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Need help completeting these tables: Denton Company manufactures and sells a single product. Cost data for the product are given Variable costs per unit: Direct
Need help completeting these tables:
Denton Company manufactures and sells a single product. Cost data for the product are given Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Total variable cost per unit 10 1 $ 18 Fixed costs per month: Fixed manufacturing overhead Fixed selling and administrative Total fixed cost per month $ 120,000 160,000 $ 280,000 The product sells for $46 per unit. Production and sales data for July and August, the first two months of operations, follow: Units Produced 24,000 24,000 Units Sold 20,000 28,000 July August The company's Accounting Department has prepared the following absorption costing income statements for July and August: August Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income $ 920,000 1,288,000 616,000 672,000 180,000 188,000 300,000 484,000 480,000 Required 1. Determine the unit product cost under: a. Absorption costing Variable costing 2. Prepare contribution format variable costing income statements for July and August. 3. Reconcile the variable costing and absorption costing net operating incomes
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