Valentine produces jet bridges for many domestic and international airports. Cost information for Valentine's jet bridges is as follows: Click the icon to view the cost information.) Additional information for the first three quarters of 2020 for Valentine are shown below: Click the icon to view the additional information for the first three quarters.) Valentine's controller, Noel, wishes to analyze the difference in the income statements between throughput costing, absorption costing, and variable costing for the first 3 quarters of 2020. Assume no beginning inventory Read the requirements Requirement 1. Prepare an absorption costing income statement. (Complete all input fields. Enter a o for any zero balance accounts. Use a minus sign or parentheses for a net loss. Abbreviation used: DM = direct materials: SG&A = selling. general and administrative.) Absorption Costing: Quarter 1 Quarter 2 Quarter 3 Revenues Cost of goods sold Beginning inventory Variable manufacturing costs Allocated fixed manufacturing costs Cost of goods available for sale Deduct ending Inventory Cost of goods sold Gross margin Variable SG&A costs Fixed SG&A costs Net income (loss) Requirement 2. Prepare a variable costing income statement (Complete all input fields. Enter a O for any zoro balance accounts. Use a minus sign or parentheses for a net loss.) Variable Costing: Quarter 1 Quarter 2 Quarter 3 Net income (105) Requirement 2. Prepare a variable costing Income statement. (Complete all input fields. Enter a O for any zero balance accounts. Use a minus sign or parentheses for a net loss.) Variable Costing: Quarter 1 Quarter 2 Quarter 3 Revenues Cost of goods available for sale Not income (los) Requirement 3. Prepare a throughput costing income statement. (Complete all input fields. Enter a 0 for any zero balance accounts. Use a minus sign or parentheses for a not loss.) Throughput Costing: Quarter 1 Quarter 2 Quarter 3 Revenues Cost of goods available for sale NE Net income (los) al information for the first three quarters of 2020 for Valentine are shown below: k the icon to view the additional information for the first three quarters.) o's controller Noal wichnet anhaa the difference in the income tatamente habean throunhoutcasting shearntion costina and requid Data Table or the me (log ment3 theses 1 $ 5,300 2,500 am $ put Variable costs per jet bridge: Materials Labor Manufacturing Overhead Selling General and administrative Fixed costs for the first 3 quarters of 2020: Manufacturing Overhead Selling General and administrative 5,000 1,000 es 800 $ 1,002,800 allocated based on budgeted production $ 730,000 $ 815,000 good Print Done me (loss) Data Table 1st Quarter 2nd Quarter 3rd Quarter 69 75 74 Budgeted production Actual production 69 75 74 Sales 65 68 64 Sales price: $39,000 per jet bridge Fixed selling costs by quarter Fixed G&A costs by quarter 250,000 230,000 250,000 230,000 355,000 230,000 Print Done Revenues Cost of goods sold: Direct materials cost of goods sold: Variable cost of goods sold: erence in the ind Allocated fixed manufacturing costs Beginning inventory atement. (Compl Deduct ending inventory Quarter 1 Direct materials Fixed manufacturing costs Fixed SG&A costs Manufacturing costs (other than DM) Variable manufacturing costs Variable SG&A costs
