On June 30, 2014, the end of the first month of operations, Tudor Manufacturing Co. prepared the
Question:
a. Prepare an absorption costing income statement.
b. Reconcile the variable costing income from operations of $ 1,255,000 with the absorption costing income from operations determined in(a).
Transcribed Image Text:
7.450,000 Variable cost of goods sold: Variable cost of goods manufactured (500,000 units x $14 per unit) Less ending inventory (80,000 units×$14 per unit) $7,000,000 1,120,000 5,880,000 $1,570,000 80,000 $1,490,000 Variable selling and administrative expenses...... Contribution margin.... Fixed costs: Fixed selling and administrative expenses........ 75,000 235,000 $1.255,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 70% (10 reviews)
tr msoheightsourceauto col msowidthsourceauto br msodataplacementsamecell style0 msonumberformatGeneral textaligngeneral verticalalignbottom whitespacenowrap msorotate0 msobackgroundsourceauto msopatt...View the full answer
Answered By
Ehsan Mahmood
I’ve earned Masters Degree in Business Studies and specialized in Accounts & Finance. Couple with this, I have earned BS Sociology from renowned institute of Pakistan. Moreover, I have humongous teaching experience at Graduate and Post-graduate level to Business and humanities students along with more than 7 years of teaching experience to my foreign students Online. I’m also professional writer and write for numerous academic journals pertaining to educational institutes periodically.
4.90+
248+ Reviews
287+ Question Solved
Related Book For
Financial and Managerial Accounting
ISBN: 978-1285078571
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
Question Posted:
Students also viewed these Managerial Accounting questions
-
On June 30, 2010, the end of the first month of operations, Smithey Manufacturing Co. prepared the following income statement, based on the variable costing concept: Prepare an absorption costing...
-
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...
-
On March 31, the end of the first month of operations, Sullivan Equipment Company prepared the following income statement, based on the variable costing concept: Prepare an income statement under...
-
Suppose that a nonnegative function y = (x) has a continuous first derivative on [a, b]. Let C be the boundary of the region in the xy-plane that is bounded below by the x-axis, above by the graph of...
-
Water is the working fluid in an ideal Rankine cycle. Saturated vapor enters the turbine at 6.9 MPa. The condenser pressure is 6.9 kPa. Determine (a) The thermal efficiency (th) and (d) the back-work...
-
Define the key terms in a relational database.
-
What happens to the difference between the carrying amount of bonds and the principal amount of the bonds over time?
-
Utilizing the AICPA Professional Standards database, conduct research to answer the following questions: a. In addition to completing the audit of Jacks Manufacturing, Inc. for the coming year, your...
-
Question3 A contractor wasawarded a tender. The Public Sector Standard Conditions of Contract(PSSCOC)forconstructionworks(8 th Edition,2020)wasusedforthecontract.Thefollowingsituations occurred...
-
Three-Month Project NOTE! Templates needed Ampersand, Inc., is a small business that operates in Somerset, VT The company is located at 732 Appalachian Way, Somerset, VT 05363. Its federal Employer...
-
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...
-
Seymour Clothing Co. manufactures a variety of clothing types for distribution to several major retail chains. The following costs are incurred in the production and sale of blue jeans: a. Shipping...
-
What is done to record properly a transaction involving the issuance of a non-interest-bearing long-term note in exchange for property?
-
An airfoil is given by a parabolic camber line, i.e., \(z_{a}=-\left(a / b^{2} ight) x^{2}\). Find: (i) sectional lift coefficient, (ii) center of pressure, (iii) aerodynamic center, at zero angle of...
-
Let X t X t be as in Problem 19.5 and set a) Use Problem 19.5 to find the probability density of b ^ b if , b > 0 , b > 0 . b) Find and , respectively. Data From Problem 19.5 b := inf{t 0 : X =...
-
Find the specific internal energy and the enthalpy of the air under 1 atmosphere pressure and \(2000 \mathrm{~K}\).
-
What is the effect of flow separation at (i) swept, (ii) unswept wings at high angle of attack.
-
Even the best batteries dissipate some energy, which means that not all the chemical energy is converted to electric potential energy. We can take this dissipation into account by modeling a nonideal...
-
Consider a three-month forward contract on pound sterling. Suppose the spot exchange rate is $1.40/, the three-month interest rate on the dollar is 5%, and the three-month interest rate on the pound...
-
What is beacon marketing? What are digital wallets?
-
Indicate whether each of the following statements is true or false by writing T or F i n t he a nswer c olumn. A contract resulting from the use of undue infl uence is voidable at the option of the...
-
Can a business earn a gross profit but incur a net loss? Explain. Discuss.
-
Can a business earn a gross profit but incur a net loss? Explain. Discuss.
-
(a) Name and describe the five elements of internal control. (b) Is any one element of internal control more important than another?
-
The cost of goods manufactured for March at JYD Company was P907,000. The following changes occurred in JYD Company inventory accounts during February: Decrease in raw materials inventoryP24,000...
-
Company E presently has access to floating interest rate funds at a margin of .03 over LIBOR. its direct borrowing cost is .12 in the fixed-rate bond market. In Contrast, Company F has access to...
-
What does professional growth mean? Why is networking so important? How important is continued education for your future success?
Study smarter with the SolutionInn App