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Category > Accounting Posted 19 Aug 2017 My Price 9.00

Frigid Motors Inc

Income statements under absorption costing and variable    costing

Frigid Motors Inc. assembles and sells snowmobile engines. The company began operations on July 1, 2016, and operated at 100% of capacity during the first month. The following data summarize the results for   July:

 

Sales (35,000 units)  .....................................................                         $8,750,000

Production costs (42,500 units):

Direct materials ......................................................        $4,250,000

Direct   labor   ..........................................................       2,125,000

Variable factory overhead ............................................ 1,062,500

Fixed  factory  overhead ...............................................          637,500                            8,075,000

Selling and administrative expenses:

 

 

Variable selling and administrative expenses ..........................

$1,150,000

 

Fixed selling and administrative   expenses.............................

     200,000

1,350,000

 

a.     Prepare an income statement according to the absorption costing concept.

b.    Prepare an income statement according to the variable costing concept.

c.     What is the reason for the difference in the amount of income from opera- tions reported in (a) and (b)?

 

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Maurice Tutor
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Status NEW Posted 19 Aug 2017 11:08 PM My Price 9.00

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