Question
Labels, June 30, Cost of goods sold, Fixed costs, For the Month Ended June 30, For the Month Ended May 31, May 31, Variable cost
Labels, June 30, Cost of goods sold, Fixed costs, For the Month Ended June 30, For the Month Ended May 31, May 31, Variable cost of goods sold, Amount Descriptions
Contribution margin, Contribution margin ratio, Cost of goods manufactured, Fixed manufacturing costs, Fixed selling and administrative expenses, Gross profit, Operating income, Inventory, June 1, Inventory, May 31, Operating loss, Manufacturing margin, Planned contribution margin, Sales, Sales mix, Selling and administrative expenses, Total cost of goods sold, Total fixed costs, Total variable cost of goods sold, Variable cost of goods manufactured, Variable selling and administrative expenses
During the first month of operations ended May 31, Big Sky Creations Company produced 56,000 designer cowboy boots, of which 52,450 were sold. Operating data for the month are summarized as follows:
1 | Sales |
| $839,200.00 |
2 | Manufacturing costs: |
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3 | Direct materials | $425,600.00 |
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4 | Direct labor | 123,200.00 |
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5 | Variable manufacturing cost | 67,200.00 |
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6 | Fixed manufacturing cost | 56,000.00 | 672,000.00 |
7 | Selling and administrative expenses: |
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8 | Variable | $31,470.00 |
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9 | Fixed | 26,225.00 | 57,695.00 |
Big Sky Creations Company |
Absorption Costing Income Statement |
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Big Sky Creations Company |
Variable Costing Income Statement |
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