Homework Answers
| $ | ||||||||
| Unit product cost under absorption costing | 15 | |||||||
| Less: Fixed factory overhead | 3 | |||||||
| Unit product cost under variable costing | 12 | |||||||
| Income statement | ||||||||
| For the month ended March 31,20-- | ||||||||
| Absorption costing | Variable costing | |||||||
| Sales | (8000*20) | 160000 | 160000 | |||||
| Cost of goods sold | 120000 | 96000 | ||||||
| (8000*15) | (8000*12) | |||||||
| Fixed factory overhead over applied | * | -11000 | 109000 | |||||
| Gross margin | 51000 | |||||||
| Manufacturing margin | 64000 | |||||||
| Fixed factory overhead | 0 | 25000 | ||||||
| Selling and administrative expenses | 12000 | 12000 | ||||||
| Net income (loss) | 39000 | 27000 | ||||||
| * Calculation of over applied fixed factory overhead | ||||||||
| $ | ||||||||
| Fixed factory overhead per year | (100000*3) | 300000 | ||||||
| Fixed factory overhead per month | (300000/12) | 25000 | ||||||
| $ | ||||||||
| Fixed overhead applied to production | (12000*3) | 36000 | ||||||
| Fixed factory overhead per month | 25000 | |||||||
| Fixed factory overhead over(under) applied | 11000 | |||||||
| Income statement | ||||||||
| For the month ended April 30,20-- | ||||||||
| Absorption costing | Variable costing | |||||||
| Sales | (12000*20) | 240000 | 240000 | |||||
| Cost of goods sold | 180000 | 144000 | ||||||
| (12000*15) | (12000*12) | |||||||
| Fixed factory overhead under applied | * | 1000 | 181000 | |||||
| Gross margin | 59000 | |||||||
| Manufacturing margin | 96000 | |||||||
| Fixed factory overhead | 0 | 25000 | ||||||
| Selling and administrative expenses | 12000 | 12000 | ||||||
| Net income (loss) | 47000 | 59000 | ||||||
| * Calculation of under applied fixed factory overhead | ||||||||
| $ | ||||||||
| Fixed factory overhead per year | (100000*3) | 300000 | ||||||
| Fixed factory overhead per month | (300000/12) | 25000 | ||||||
| $ | ||||||||
| Fixed overhead applied to production | (8000*3) | 24000 | ||||||
| Fixed factory overhead per month | 25000 | |||||||
| Fixed factory overhead over(under) applied | -1000 | |||||||
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help solving this Income Statements under Absorption and Variable Costing Shawnee Motors Inc. assembles and sells...
help solving this
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help solving this
Income Statements under Absorption and Variable Costing 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 (10,000 units) $1,200,000 Production costs (13,000 units): Direct materials $577,200 Direct labor 276,900 Variable factory overhead 139,100 Fixed factory overhead 92.300 1,085,500 Selling and administrative expenses: Variable selling and administrative expenses $168,300 Fixed selling and administrative...
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