Wariable Costing Lindquist Company has the following information for February: Sales $690,000 Variable cost of goods sold 324,300 Fixed manufacturing costs 117,300 Variable selling and administrative expenses 62,100 Fixed selling and administrative expenses 41,400 Determine the following for Lindquist Company for the month of February: a. Manufacturing margin b. Contribution margin c. Operating income 365,700

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Absorption and Variable Costing Income Statements for Two Months and Analysis During the first month of operations ended July 31, Head Gear Inc. manufactured 29,300 hats, of which 27,800 were sold. Operating data for the month are summarized as follows: Sales   $177,920   Manufacturing costs:     Direct materials $105,480     Direct labor 29,300     Variable manufacturing cost 11,720     Fixed manufacturing cost 11,720   158,220   Selling and administrative expenses:     Variable $8,340     Fixed 6,090   14,430   During August, Head Gear Inc. manufactured 26,300 hats and sold 27,800 hats. Operating data for August are summarized as follows: Sales   $177,920   Manufacturing costs:     Direct materials $94,680     Direct labor 26,300     Variable manufacturing cost 10,520     Fixed manufacturing cost 11,720   143,220   Selling and administrative expenses:     Variable $8,340     Fixed 6,090   14,430   Required: 1a.  Prepare income…

Cost of Goods Manufactured, using Variable Costing and Absorption Costing On March 31, the end of the first month of operations, Barnard Inc. manufactured 15,000 units and sold 12,000 units. The following income statement was prepared, based on the variable costing concept: Barnard Inc. Variable Costing Income Statement For the Year Ended March 31, 20Y1 Sales $2,160,000 Variable cost of goods sold: Variable cost of goods manufactured $1,620,000 Inventory, March 31 (324,000) Total variable cost of goods sold (1,296,000) Manufacturing margin $864,000 Total variable selling and administrative expenses (96,000) Contribution margin $768,000 Fixed costs: Fixed manufacturing costs $210,000 Fixed selling and administrative expenses 45,000 Total fixed costs (255,000) $513,000 Operating income Determine the unit cost of goods manufactured, based on (a) the variable costing concept and (b) the absorption costing concept.

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 Company Absorption Costing Income Statement For the Month Ended April 30 Sales (6, 100 units) $201, 300 Cost of goods sold: Cost of goods manufactured (7, 100 units) $163,300 Inventory, April 30 (1,000 units) (23,000) Total cost of goods sold (140, 300) Gross profit $61,000 Selling and administrative expenses (36,830) Operating income $24, 170 If the fixed manufacturing costs were $ 44,091 and the fixed selling and administrative expenses were $18, 040, prepare an income statement according to the variable costing concept. Round all final answers to whole dollars. Joplin Company Variable Costing Income Statement For the Month Ended April 30 $Sales Variable cost of goods sold: $- Select - - Select - - Select - $- Select - - Select - $ - Select - Fixed costs: $Variable cost of goods sold Fixed…

Marley Company has the following information for March: Sales $912,000 Variable cost of goods sold 474,000 Fixed manufacturing costs 82,000 Variable selling and administrative expenses 238,100 Fixed selling and administrative expenses 54,700 Determine the following for Marley Company for the month of March: a.  Manufacturing margin $fill in the blank 1 b.  Contribution margin $fill in the blank 2 c.  Operating income $fill in the blank 3

A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations: Selling price Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expense Fixed costs: Fixed manufacturing overhead Fixed selling and administrative expense 154 2,560 2,230 330 51 24 $. 15 16 $92,160 $11,150 The tegross margin for the month under absorption costing is: Multiple Chotce $62.440 S15.610, K Prev 4: of 10 Next > ere to search

Franklin Modems, Inc. makes modem cards that are used In notebook computers. The company completed the following transactions during year 1. All purchases and sales were made with cash. 1. Acquired $820,000 of cash from the owners. 2. Purchased $305,900 of manufacturing equipment. The equipment has a $37,000 salvage value and a four-year useful life. 3. The company started and completed 5,700 modems. Direct materials purchased and used amounted to $47 per unit. 4. Direct labor costs amounted to $32 per unit. 5. The cost of manufacturing supplies used amounted to $11 per unit. 6. The company paid $57,800 to rent the manufacturing facility. 7. Franklin sold all 5,70e units at a cash price of $155 per unit. 8. The sales staff was paid a $9.50 per unit sales commission. 9. Paid $46,eee to purchase equipment for administrative offices. The equipment was expected to have a $3,700 salvage value and a three-year useful life. 10. Administrative expenses consisting of office rental and salaries…

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 Company Absorption Costing Income Statement For the Month Ended April 30 Sales (5,600 units) Cost of goods sold: Cost of goods manufactured (6,600 units) Inventory, April 30 (900 units) Total cost of goods sold Gross profit Selling and administrative expenses Operating income Variable cost of goods sold: $138,600 (18,900) Fixed costs: $162,400 If the fixed manufacturing costs were $30,492 and the fixed selling and administrative expenses were $12,600, prepare an income statement according to the variable costing concept. Round all final answers to whole dollars. Joplin Company Variable Costing Income Statement For the Month Ended April 30 (119,700) $42,700 (25,720) $16,980

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