On July 31, 2008, the end of the first month of operations, Martin Company prepared the following
Question:
On July 31, 2008, the end of the first month of operations, Martin Company prepared the following income statement, based on the absorption costing concept:
Prepare a variable costing income statement, assuming that the fixed manufacturing costs were $28,950 and the variable selling and administrative expenses were$32,000.
Transcribed Image Text:
Sales (14,000 units) .. Cost of goods sold: $616,000 Cost of goods manufactured._ . Less ending inventory (1,000 units) . . $558,750 . 37,250 Cost of goods sold Gross profit Selling and administrative expenses 521,500 94,500 58,200 36,300 .
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 55% (9 reviews)
Computations Variable cost of goods manufactured 558750 28950 529800 Unit cost of ending ...View the full answer
Answered By
Atuga Nichasius
I am a Highly skilled Online Tutor has a Bachelor’s Degree in Engineering as well as seven years of experience tutoring students in high school, bachelors and post graduate levels. I have a solid understanding of all learning styles as well as using asynchronous online platforms for tutoring needs. I individualise tutoring for students according to content tutoring needs assessments.
My strengths include good understanding of all teaching methods and learning styles and I am able to convey material to students in an easy to understand manner. I can also assists students with homework questions and test preparation strategies and I am able to help students in math, gre, business , and statistics
I consider myself to have excellent interpersonal and assessment skills with strong teaching presentation verbal and written communication
I love tutoring. I love doing it. I find it intrinsically satisfying to see the light come on in a student's eyes.
My first math lesson that I taught was when I was 5. My neighbor, still in diapers, kept skipping 4 when counting from 1 to 10. I worked with him until he could get all 10 numbers in a row, and match them up with his fingers.
My students drastically improve under my tutelage, generally seeing a two grade level improvement (F to C, C to A, for example), and all of them get a much clearer understanding!
I am committed to helping my students get the top grades no matter the cost. I will take extra hours with you, repeat myself a thousand times if I have to and guide you to the best of my ability until you understand the concept that I'm teaching you.
5.00+
2+ Reviews
10+ Question Solved
Related Book For
Accounting
ISBN: 978-0324401844
22nd Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
Question Posted:
Students also viewed these Managerial Accounting questions
-
On July 31, 2010, the end of the first month of operations, Hilton Company prepared the following income statement, based on the absorption costing concept: Prepare a variable costing income...
-
On July 31, 2014, the end of the first month of operations, Rhys Company prepared the following income statement, based on the absorption costing concept: a. Prepare a variable costing income...
-
On June 30, the end of the first month of operations, Bastile Company prepared the following income statement, based on the absorption costing concept: If the fixed manufacturing costs were $192,000...
-
Using a spreadsheet, compute the average return and standard deviation of each of the three asset classes. Compute the annual return of a portfolio consisting of 50% stocks, 40% real estate, and 10%...
-
(a) Moberg Company sells three different categories of tools (small, medium, and large). The cost and market value of its inventory of tools are as follows. Determine the value of the company's...
-
A control system has two forward paths, as shown in Figure P4.4. (a) Determine the overall transfer function T(s) = Y(s)/R(s). (b) Calculate the sensitivity, STG, using Equation (4.16). (c) Does the...
-
Ginger Adair is considering an investment in the common stock of a chain of retail department stores. She has narrowed her choice to two retail companies, Lewis Corporation and Ramsey Corporation,...
-
John and Sally Claussen are contemplating the purchase of a hardware store from John Duggan. The Claussens anticipate that the store will generate cash flows of $70,000 per year for 20 years. At the...
-
\f
-
The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2014. Stilton Company has two credit sales during the period. The units have a selling...
-
In the following equations, based on the variable costing income statement, identify the items designated by X: a. Net Sales - X = Manufacturing Margin b. Manufacturing Margin - X = Contribution...
-
On June 30, 2008, the end of the first month of operations, Kristen Candle Co. prepared the following income statement, based on the variable costing concept: Prepare an absorption costing...
-
One of your friends was recently watching TV and saw an advertisement that she liked. She said, "Wow that was great marketing!" Was the ad in fact marketing?
-
The following income statement and balance sheets for The Athletic Attic are provided. THE ATHLETIC ATTIC Income Statement For the Year Ended December 31, 2024 Net sales Cost of goods sold Gross...
-
The average expenditure on Valentine's Day was expected to be $100.89 (USA Today, February 13, 2006). Do male and female consumers differ in the amounts they spend? The average expenditure in a...
-
Tough Fluid Dynamics Problem attached. Problem doesn't give diameter of pipe so we don't know velocity. The best approach would probably be to work in flow rates instead of velocities. Maybe solve...
-
In each of the cases below, assume Division X has a product that can be sold to outside customers or to Division Y of the same company. The managers of the divisions are evaluated based on their...
-
10. Classifying Processed Images into Multiple Classes Introduction We have processed images to represent as a vector of 300 attributes. The first 294 are decimal values in the range 0 to 1...
-
Explain how a companys overstatement of its restructuring reserve may not cause it to understate its operating income in the period that it overstates the reserve.
-
You are a Loan Officer with an Investment Bank. Today you need to set your lending parameters. They are: LTV: 55% 10 Year T-Bill: TBD Rate Markup: 300 Basis Points Term: 30 Years Amortization: 30...
-
Consider one-dimensional Lebesgue measure on \([0,1]\). Verify that the sequence \(u_{n}(x):=\) \(n 1_{(0,1 / n)}(x), n \in \mathbb{N}\), converges pointwise to the function \(u \equiv 0\), but that...
-
How should changes in the estimated unguaranteed residual value be handled by the lessor?
-
How should changes in the estimated unguaranteed residual value be handled by the lessor?
-
Describe the effect of a bargain-purchase option on accounting for a capital-lease transaction by a lessee.
-
WEEK 1 HOMIWORK Question 8 Lydia Cravette operates a florist shop called Scents Unlimited Ltd . During the month of May, the following things occurred: She spent $ 2 1 0 on the telephone system, $ 4...
-
Dauphine Company is contemplating an investment in a project with a 3 - year life span. The initial investment is $ 4 5 , 1 8 0 and net annual cash flows were $ 2 1 , 0 0 0 for year 1 ;$ 2 4 , 0 0 0...
-
Standard Product Cost, Direct Materials Variance H . J . Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup ( 9 0 0 pounds ) has the following standards: \...
Study smarter with the SolutionInn App