Homework Answers
| 1 a&b) Absorption Costing: | |||||
| July | August | ||||
| Produced | 55000 | 47300 | |||
| Units sold | 51150 | 51150 | |||
| Sales | 895125 | 895125 | |||
| Less:COGS: | |||||
| DM | 401500 | 345290 | |||
| DL | 137500 | 118250 | |||
| VMC | 60500 | 52030 | |||
| FMC | 55000 | 55000 | |||
| Total manuf. Costs | 654500 | 570570 | |||
| less/add:Cl. Stock | -45815 | 45815 | 654500*3850/55000 | ||
| COGS | 608685 | 616385 | |||
| Gross Profit | 286440 | 278740 | |||
| Less:Selling & Admin expenses: | |||||
| Variable | 40920 | 40920 | |||
| Fixed | 25575 | 25575 | |||
| Total Selling & Adm exp.: | 66495 | 66495 | |||
| Net Operating Income | 219945 | 212245 | |||
| 2 a&b) Variable Costing: | |||||
| July | August | ||||
| Produced | 55000 | 47300 | |||
| Units sold | 51150 | 51150 | |||
| Sales | 895125 | 895125 | |||
| Less: Variable costs: | |||||
| DM | 373395 | 373395 | |||
| DL | 127875 | 127875 | |||
| VMC | 56265 | 56265 | |||
| Selling & Admin | 40920 | 40920 | |||
| Total variable Costs | 598455 | 598455 | |||
| Contribution | 296670 | 296670 | |||
| Less:Fixed Costs: | |||||
| manufacturing | 55000 | 55000 | |||
| Selling & Admin | 25575 | 25575 | |||
| Total Fixed Costs | 80575 | 80575 | |||
| Net Operating Income | 216095 | 216095 | |||
| 3a) For July, inocme from operations reported under Absorption costing exceeds that reported | |||||
| under Variable costing due ot part of the Fixed manufacturing costs that are expensed on the | |||||
| Variable costing income statement, but not on the Absorption costing income statement. | |||||
| 3b) for August, income from operations reported under Absorption costing is less than reported | |||||
| under Variable costing due to part of fixed manufacturing costs from july that are expensed on the | |||||
| Absorption costing income statement, but not on the Variable costing income statement. | |||||
| 4) Western Creations Company was profitable under the variable costing concept. The difference | |||||
| in income reporting under the absorption costing concept is due to allocating fixed costs to the | |||||
| closing stock. | |||||
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