Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ALGO ALGO ALGO ALGO Income Statements under en Casting and we Galleen County Motors Inc. and is nowmobile engines. The company open operation on July

image text in transcribed
image text in transcribed
image text in transcribed
ALGO ALGO ALGO ALGO Income Statements under en Casting and we Galleen County Motors Inc. and is nowmobile engines. The company open operation on July 1 and operated at 100 of Capacity during the first mart The two tumman the results for us Sale (17,000 22,550,000 Production costs (22.000 units): Direct materials $1,221,000 Direct labor 585,200 Variable factory overhead 292,600 wed factory overhead 195,800 2,294.600 Selling and administrative expen Variable sing and active 5355,700 Fixed and administratives 137,700 493.400 Irredondine per conto the rest Prepare an incomment coording to the conting Gallatin County Motorne Absorption Costing Income Statement For the Month Ended July 31 If required, round Interim per-unit calculations to the nearest cent. a. Prepare an Income statement according to the absorption costing concept. Gallatin County Motors Inc. Absorption Costing Income Statement For the Month Ended July 31 b. Prepare an income statement according to the variable costing concept. Gallatin County Motors Inc. Variable Costing Income Statement For the Month Ended July 31 Check My Work 2 more Check My Work uses remaining 407 04 2 GO GO b. Prepare an income statement according to the variable conting concept Gallatin County Motors Inc. Variable Coming Income Statement For the Month Ended July 31 GO GO Fixed costs c. What is the reason for the ofference in the amount of operating income reported in and () Under the method, the fixed manufacturing cost included in the cost of old matched with the revenues. Under of the fixed manufacturing costs edicted in the period in which it is incurred, regardless of the amount of inventory change. Thus, when to increases the income statement will have a higher operating income Previous Check My Work 2 more Check My Wosses remain tem ALGO ALGO ALGO ALGO Income Statements under en Casting and we Galleen County Motors Inc. and is nowmobile engines. The company open operation on July 1 and operated at 100 of Capacity during the first mart The two tumman the results for us Sale (17,000 22,550,000 Production costs (22.000 units): Direct materials $1,221,000 Direct labor 585,200 Variable factory overhead 292,600 wed factory overhead 195,800 2,294.600 Selling and administrative expen Variable sing and active 5355,700 Fixed and administratives 137,700 493.400 Irredondine per conto the rest Prepare an incomment coording to the conting Gallatin County Motorne Absorption Costing Income Statement For the Month Ended July 31 If required, round Interim per-unit calculations to the nearest cent. a. Prepare an Income statement according to the absorption costing concept. Gallatin County Motors Inc. Absorption Costing Income Statement For the Month Ended July 31 b. Prepare an income statement according to the variable costing concept. Gallatin County Motors Inc. Variable Costing Income Statement For the Month Ended July 31 Check My Work 2 more Check My Work uses remaining 407 04 2 GO GO b. Prepare an income statement according to the variable conting concept Gallatin County Motors Inc. Variable Coming Income Statement For the Month Ended July 31 GO GO Fixed costs c. What is the reason for the ofference in the amount of operating income reported in and () Under the method, the fixed manufacturing cost included in the cost of old matched with the revenues. Under of the fixed manufacturing costs edicted in the period in which it is incurred, regardless of the amount of inventory change. Thus, when to increases the income statement will have a higher operating income Previous Check My Work 2 more Check My Wosses remain tem

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

2. Why do you need to be able to communicate well? (LO 1-1)

Answered: 1 week ago