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Sales Variable Costing Income Statement Beginning Inventory Cost of Goods Manufactured Cost of Goods Available for Sale Ending Inventory - V Cost of Goods Sold Gross Profit ✓ - V Variable Sales and Administrative Expenses Contribution Margin Fixed Sales and Administrative Expenses Fixed Manufacturing Overhead -V Total Sales and Administrative Expenses Net Operating Income -V Reconciliation: Net Operating Income: Variable - V

Sales Variable Costing Income Statement Beginning Inventory Cost of Goods Manufactured Cost of Goods Available for Sale Ending Inventory - V Cost of Goods Sold Gross Profit ✓ - V Variable Sales and Administrative Expenses Contribution Margin Fixed Sales and Administrative Expenses Fixed Manufacturing Overhead -V Total Sales and Administrative Expenses Net Operating Income -V Reconciliation: Net Operating Income: Variable - V

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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Happy Trails has the following information for its manufacturing: Direct Materials Direct Labor Variable Manufacturing Overhead Fixed Manufacturing Overhead $24 Units Produced 27,000 Units Sold 19,000 Its income statement under absorption costing is: Sales Beginning Inventory Cost of Goods Manufactured Cost of Goods Available for Sale -Ending Inventory Cost of Goods Sold $16 $16 $2 Gross Profit -Sales and Admin, Expenses: Variable Fixed Total Sales and Admin. Expenses Net Operating Income $1,901,000 $0 1,566,000 $1,566,000 464,000 $1,102,000 $799,000 $152,000 200,000 $352,000 $447,000 Prepare an income statement with variable costing and a reconciliation statement between both methods. If an amount box does not require an entry, leave it blank.
Transcribed Image Text:Happy Trails has the following information for its manufacturing: Direct Materials Direct Labor Variable Manufacturing Overhead Fixed Manufacturing Overhead $24 Units Produced 27,000 Units Sold 19,000 Its income statement under absorption costing is: Sales Beginning Inventory Cost of Goods Manufactured Cost of Goods Available for Sale -Ending Inventory Cost of Goods Sold $16 $16 $2 Gross Profit -Sales and Admin, Expenses: Variable Fixed Total Sales and Admin. Expenses Net Operating Income $1,901,000 $0 1,566,000 $1,566,000 464,000 $1,102,000 $799,000 $152,000 200,000 $352,000 $447,000 Prepare an income statement with variable costing and a reconciliation statement between both methods. If an amount box does not require an entry, leave it blank.
Sales - V Beginning Inventory Cost of Goods Manufactured Cost of Goods Available for Sale Ending Inventory - V Cost of Goods Sold - V happy mom Variable Costing Income Statement Feedback - V Gross Profit Vanable Sales and Administrative Expenses Contribution Margin Fixed Sales and Administrative Expenses Fixed Manufacturing Overhead -V Total Sales and Administrative Expenses Net Operating Income - V Reconciliation: Net Operating Income: Variable - V Fixed Manufacturing Overhead Deferred in Inventory Net Operating Inceme: Absorption 100 000
Transcribed Image Text:Sales - V Beginning Inventory Cost of Goods Manufactured Cost of Goods Available for Sale Ending Inventory - V Cost of Goods Sold - V happy mom Variable Costing Income Statement Feedback - V Gross Profit Vanable Sales and Administrative Expenses Contribution Margin Fixed Sales and Administrative Expenses Fixed Manufacturing Overhead -V Total Sales and Administrative Expenses Net Operating Income - V Reconciliation: Net Operating Income: Variable - V Fixed Manufacturing Overhead Deferred in Inventory Net Operating Inceme: Absorption 100 000
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