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help with part b please Amazing Screen Corporation manufactures and sells 50-inch The selling price per unit is $3,600. The budgeted level of television sets
help with part b please Amazing Screen Corporation manufactures and sells 50-inch The selling price per unit is $3,600. The budgeted level of television sets and uses standard costing. Actual data relating to production used to calculate the budgeted fixed manufacturing January, February, and March 2020 are as follows: cost per unit is 1,000 units. There are no price, efficiency, or (Click to view the data.) spending variances. Any production-volume variance is written off to cost of goods sold in the month in which it occurs. Requirement 1. Prepare income statements for Amazing Screen in January, February, and March 2020 under (a) variable costing and (b) absorption costing. (a). Prepare income statements for Amazing Screen in January, February, and March of 2020 under variable costing. Complete the top half of the income statement for each month first, then complete the bottom portion. (Complete all input fields. Enter a "O" for any zero balance accounts.) January 2020 February 2020 March 2020 Revenues $3,660,000 $ 3,330,000 $ 3,798,000 Variable cost of goods sold: Beginning inventory $ 127,500 $ 127,500 Variable manufacturing costs 850,000 786,250 892,500 Cost of goods available for sale 850,000 913,750 1,020,000 Deduct ending inventory (127,500) (127,500) (123,250) Variable cost of goods sold 722,500 786,250 896,750 Variable operating costs 425,000 462,500 527,500 Contribution margin 1,912,500 2,081,250 2,373,750 Fixed manufacturing costs 390,000 390,000 390,000 Fixed operating costs 190,000 190,000 190,000 $ 1,332,500 $ 1,501,250 $ 1,793,750 Operating income (b). Prepare income statements for Amazing Screen in January, February, and March 2020 under absorption costing. Complete the top half of the income statement for each month first, then complete the bottom portion. (Enter a "o" for any zero balance accounts. Label any variances as favorable (F) or unfavorable (U). If an account does not have a variance, do not select a label. Abbreviation used: Adj. = Adjustment, Mfg. = Manufacturing.) January 2020 February 2020 March 2020 Revenues Cost of goods sold: Beginning inventory Variable manufacturing costs Allocated fixed manufacturing costs Cost of goods available for sale Deduct ending inventory Adj. for production-volume variance Cost of goods sold Gross margin Data Table January February March Unit data: 0 150 150 1,000 925 1,050 1,055 850 925 Beginning inventory Production Sales Variable costs: Manufacturing cost per unit produced Operating (marketing) cost per unit sold Fixed costs: Manufacturing costs Operating (marketing) costs $ 850 $ 850 $ 850 $ 500 $ 500 $ 500 $ 390,000 $ 390,000 $ 190,000 $ 190,000 $ 390,000 190,000 $
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