Absorption and Variable Costing Income Statements for Two Months and Analysis
During the first month of operations ended July 31, Head Gear Inc. manufactured 28,200 hats, of which 26,200 were sold. Operating data for the month are summarized as follows:
Sales | $251,520 | |||
Manufacturing costs: | ||||
Direct materials | $155,100 | |||
Direct labor | 39,480 | |||
Variable manufacturing cost | 19,740 | |||
Fixed manufacturing cost | 16,920 | 231,240 | ||
Selling and administrative expenses: | ||||
Variable | $13,100 | |||
Fixed | 9,560 | 22,660 |
During August, Head Gear Inc. manufactured 24,200 hats and sold 26,200 hats. Operating data for August are summarized as follows:
Sales | $251,520 | |||
Manufacturing costs: | ||||
Direct materials | $133,100 | |||
Direct labor | 33,880 | |||
Variable manufacturing cost | 16,940 | |||
Fixed manufacturing cost | 16,920 | 200,840 | ||
Selling and administrative expenses: | ||||
Variable | $13,100 | |||
Fixed | 9,560 | 22,660 |
Required:
2a. Prepare income statement for July using the variable costing concept.
Head Gear Inc. | ||
Variable Costing Income Statement | ||
For the Month Ended July 31 | ||
$ | ||
Variable cost of goods sold: | ||
$ | ||
$ | ||
$ | ||
Fixed costs: | ||
$ | ||
$ |
2b. Prepare income statement for August using the variable costing concept.
Head Gear Inc. | ||
Variable Costing Income Statement | ||
For the Month Ended August 31 | ||
$ | ||
Variable cost of goods sold: | ||
$ | ||
$ | ||
$ | ||
Fixed costs: | ||
$ | ||
$ |
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