ignments ebook Show Me How o Absorption and Variable Costing Income Statements for Two Months and Analysis During the first month of operations ended July 31, Head Gear Inc manufactured 3.800 hats, of which 34,000 were sold Operating data for the month are summarized as follows: Sales $312.800 Manufacturing costs Direct materials $185,160 Direct labor 50.120 Variable manufacturing cost 21,480 Fixed manufacturing cost 21,480 279,240 Selling and administrative expenses Variable $17,000 Fixed 12,410 29.410 During August, Head Gear Inc, manufactured 32,200 designer hats and sold 34,000 hats. Operating data for August are summarized as follows Sales $312,800 Manufacturing costs: Direct materials $169,440 Direct labor 45,080 Variable manufacturing cost 19,320 Previous Cieck My Work ns Save and Exit Submit Assignment for Grading 21,480 253,320 Fixed manufacturing cost Selling and administrative expenses Variable 1.GO $17,000 12,410 Fixed 29,410 Required: 1a. Prepare an income statement for July using the absorption costing concept, Enter all amounts as positive numbers Head Gear Inc. Absorption Costing Income Statement For the Month Ended July 31 Sales 312.IO Cost of goods sold: Cost of goods manufactured 279.340 Inventory July 31 14,161 X 260879 X Total cost of goods sold Gross profit 47,021 X 29.410 Selling and administrative expenses 1. X Income from operations Feedback Check My Work (Previc X.06-01 R.06-038.ALGO ab. Sie variable of good old Mancharge Mag Contribution margin-mantacing costs feeling and Variable cost of goods sold Varble cost of good actress- och Leaming and Lang Object 2 1b. Prepare an income statement for August using the absorption costing concert inter all amounts postes Head Gear Inc. Absorption Costing Income Statement For the Month Ended August 31 Sales 33 Cost of goods sold: Inventory, Augusta 10361X Cost of goods manufactured 250.30 Total cost of goods sold 267,481 X Gross profit 45,119 X Selling and administrative expenses 1.70 x Income from operations 29.40 Fodback Orack My Wor Learning Obiective 1 and Learning Oct 2 Previous Check My Work : 2/2 items Save and te Submit Alignment for Grading Chapter Six Assignments book Show Me 1. EX 06-01 2. PR.06-038 ALGO 20. Prepare an income statement for July using the variable costing concept.Enter amounts aspectos numbers Head Gear Inc. Variable Costing Income Statement For the Month Ended July 31 31 Variable cost of goods sold: Variable cost ofconds manufactured 27.10 Inventory July 13.250 X Total variable cost of goods sold 144.504 X Manufacturing margin X Variable selling and administrative expenses Contribution margin $1.29 X Fixed costs: Fixed manufacturing costs Fixed selling and administrative expenses 12410 Totalfixed costs 19.00 11.40 x Income from operations Fad P Check My Work Progress: 2/2 items Save and Exit Submit 1. EX.00-01 Para come 2. PR.06-03B.ALGO 2b. Prepare an income statement for August using the variable costing concept. Enter amounts as putem Head Gear Inc. Variable Costing Income Statement For the Month Ended August 31 Sales 3 Variable cost of goods soldi Inventory, August 1 256 X Variable cost of good manufactured 231. Total variable cost of goods sold 2450X Manufacturing margin 61,764 X Variable selling and administrative expenses Contribution margin 5,041 X Fixed costs: Fixed manufacturing costs 21,40 Fixed selling and administrative expenses 12,410 33.0 Total fixed costs 14,814 X Income from operations 17.00 Previo Check My Work rogress: 2/2 items Save and Submit ang