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The variable manufacturing costs per unit of FastTrack Motors are as follows: (Click the icon to view the variable manufacturing costs per unit.) Fast Track Motors assembles and sells motor vehicles and uses standard costing. Actual data and variable costing and absorption costing income statements relating to April and May 2017 are as follows: (Click the icon to view the data.) (Click the icon to view the variable costing income statements.) (Click the icon to view the absorption costing income statements.) Read the requirements, i absorption costing income statements Requirement 1. Prepare income statements for FastTrack Motors in April and May 2017 under throughput costing. Begin by completing the top portion of the statement, then the bottom portion. (Complete all answer boxes. Enter a no April 2017 $ 11,550,000 May 2017 $ 11,970.000 April 2017 May 2017 Revenues Revenues Cost of goods sold: Beginning inventory Variable manufacturing costs 675,000 5,225,000 2,200,000 Allocated fixed manufacturing costs Cost of goods available for sale Less: Ending inventory 5,700,000 2,400,000 8,100,000 (675,000) 8,100,000 (405,000) 200,000 Adjustment for production-volume variance 7,425,000 7,895,000 4,125,000 4,075,000 Cost of goods sold Gross margin Operating costs: Variable operating costs i Data Table 2,090,000 725,000 2,166,000 725,000 Fixed operating costs 2,815,000 2.891,000 Total operating costs S $ S 1,310,000 1.184.000 Operating income April 6 ,900 $ 1,000 1,600 Direct material cost per unit Direct manufacturing labor cost per unit Manufacturing overhead cost per unit May 6,900 1,000 1,600 Print Done Choose from Fast Track Motors assembles and sells motor vehicles and uses standard costing. Actual data and variable costing and The variable manufacturing costs per unit of FastTrack Motors are as follows: absorption costing income statements relat dM0042 the icon to view the variable manufacturing costs per unit.) (Click the Icon to view the data.) i Requirements requirements. (Click the icon to view the variable (Click the Icon to view the absorpti i variable costing income statements 1. Prepare income statements for FastTrack Motors in April and May 2017 under throughput costing. Requirement 1. Prepare income stater 2. Contrast the results in requirement 1 with the absorption and variable costing income statements presented. Begin by completing the top portion of April 2017 May 2017 3. Glve one motivation for FastTrack Motors to adopt throughput costing. Revenues $ 11,550,000 $ 11,970,000 Revenues Variable costs: Print Done Beginning inventory SO S 475,000 Variable manufacturing costs 5,700,000 5,225,000 i Data Table Cost of goods available for sale 5,700,000 5,700,000 Less: Ending inventory (475,000) (285,000) Variable cost of goods sold 5,225,000 5,415,000 April May Variable operating costs 2,090,000 2,166,000 Unit dala: Total variable costs 7,315,000 7,581,000 Beginning inventory Contribution margin 4,235,000 4,389,000 Production 600 Fixed costs: Sales 550 570 Fixed manufacturing costs 2,400,000 2,400,000 Variable costs: 725,000 Manufacturing cost per unit produced 725,000 $ Fixed operating costs 9,500 $ 9,500 3,125,000 3,125,000 Operating (marketing) cost per unit sold 3,800 Total fixed costs 3,800 Fixed costs: S S Operating income 1,110,000 1,264,000 Manufacturing costs $ 2,400,000 S 2,400,000 Operating (marketing) costs 725,000 725,000 Print Choose from any list or enter any ny Done The selling price per vehicle is $21,000. The budgeted level of production used to calculate the budgeted fixed manufacluring cost per unit is 600 units. There are no parts price, efficiency, or spending variances. Any production-volume variance is written Check Answer off to cost of goods sold in the month in which it occurs. remaining
