{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-27T15:12:48-04:00", "answer_date": "2024-05-27 15:12:48", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1787360", "url": "\/study-help\/questions\/instruction-on-october-31-the-end-of-the-first-month-1787360", "question_creation_date_js": "2024-05-27T15:12:48-04:00", "question_creation_date": "May 27, 2024 03:12 PM", "meta_title": "[Solved] Instruction On October 31, the end of the | SolutionInn", "meta_description": "Answer of - Instruction On October 31, the end of the first month of operations, Morristown & Co. prepared the following income st | SolutionInn", "meta_keywords": "instruction,october,31,end,first,month,operations,morristown,prepared,income,statement,based", "question_title_h1": " Instruction On October 31, the end of the first month of operations, Morristown & Co. prepared the following income statement based on absorption costing:", "question_title": " Instruction On October 31, the end of the first month of", "question_title_for_js_snippet": "Instruction On October 31, the end of the first month of operations, Morristown Co prepared the following income statement based on absorption costing 1 Sales (2,600 units) 2 Cost of goods sold 3 Cost of goods manufactured Morristown Co Absorption Costing Income Statement For Month Ended October 31, 20 4 Less ending inventory (400 units) 5 Cost of goods sold 6 Gross profit 7 Selling and administrative expenses 8 Income from operations $85,500 00 11,400 00 $117,000 00 74,100 00 $42,900 00 21,500 00 $21,400 00 If the fixed manufacturing costs were $42,900 and the variable selling and administrative expenses were $14,600, prepare an income statement using variable costing Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries Be sure to complete the statement heading A colon ( ) will automatically appear if it is required If a net loss is incurred, enter that amount as a negative number using a minus sign ", "question_description": "\"image\"image", "transcribed_text": "Instruction On October 31, the end of the first month of operations, Morristown & Co. prepared the following income statement based on absorption costing: 1 Sales (2,600 units) 2 Cost of goods sold: 3 Cost of goods manufactured Morristown & Co. Absorption Costing Income Statement For Month Ended October 31, 20-- 4 Less ending inventory (400 units) 5 Cost of goods sold 6 Gross profit 7 Selling and administrative expenses 8 Income from operations $85,500.00 11,400.00 $117,000.00 74,100.00 $42,900.00 21,500.00 $21,400.00 If the fixed manufacturing costs were $42,900 and the variable selling and administrative expenses were $14,600, prepare an income statement using variable costing. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. A colon (:) will automatically appear if it is required. If a net loss is incurred, enter that amount as a negative number using a minus sign.", "related_book": { "title": "Fundamentals of Cost Accounting", "isbn": "78025524, 978-0078025525", "edition": "4th edition", "authors": "William Lanen, Shannon Anderson, Michael Maher", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/269.jpg", "uri": "\/textbooks\/fundamentals-of-cost-accounting-4th-edition-269", "see_more_uri": "" }, "free_related_book": { "isbn": "0983026602", "uri": "\/textbooks\/consulting-101-101-tips-for-success-in-consulting-1st-edition-978-0983026600-159392", "name": "Consulting 101 101 Tips For Success In Consulting", "edition": "1st Edition" }, "question_posted": "2024-05-27 15:12:48", "see_more_questions_link": "\/study-help\/questions\/business-general-management-2023-February-20", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/accounting-principles-14th-edition\/in-recent-years-avery-transportation-purchased-three-used-buses-because", "description": "In recent years, Avery Transportation purchased three used buses. 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