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< During the first month of operations ended July 31, YoSan Inc. manufactured 9,800 flat panel televisions, of which 9,100 were sold. Operating data for the month are summarized as follows: Sales Manufacturing costs: Direct materials Direct labor Variable manufacturing cost $1,638,000 $833,000 245,000 215,600 Fixed manufacturing cost 107,800 1,401,400 Selling and administrative expenses: Variable $127,400 Fixed 58,600 186,000 Required: 1. Prepare an income statement based on the absorption costing concept. YoSan Inc. Absorption Costing Income Statement For the Month Ended July 31 Line Item Description Sales Cost of goods sold: Amount Amount 1,638,000 Cost of goods manufactured 1,401,400 Inventory, July 31 Total cost of goods sold Gross profit Previous Next

< During the first month of operations ended July 31, YoSan Inc. manufactured 9,800 flat panel televisions, of which 9,100 were sold. Operating data for the month are summarized as follows: Sales Manufacturing costs: Direct materials Direct labor Variable manufacturing cost $1,638,000 $833,000 245,000 215,600 Fixed manufacturing cost 107,800 1,401,400 Selling and administrative expenses: Variable $127,400 Fixed 58,600 186,000 Required: 1. Prepare an income statement based on the absorption costing concept. YoSan Inc. Absorption Costing Income Statement For the Month Ended July 31 Line Item Description Sales Cost of goods sold: Amount Amount 1,638,000 Cost of goods manufactured 1,401,400 Inventory, July 31 Total cost of goods sold Gross profit Previous Next

FINANCIAL ACCOUNTING
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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< During the first month of operations ended July 31, YoSan Inc. manufactured 9,800 flat panel televisions, of which 9,100 were sold. Operating data for the month are summarized as follows: Sales Manufacturing costs: Direct materials Direct labor Variable manufacturing cost $1,638,000 $833,000 245,000 215,600 Fixed manufacturing cost 107,800 1,401,400 Selling and administrative expenses: Variable $127,400 Fixed 58,600 186,000 Required: 1. Prepare an income statement based on the absorption costing concept. YoSan Inc. Absorption Costing Income Statement For the Month Ended July 31 Line Item Description Sales Cost of goods sold: Amount Amount 1,638,000 Cost of goods manufactured 1,401,400 Inventory, July 31 Total cost of goods sold Gross profit Previous Next
Transcribed Image Text:< During the first month of operations ended July 31, YoSan Inc. manufactured 9,800 flat panel televisions, of which 9,100 were sold. Operating data for the month are summarized as follows: Sales Manufacturing costs: Direct materials Direct labor Variable manufacturing cost $1,638,000 $833,000 245,000 215,600 Fixed manufacturing cost 107,800 1,401,400 Selling and administrative expenses: Variable $127,400 Fixed 58,600 186,000 Required: 1. Prepare an income statement based on the absorption costing concept. YoSan Inc. Absorption Costing Income Statement For the Month Ended July 31 Line Item Description Sales Cost of goods sold: Amount Amount 1,638,000 Cost of goods manufactured 1,401,400 Inventory, July 31 Total cost of goods sold Gross profit Previous Next
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