managerial accounting

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Interior designers use the carpet products of Schaumburg Mills, Inc. The company's top product is the Luxury blend. During the month of July 20X4, the company produced 200,000 square yards of this carpet and sold 180,000 square yards of what was produced. There were no beginning inventories at the beginning of July and no work in process inventory at the end of July. Production and other costs for the month are provided below. S 1,000,000 750,000 SCHAUMBURG MILLS, INC. PRODUCTION AND OTHER COSTS FOR THE MONTH OF JULY 20X4 Direct Materials Used Direct Labor Variable Manufacturing Overhead Fixed Manufacturing Overhead Variable Selling and Administrative Expenses Fixed Selling and Administrative Expenses 900,000 350,000 175,000 390,000 The company sells this carpet for $22.50 per square yard. REQUIRED: (1) Using the attached form, prepare an income statement for the month of July 20X4 using absorption costing. Round all calculations to the nearest whole dollar. Using the attached form, prepare an income statement for the month of July 20X4 using variable costing. Round all calculations to the nearest whole dollar. SCHAUMBURG MILLS, INC. INCOME STATEMENT-ABSORPTION COSTING FOR MONTH OF JULY 20X4 Sales Cost of Goods Sold: Beginning FG Inventory Add: Cost of Goods Manufactured Total Cost of Goods Available For Sale Less: Ending FG Inventory Cost of Goods Sold Gross Margin From Sales Operating Expenses: Total Operating Expenses Operating Income SCHAUMBURG MILLS, INC. INCOME STATEMENT-VARIABLE COSTING FOR MONTH OF JULY 20X4 Sales Variable Cost of Goods Sold: Beginning FG Inventory Add: Cost of Goods Manufactured Total Cost of Goods Available For Sale Less: Ending FG Inventory Variable Cost of Goods Sold Manufacturing Margin Less Other Variable Expenses: Contribution Margin Less Fixed Expenses: Total Fixed Expenses Operating Income