Tiger Mountain Gelato incurs the following costs for its premium ice cream in May $2024$:

Direct materials cost per pint is $$8\mathrm{.}75$ per pint

Direct labor cost per pint is $$4\mathrm{.}50$ per pint

Variable manufacturing overhead cost per pint is $$3\mathrm{.}00$ per pint

Fixed manufacturing overhead costs are $$15,100$ per month

Total fixed selling and administrative costs are $$13,200$ per month

Sales price per pint is $$24\mathrm{.}50$ per pint

Pints of gelato produced are $28,000$ pints

Pints of gelato Pints of gelato sold are $26,500$ pints

DATA

Tiger Mountain Gelato incurs the following costs for its premium ice cream in May $2024$:

Direct materials cost per pint per

Direct labor cost per pint per

Variable manufacturing overhead cost per pint per

Fixed manufacturing overhead costs per

Total fixed selling and administrative costs per

Sales price per pint per

Pints of gelato produced pints

Pints of gelato sold pints

There were no

beginning inventories sold are $26,500$ pints

Requirement $1$

Enter Data from the Instructions in the table above. Calculate Tiger Mountain Gelato$$s product cost per pint under absorption costing and variable costing.

$($Always use cell references and formulas where appropriate to receive full credit. If you copy$/$paste from the Instruction tab you will be marked wrong. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values.$)$

Absorption Costing Variable Costing

Requirement $2$

Calculate the balance in Finished Goods Inventory on May $31,2024,$ using absorption costing and variable costing.

$($Always use cell references and formulas where appropriate to receive full credit. If you copy$/$paste from the Instruction tab you will be marked wrong. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values.$)$

Beginning Inventory in units

Units produced

Units available for sale

Units sold

Ending Inventory in units

Absorption Costing Variable Costing

Ending inventory in units

Product cost per unit

Balance in Finished Goods Inventory

Requirement $3$

Prepare income statements in good form for Tiger Mountain Gelato for May $2024$ using absorption costing and variable costing.

Indent the descriptions for any subtotals using the Increase Indent button. Double underline operating income.

$($Always use cell references and formulas where appropriate to receive full credit. If you copy$/$paste from the Instruction tab you will be marked wrong. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values.$)$

Absorption Costing Variable Costing

Requirement $4$

Reconcile the differences between operating incomes and Finished Goods Inventory balances between the two costing methods.

$($Always use cell references and formulas where appropriate to receive full credit. If you copy$/$paste from the Instruction tab you will be marked wrong. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values.$)$

Abs orption Costing Variable Costing Difference

Operating Income

Finished Goods Inventory