Salespersons' Report and Analysis Walthman Industries Inc. employs seven salespersons to sell and distribute its product throughout the state. Data taken from reports received from the salespersons during the year ended December 31 are as follows: Salesperson Total Sales Variable Cost of Goods Sold Variable Selling Expenses Case $487,000 $277,590 $92,530 Dix 614,000 245,600 135,080 Johnson 469,000 206,360 84,420 LaFave 484,000 261,360 62,920 Orcas 440,000 154,000 61,600 Sussman 585,000 274,950 128,700 Willbond 613,000 196,160 116,470 Required: 1. Prepare a table indicating contribution margin, variable cost of goods sold as a percent of sales, variable selling expenses as a percent of sales, and contribution margin ratio by salesperson. Round percents to the nearest whole number. Enter all amounts as positive numbers. Waltham Industries Inc. Salespersons' Analysis For the Year Ended December 31 Salesperson Contribution Margin Variable Cost of Goods Variable Selling Expenses Contribution Margin Sold as a Percent of Sales as a Percent of Sales Ratio Case X % Dix % % Johnson LaFave % 0/ Orcas o/o Sussman DOC OL WillbondAbsorption and Variable Costing Income Statements During the first month of operations ended July 31, YoSan Inc. manufactured 11,000 flat panel televisions, of which 10,300 were sold. Operating data for the month are summarized as follows: Sales $1,493,500 Manufacturing costs: Direct materials $748,000 Direct labor 220,000 Variable manufacturing cost 187,000 Fixed manufacturing cost 99,000 1,254,000 Selling and administrative expenses: Variable $123,600 Fixed 56,900 180,500 Required: 1. Prepare an income statement based on the absorption costing concept. YoSan Inc. Absorption Costing Income Statement For the Month Ended July 31 Sales 1,493,500 Cost of goods sold: Cost of goods manufactured 1,254,000 Inventory, July 31 79,800 Total cost of goods sold 1,174,200 Gross profit 319,300 Selling and administrative expenses V 180,500 Operating income 138,8002. Prepare an income statement based on the variable costing concept. YoSan Inc. Variable Costing Income Statement For the Month Ended July 31 Sales 1,493,500 Variable cost of goods sold: Variable cost of goods manufactured Inventory, July 31 Total variable cost of goods sold Manufacturing margin Variable selling and administrative expenses Contribution margin Fixed costs: Fixed manufacturing costs Fixed selling and administrative expenses Total fixed costs Operating incomeAbsorption and Variable Costing Income Statements for Two Months and Analysis During the rst month of operations ended July 31, Head Gear Inc. manufactured 27,000 hats, of which 25,100 were sold. Operating data for the month are summarized as follows: Sales $170,680 Manufacturing costs: Direct materials $105,300 Direct labor 27,000 Variable manufacturing cost 13,500 Fixed manufacturing cost 10,800 156,600 Selling and administrative expenses: Variable $7,530 > Fixed 5,500 13,030 During August, Head Gear Inc. manufactured 23,200 hats and sold 25,100 hats. Operating data for August are summarized as follows: Sales $170,680 Manufacturing costs: Direct materials $90,480 Direct labor 23,200 Variable manufacturing cost 11,600 Fixed manufacturing cost 10,800 136,080 Selling and administrative expenses: Variable $7,530 Fixed 5.500 13,030 Required: la. Prepare income statement for July using the absorption costing concept. Head Gear Inc. Absorption Costing Income Statement For the Month Ended July 31 Sales 170,680 Cost of goods sold: Cost of goods manufactured 156,600 Inventory, July 31 Total cost of goods sold Gross profit Selling and administrative expenses Operating income1b. Prepare income statement for August using the absorption costing concept. Head Gear Inc. Absorption Costing Income Statement For the Month Ended August 31 Sales tA Cost of goods sold: Inventory, August 1 Cost of goods manufactured Total cost of goods sold Gross profit 108010 Selling and administrative expenses Operating income2a. Prepare income statement for July using the variable costing concept. Head Gear Inc. Variable Costing Income Statement For the Month Ended July 31 Sales Variable cost of goods sold: Variable cost of goods manufactured Inventory, July 31 Total variable cost of goods sold 10 Manufacturing margin Variable selling and administrative expenses V Contribution margin Fixed costs: Fixed manufacturing costs Fixed selling and administrative expenses Total fixed costs Operating income2b. Prepare income statement for August using the variable costing concept. Head Gear Inc. Variable Costing Income Statement For the Month Ended August 31 Sales Variable cost of goods sold: Inventory, August 1 Variable cost of goods manufactured S Total variable cost of goods sold Manufacturing margin 0000 Variable selling and administrative expenses Contribution margin Fixed costs: Fixed manufacturing costs Fixed selling and administrative expenses Total fixed costs Operating income