FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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### Sam Darnold Company Operational Data **Product Information:** - Selling Price per Unit: $119 **Production and Sales Data:** - Units in Beginning Inventory: 370 - Units Produced: 6,420 - Units Sold: 6,330 - Units in Ending Inventory: 460 **Variable Costs per Unit:** - Direct Materials: $42 - Direct Labor: $21 - Variable Manufacturing Overhead: $5 - Variable Selling and Administrative Expense: $2 **Fixed Costs:** - Fixed Manufacturing Overhead: $141,240 - Fixed Selling and Administrative Expense: $6,970 The company maintains a constant production rate each month, although sales fluctuate. Variable costs per unit and total fixed costs remain consistent. **Required Tasks:** a. Prepare a contribution format income statement for the month using variable costing. b. Prepare an income statement for the month using absorption costing. **Instructions:** You are to complete the contribution format income statement using the provided data by considering variable and fixed expenses separately. **Variable Costing Income Statement:** - **Variable Expenses:** - List all operational costs that vary with production volume. - **Fixed Expenses:** - Outline all costs that remain constant regardless of production changes. Use the tabs provided to input your calculated values for each section of the income statement. This exercise demonstrates the differences in profit calculation between variable and absorption costing methods.
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Transcribed Image Text:### Sam Darnold Company Operational Data **Product Information:** - Selling Price per Unit: $119 **Production and Sales Data:** - Units in Beginning Inventory: 370 - Units Produced: 6,420 - Units Sold: 6,330 - Units in Ending Inventory: 460 **Variable Costs per Unit:** - Direct Materials: $42 - Direct Labor: $21 - Variable Manufacturing Overhead: $5 - Variable Selling and Administrative Expense: $2 **Fixed Costs:** - Fixed Manufacturing Overhead: $141,240 - Fixed Selling and Administrative Expense: $6,970 The company maintains a constant production rate each month, although sales fluctuate. Variable costs per unit and total fixed costs remain consistent. **Required Tasks:** a. Prepare a contribution format income statement for the month using variable costing. b. Prepare an income statement for the month using absorption costing. **Instructions:** You are to complete the contribution format income statement using the provided data by considering variable and fixed expenses separately. **Variable Costing Income Statement:** - **Variable Expenses:** - List all operational costs that vary with production volume. - **Fixed Expenses:** - Outline all costs that remain constant regardless of production changes. Use the tabs provided to input your calculated values for each section of the income statement. This exercise demonstrates the differences in profit calculation between variable and absorption costing methods.
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