Violins Galore produces student-grade violins for beginning violin students. The company produced 2,200 violins in its first month of operations. At month-end, 650 finished violins remained unsold. There was no inventory in work in process. Violins were sold for $122.50 each. Total costs from the month are as follows: Click on the icon to view the data.) The company prepares traditional (absorption costing) income statements for its bankers. Galore would also like to prepare contribution margin income statements for management use. Read the requirements Compute the following amounts that would be shown on these income statements: Requirement 1. Gross Profit Identify the formula, then compute the gross profit. Requirements x Compute the following amounts that would be shown on these income statements: 1. Gross Profit 2. Contribution Margin 3. Total expenses shown below the gross profit line 4. Total expenses shown below the contribution margin line 5. Dollar value of ending inventory under absorption costing 6. Dollar value of ending inventory under variable costing 7. Which income statement will have a higher operating income? By how much? Explain. E 7 Print Done Answer 476 05 o Score: 0.08 of 1 pt P6-65A (similar to) Question Help Violins Galore produces student-grade violins for beginning violin students. The company produced 2,200 violins in its first month of operations. At month-end, 650 finished violins remained unsold. There was no inventory in work in process. Violins were sold for $122.50 each. Total costs from the month are as follows: (Click on the icon to view the data.) The company prepares traditional (absorption costing) income statements for its bankers Galore would also like to prepare contribution margin income statements for management use Read the requirements Compute the following amounts that would be shown on these income statements: Requirement 1. Gross Profit Identify the formula, then compute the gross profit. Sales Cost of goods sold Gross profit 189875 10 Requirements Compute the following amounts that would be shown on these income statements: 1. Gross Profit 2. Contribution Margin 3. Total expenses shown below the gross profit line 4. Total expenses shown below the contribution margin line 5. Dollar value of ending inventory under absorption costing 6. Dollar value of ending inventory under variable costing 7. Which income statement will have a higher operating income? By how much? Explain Enter any number in the Check Answer 7 Parts remaining Print Dan Hyper Color Company manufactures widgets. The following data is related to sales and production of the widgets for last year. Selling price per unit $150 Variable manufacturing costs per unit $61 Variable selling and administrative expenses per unit $8 Fixed manufacturing overhead (in total) $35,000 Fixed selling and administrative expenses (in total) $6,000 Units produced during the year 1,700 Units sold during year 1,000 Using absorption costing, what is operating income for last year? (Round any intermediary calculations to the nearest whole dollar) A. $150,000 B. $54,000 C. $218,000 D. $234,000