Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Salem Screen Corporation manufactures and sells 50-inch television sets and uses standard costing. Actual data relating to January, February, and March 2020 are as follows:
Salem Screen Corporation manufactures and sells 50-inch television sets and uses standard costing. Actual data relating to January, February, and March 2020 are as follows: 9(Click the icon to view the actual data.) The selling price per unit is $3,200. The budgeted level of production used to calculate the budgeted fixed manufacturing cost per unit is 1,300 units. There are no price, efficiency, or spending variances. Any production-volume variance written off to cost of goods sold in the month in which it occurs. The variable manufacturing costs per unit of Salem Screen Corporation are as follows: E: (Click the icon to view the variable manufacturing cost data.) Salem Screen prepared the following income statements under variable costing and absorption costing. (Click the icon to view the variable costing statement.) (Click the icon to view the absorption costing statement.) Read the requirements ... Requirement 1. Prepare income statements for Salem Screen in January, February, and March 2020 under throughput costing. Begin by completing the top portion of the statement, then the bottom portion. (Enter a "0" for any zero balance accounts.) January 2020 $ 3,680,000 February 2020 $3,840,000 March 2020 $ 4,256,000 0 $ 67,500 $ 67,500 594,000 585,000 540,000 Revenues Direct material cost of goods sold: Beginning inventory Direct materials in goods manufactured Cost of goods available for sale Deduct ending inventory Total direct material cost of goods sold Throughput margin Manufacturing costs 661,500 585,000 (67,500) 607,500 (67,500) (63,000) 517,500 598,500 3,162,500 923,000 726.250 540,000 3,300,000 893,000 750,000 3,657,500 929,000 811,750 Other operating costs $ 1,513,250 $1,657,000 $1,916,750 Operating income Salem Screen Corporation manufactures and sells 50-inch television sets and uses standard costing. Actual data relating to January, February, and March 2020 are as follows: 9(Click the icon to view the actual data.) The selling price per unit is $3,200. The budgeted level of production used to calculate the budgeted fixed manufacturing cost per unit is 1,300 units. There are no price, efficiency, or spending variances. Any production-volume variance written off to cost of goods sold in the month in which it occurs. The variable manufacturing costs per unit of Salem Screen Corporation are as follows: E: (Click the icon to view the variable manufacturing cost data.) Salem Screen prepared the following income statements under variable costing and absorption costing. (Click the icon to view the variable costing statement.) (Click the icon to view the absorption costing statement.) Read the requirements ... Requirement 1. Prepare income statements for Salem Screen in January, February, and March 2020 under throughput costing. Begin by completing the top portion of the statement, then the bottom portion. (Enter a "0" for any zero balance accounts.) January 2020 $ 3,680,000 February 2020 $3,840,000 March 2020 $ 4,256,000 0 $ 67,500 $ 67,500 594,000 585,000 540,000 Revenues Direct material cost of goods sold: Beginning inventory Direct materials in goods manufactured Cost of goods available for sale Deduct ending inventory Total direct material cost of goods sold Throughput margin Manufacturing costs 661,500 585,000 (67,500) 607,500 (67,500) (63,000) 517,500 598,500 3,162,500 923,000 726.250 540,000 3,300,000 893,000 750,000 3,657,500 929,000 811,750 Other operating costs $ 1,513,250 $1,657,000 $1,916,750 Operating income
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started