accounting
On January 1 of the current year, Townsend Co. commenced operations. It operated its plant at 100% of capacity during January. The following data summarized the results for January:
| Units | ||
| Production | 50,000 | |
| Sales ($18 per unit) | 42,000 | |
| Inventory, January 31 | 8,000 | |
| Manufacturing costs: | ||
| Variable | $575,000 | |
| Fixed | 80,000 | |
| Total | $655,000 | |
| Selling and administrative expenses: | ||
| Variable | $35,000 | |
| Fixed | 10,500 | |
| Total | $45,500 |
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accounting
On January 1 of the current year, Townsend Co. commenced operations. It operated its plant at 100% of capacity during January. The following data summarized theresults for January:UnitsProduction50,000Sales ($18 per unit)42,000Inventory, January 318,000Manufacturing costs:Variable$575,000Fixed80,000Total$655,000Selling and administrative expenses:Variable$ 35,000Fixed10,500Total$ 45,500(a) Prepare an income statement using absorption costing.(b) Prepare an income statement using variable costing.
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Shawnee Motors Inc. assembles and sells MP3 players. The company began operations on August 1 and...
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Sims company began operations on January 1. Its cost and sales information for this year f
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Whitman Company has just completed its first year of operations. The company’s absorption costing income statement...
Whitman Company has just completed its first year of operations.
The company’s absorption costing income statement for the year
appears below:
Whitman Company
Income Statement
Sales (42,000 units
× $41.10 per unit)
$
1,726,200
Cost of goods sold
(42,000 units × $21 per unit)
882,000
Gross margin
844,200
Selling and
administrative expenses
525,000
Net operating
income
$
319,200
The company’s selling and administrative expenses consist of
$315,000 per year in fixed expenses and $5 per unit sold in...
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Shawnee Motors Inc. assembles and sells MP3 players. The company began operations on August 1 and operated at 100% of capacity during the first month. The following data summarize the results for August: Sales (8,000 units) $1,200,000 Production costs (10,000 units): Direct materials $555,000 Direct labor 266,000 Variable factory overhead 133,000 Fixed factory overhead 89,000 1,043,000 Selling and administrative expenses: Variable selling and administrative expenses $161,700 Fixed selling and administrative expenses 62,600 224,300 If required, round interim per-unit calculations to...
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Whitman Company has just completed its first year of operations.
The company’s absorption costing income statement for the year
appears below:
Whitman Company
Income Statement
Sales (42,000 units
× $41.10 per unit)
$
1,726,200
Cost of goods sold
(42,000 units × $21 per unit)
882,000
Gross margin
844,200
Selling and
administrative expenses
525,000
Net operating
income
$
319,200
The company’s selling and administrative expenses consist of
$315,000 per year in fixed expenses and $5 per unit sold in...
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