is sold for $77 per unit in two geographic regions—the East and West regions. The following information pertains to the company’s first year of operations in which it produced 59,000 units and sold 54,000 units.   Variable costs per unit:   Manufacturing:   Direct materials $ 27 Direct labor $ 10 Variable manufacturing overhead $ 2 Variable selling and administrative $ 3 Fixed costs per year:   Fixed manufacturing overhead $ 1,298,000 Fixed selling and administrative expense $ 662,000   The company sold 41,000 units in the East region and 13,000 units in the West region. It determined that $330,000 of its fixed selling and administrative expense is traceable to the West region, $280,000 is traceable to the East region, and the remaining $52,000 is a common fixed expense. The company will continue to incur the total amount of its fixed manufacturing overhead costs as long as it continues to produce any amount of its only…