31 Straightforward Absorption Statement The Kerwin Company had the following data (in thousands) for a given period: Sales Direct materials Direct labor Indirect manufacturing costs Selling and administrative expenses $780 JADITIO 180 230 210 130 There were no beginning or ending inventories. Compute the (1) manufacturing cost of goods sold. (2) gross profit, (3) operating income, and (4) conversion cost (total manufacturing cost less materials cost). 32 Straightforward Contribution Income Statement Masa, Ltd., had the following data (in millions of yen) for a given period: Sales Direct materials Direct labor Variable factory overhead Variable selling and administrative expenses 990 250 140 65 115 110 75 Fixed factory overhead Fixed selling and administrative expenses There were no beginning or ending inventories. Compute the (a) variable manufacturing cost of goods sold, (b) contribution margin, and (c) operating income. Q31 Company Name Absorption income statement for the year ended*** Particulars Sales Less: Manufacturing Cost of Goods Sold - Direct material Cost - Direct Labor Cost Manufacturing Overhead (V+F) Total manufacturing cost of goods sold Gross Profit/margin IVLess: Selling & administrative costs (V+F) V Net income (Net profit) OMR OMR 1) Manufacturing cost of Goods sold = 2) Gross Profit= 3) Operating Income- 032 Company Name Contribution income statement for the year ended*** Particulars Sales II Less: Variable Costs Direct material cost Direct labor cost - Variable Cost Total Variable Cost Contribution margin IVLess: Fixed Cost - Fixed costs Manufacturing Selling & Administrative Manufacturing Selling & Administrative OMR OMR Total Fixed Costs V Net income (Net Profit) a) Variable manufacturing cost of goods sold = b) Contribution Margin= c) Operating Income =