managerial accounting

Niles Corporation has the following information available for the manufacture and sale of its only product for the months of June and July. There was no work in process inventory in either month and no finished goods inventory on June 1. NILES CORPORATION PRODUCTION AND SALES DATA FOR THE MONTHS OF JUNE AND JULY Units Produced June 12,000 9,000 July 13,000 15,000 Units Sold $ 100.00 NILES CORPORATION SALES PRICE AND COST DATA FOR THE MONTHS OF JUNE AND JULY Selling price per unit Manufacturing Costs: Direct materials cost per unit Direct labor cost per unit Variable manufacturing overhead cost per unit Fixed manufacturing overhead cost per month Selling and Administrative Expenses: Variable cost per unit Fixed cost per month 8.00 20.00 10.00 260,000 4.00 250,000 REQUIRED: (1) (2) Prepare income statements for the months of June and July using variable costing. Round all calculations to the nearest whole dollar. Prepare income statements for the months of June and July using full absorption costing. Round all calculations to the nearest whole dollar. NILES CORPORATION INCOME STATEMENT-VARIABLE COSTING FOR MONTHS OF JUNE AND JULY June Juls Sales Cost of Goods Sold: Beginning FG Inventory Variable Cost of Goods Manufactured: Total Variable Cost of Goods Manufactured Total Cost of Goods Available For Sale Less: Ending FG Inventory Variable Cost of Goods Sold Manufacturing Margin Less Variable Operating Expenses: Total Variable Operating Expenses Contribution Margin Less: Fixed Expenses Total Fixed Expenses Operating Income July NILES CORPORATION INCOME STATEMENT--FULL ABSORPTION COSTING FOR MONTHS OF JUNE AND JULY June Sales Cost of Goods Sold: Beginning FG Inventory Cost of Goods Manufactured: Total Cost of Goods Manufactured Total Cost of Goods Available For Sale Less: Ending FG Inventory Cost of Goods Sold Gross Margin Less Operating Expenses: Total Operating Expenses Operating Income