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NEA Question 4 Blue Mountain Products manufactures and sells a variety of camping goods. Recently, the company opened a new plant to manufacture a lightweight, self-standing tent. Cost and sales data for the first month of operations (June 2020) are as follows: Manufacturing costs Fixed overhead Variable overhead Direct labour Direct material Beginning inventory Tents produced Tents sold Selling and administrative costs $215,130 $3.20 per tent $16.00 per tent $41.10 per tent O tents 10,100 9,200 Fixed Variable $383,400 $5.00 per tent sold The tent sells for $150. Management is interested in the opening month's results and has asked for an income statement. (a) Your answer is correct. Assuming the company uses absorption costing: 1. Calculate the manufacturing cost per unit. (Round answer to 2 decimal places, e.g. 25.75.) Manufacturing cost 81.6 per unit 2. Prepare an absorption-costing income statement for the month of June 2020. (Round per unit calculations to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 125.) PRINTER VERSION 2 decimal places, e.g. 15.25 and final answers to o decimal places, e.g. 125.) BLUE MOUNTAIN PRODUCTS Income Statement-Absorption Costing For the Month Ended June 30, 2020 v Sales 1380000 AS Less Cost of goods sold 750720 Gross profit 629280 Less Selling and administrative expenses Variable 46000 Fixed 383400 429400 Net income before tax 199880 PRINTER VERSION (BACK NEXT 1. Calculate the manufacturing cost per unit. (Round answer to 2 decimal places, e.g. 25.75.) Manufacturing cost 60.3 per unit 2. Prepare a variable-costing income statement for the month of June 2020. (Round per unit calculations to 2 decimal places, e.g. 15.25 and final answers to o decimal places, e.g. 125.) BLUE MOUNTAIN PRODUCTS Income Statement-Variable Costing For the Month Ended June 30, 2020 Sales 1380000 Less Variable costs Variable cost of goods sold 554760 Variable selling and administrative expenses v 46000 Total variable costs 600760 > Contribution margin 779240 > Less Fixed costs 598530 Net income before tax 180710 Reconcile the difference in net income between the absorption-costing and variable-costing methods. Reconciliation Statement Net income as per absorption costing 199880 Fixed overhead cost of ending inventory of tents 19170 Net income as per variable costing 180710 SHOW SOLUTION LINK TO TEXT LINK TO TEXT LINK TO TEXT Attempts: 1 of 3 used (d) Your answer is partially correct. Try again. Assuming the company uses throughput costing: 1. Calculate the manufacturing cost per unit. (Round answer to 2 decimal places, e.g. 25.75.) Manufacturing cost per unit 2. Prenare a throughnut-rnstinn Innme statement for the month of lune 2020 Daund new VERSION BACK ES NEXT 2. Prepare a throughput-costing income statement for the month of June 2020. (Round per unit calculations to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 125.) BLUE MOUNTAIN PRODUCTS Income Statement-Throughput Costing For the Month Ended June 30, 2020 dy. Sales 1380000 Less Cost of goods sold 378120 Throughput contribution margin 1001880 Less Beginning inventory Direct labour costs 161600 x Variable overhead costs 32320 Fixed costs 383400 X 429400 Net Income before tax 163430