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1 Absorption Costing Income Statement On October 31, the end of the first month of operations, Maryville Equipment Company prepared the following income statement, based on the variable costing concept: Sales (14,000 units) Variable cost of goods sold: Variable cost of goods manufactured Inventory, October 31 (1,800 units) Total variable cost of goods sold Manufacturing margin Variable selling and administrative expenses Contribution margin Maryville Equipment Company Variable Costing Income Statement For the Month Ended October 31 Fixed costs: Fixed manufacturing costs Fixed selling and administrative expenses Total fixed costs Operating income Fixed costs: Fixed manufacturing costs Fixed selling and administrative expenses Total fixed costs Operating income Absorption Costing Income Statement For the Month Ended October 31 Line Item Description Sales V Cost of goods sold: $284,400 (32,400) Cost of goods manufactured Inventory, October 31 ✔ Total cost of goods sold IGV Gross profit DV Selling and administrative expenses DV Operating income ✔ $63,200 42,000 $63,200 42,000 Prepare an income statement under absorption costing. Round all final answers to whole dollars. Maryville Equipment Company $616,000 Amount Amount (252,000) $364,000 (154,000) $210,000 (105,200) $104,800 (105,200) $104,800

1 Absorption Costing Income Statement On October 31, the end of the first month of operations, Maryville Equipment Company prepared the following income statement, based on the variable costing concept: Sales (14,000 units) Variable cost of goods sold: Variable cost of goods manufactured Inventory, October 31 (1,800 units) Total variable cost of goods sold Manufacturing margin Variable selling and administrative expenses Contribution margin Maryville Equipment Company Variable Costing Income Statement For the Month Ended October 31 Fixed costs: Fixed manufacturing costs Fixed selling and administrative expenses Total fixed costs Operating income Fixed costs: Fixed manufacturing costs Fixed selling and administrative expenses Total fixed costs Operating income Absorption Costing Income Statement For the Month Ended October 31 Line Item Description Sales V Cost of goods sold: $284,400 (32,400) Cost of goods manufactured Inventory, October 31 ✔ Total cost of goods sold IGV Gross profit DV Selling and administrative expenses DV Operating income ✔ $63,200 42,000 $63,200 42,000 Prepare an income statement under absorption costing. Round all final answers to whole dollars. Maryville Equipment Company $616,000 Amount Amount (252,000) $364,000 (154,000) $210,000 (105,200) $104,800 (105,200) $104,800

Managerial Accounting
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter7: Variable Costing For Management analysis
Section: Chapter Questions
Problem 3BE: Variable costingsales exceed production The beginning inventory is 52,800 units. All of the units...
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1 Absorption Costing Income Statement On October 31, the end of the first month of operations, Maryville Equipment Company prepared the following income statement, based on the variable costing concept: Sales (14,000 units) Variable cost of goods sold: Variable cost of goods manufactured Inventory, October 31 (1,800 units) Total variable cost of goods sold Maryville Equipment Company Variable Costing Income Statement For the Month Ended October 31 Manufacturing margin Variable selling and administrative expenses Contribution margin Fixed costs: Fixed manufacturing costs Fixed selling and administrative expenses Total fixed costs Operating income Fixed costs: Fixed manufacturing costs Fixed selling and administrative expenses Total fixed costs Operating income Line Item Sales Absorption Costing Income Statement For the Month Ended October 31 Description ✔ Cost of goods sold: Cost of goods manufactured Inventory, October 31 Total cost of goods sold Prepare an income statement under absorption costing. Round all final answers to whole dollars. Maryville Equipment Company V $284,400 (32,400) ✔ Gross profit DV Selling and administrative expenses Operating income $63,200 42,000 $63,200 42,000 Amount $616,000 Amount (252,000) $364,000 (154,000) $210,000 (105,200) $104,800 (105,200) $104,800
Transcribed Image Text:1 Absorption Costing Income Statement On October 31, the end of the first month of operations, Maryville Equipment Company prepared the following income statement, based on the variable costing concept: Sales (14,000 units) Variable cost of goods sold: Variable cost of goods manufactured Inventory, October 31 (1,800 units) Total variable cost of goods sold Maryville Equipment Company Variable Costing Income Statement For the Month Ended October 31 Manufacturing margin Variable selling and administrative expenses Contribution margin Fixed costs: Fixed manufacturing costs Fixed selling and administrative expenses Total fixed costs Operating income Fixed costs: Fixed manufacturing costs Fixed selling and administrative expenses Total fixed costs Operating income Line Item Sales Absorption Costing Income Statement For the Month Ended October 31 Description ✔ Cost of goods sold: Cost of goods manufactured Inventory, October 31 Total cost of goods sold Prepare an income statement under absorption costing. Round all final answers to whole dollars. Maryville Equipment Company V $284,400 (32,400) ✔ Gross profit DV Selling and administrative expenses Operating income $63,200 42,000 $63,200 42,000 Amount $616,000 Amount (252,000) $364,000 (154,000) $210,000 (105,200) $104,800 (105,200) $104,800
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