Maurice Tutor

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Category > Accounting Posted 08 May 2018 My Price 8.00

Frost Point Fridge Company

During the first month of operations ended May 31, 2016, Frost Point Fridge Company manufactured 60,000 mini refrigerators, of which 54,000 were sold. Operating data for the month are summarized as follows:

 

1

Sales

  

$10,260,000.00

2

Manufacturing costs:

    

3

Direct materials

$5,100,000.00

  

4

Direct labor

1,800,000.00

  

5

Variable manufacturing cost

1,200,000.00

  

6

Fixed manufacturing cost

840,000.00

8,940,000.00

7

Selling and administrative expenses:

    

8

Variable

$972,000.00

  

9

Fixed

324,000.00

1,296,000.00

 

  Required:
1. Prepare an income statement based on the absorption costing concept.*
2. Prepare an income statement based on the variable costing concept.*
3. Explain the reason for the difference in the amount of income from operations reported in (1) and (2).
  * Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. “Less”, “Plus” or colons (:) will automatically appear if required. If a net loss is incurred, enter that amount as a negative number using a minus sign.

 

Answers

Maurice Tutor
(5)
Status NEW Posted 08 May 2018 06:05 PM My Price 8.00

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