Question
In: Accounting
Johnson Motors Inc. assembles and sells MP3 players. The company began operations on August 1 and...
Johnson Motors Inc. assembles and sells MP3 players. The company began operations on August 1 and operated at 100% of capacity during the first month. The following data summarize the results for August:
|
Sales (12,000 units) |
$1,320,000 |
|||
|
Production costs (15,000 units): |
||||
|
Direct materials |
$610,500 |
|||
|
Direct labor |
292,500 |
|||
|
Variable factory overhead |
147,000 |
|||
|
Fixed factory overhead |
97,500 |
1,147,500 |
||
|
Selling and administrative expenses: |
||||
|
Variable selling and administrative expenses |
$177,900 |
|||
|
Fixed selling and administrative expenses |
68,900 |
246,800 |
||
If required, round interim per-unit calculations to the nearest cent.
a. Prepare an income statement according to the absorption costing concept.
|
Johnson Motors Inc. |
|
|
Absorption Costing Income Statement |
|
|
For the Month Ended August 31 |
|
|
$ |
|
|
$ |
|
|
$ |
|
b. Prepare an income statement according to the variable costing concept.
|
Johnson Motors Inc. |
||
|
Variable Costing Income Statement |
||
|
For the Month Ended August 31 |
||
|
$ |
||
|
$ |
||
|
$ |
||
|
Fixed costs: |
||
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Shawnee Motors Inc. assembles and sells MP3 players. The company began operations on August 1 and...
Shawnee Motors Inc. assembles and sells MP3 players. The company
began operations on August 1 and operated at 100% of capacity
during the first month. The following data summarize the results
for August: Sales (9,000 units) $990,000 Production costs (12,000
units): Direct materials $488,400 Direct labor 234,000 Variable
factory overhead 117,600 Fixed factory overhead 78,000 918,000
Selling and administrative expenses: Variable selling and
administrative expenses $142,300 Fixed selling and administrative
expenses 55,100 197,400 If required, round interim per-unit
calculations to...
Shawnee Motors Inc. assembles and sells MP3 players. The company began operations on August 1 and...
Shawnee Motors Inc. assembles and sells MP3 players. The company
began operations on August 1 and operated at 100% of capacity
during the first month. The following data summarize the results
for August:
Sales (9,000 units)
$990,000
Production costs (12,000 units):
Direct
materials
$488,400
Direct
labor
234,000
Variable
factory overhead
117,600
Fixed
factory overhead
78,000
918,000
Selling and administrative expenses:
Variable
selling and administrative expenses
$142,300
Fixed
selling and administrative expenses
55,100
197,400
If required, round interim per-unit calculations to...
Shawnee Motors Inc. assembles and sells MP3 players. The company began operations on August 1 and...
Shawnee Motors Inc. assembles and sells MP3 players. The company
began operations on August 1 and operated at 100% of capacity
during the first month. The following data summarize the results
for August:
Sales (18,000 units)
$2,880,000
Production costs (23,000 units):
Direct
materials
$1,361,600
Direct
labor
653,200
Variable
factory overhead
326,600
Fixed
factory overhead
218,500
2,559,900
Selling and administrative expenses:
Variable
selling and administrative expenses
$396,800
Fixed
selling and administrative expenses
153,600
550,400
If required, round interim per-unit calculations to...
Shawnee Motors Inc. assembles and sells MP3 players. The company began operations on August 1 and...
Shawnee Motors Inc. assembles and sells MP3 players. The company
began operations on August 1 and operated at 100% of capacity
during the first month. The following data summarize the results
for August:
Sales (15,500 units)
$2,480,000
Production costs (20,000 units):
Direct
materials
$1,184,000
Direct
labor
568,000
Variable
factory overhead
284,000
Fixed
factory overhead
190,000
2,226,000
Selling and administrative expenses:
Variable
selling and administrative expenses
$345,000
Fixed
selling and administrative expenses
133,600
478,600
If required, round interim per-unit calculations to...
Shawnee Motors Inc. assembles and sells MP3 players. The company began operations on August 1 and...
Shawnee Motors Inc. assembles and sells MP3 players. The company
began operations on August 1 and operated at 100% of capacity
during the first month. The following data summarize the results
for August:
Sales (20,000 units)
$2,000,000
Production costs (26,000 units):
Direct materials
$962,000
Direct labor
462,800
Variable factory overhead
231,400
Fixed factory overhead
153,400
1,809,600
Selling and administrative expenses:
Variable selling and administrative expenses
$280,500
Fixed selling and administrative expenses
108,600
389,100
If required, round interim per-unit calculations to...
Shawnee Motors Inc. assembles and sells MP3 players. The company began operations on August 1 and...
Shawnee Motors Inc. assembles and sells MP3 players. The company
began operations on August 1 and operated at 100% of capacity
during the first month. The following data summarize the results
for August:
Sales (14,000 units)
$1,960,000
Production costs (18,000 units):
Direct materials
$932,400
Direct labor
448,200
Variable factory overhead
223,200
Fixed factory overhead
149,400
1,753,200
Selling and administrative expenses:
Variable selling and administrative expenses
$271,700
Fixed selling and administrative expenses
105,200
376,900
If required, round interim per-unit calculations to...
Shawnee Motors Inc. assembles and sells snowmobile engines. The company began operations on August 1 and...
Shawnee Motors Inc. assembles and sells snowmobile engines. The
company began operations on August 1 and operated at 100% of
capacity during the first month. The following data summarize the
results for August:
1
Sales (33,000 units)
$8,250,000.00
2
Production costs (40,500 units):
3
Direct materials
$3,240,000.00
4
Direct labor
1,822,500.00
5
Variable factory overhead
1,012,500.00
6
Fixed factory overhead
607,500.00
6,682,500.00
7
Selling and administrative expenses:
8
Variable selling and administrative expenses
$1,160,000.00
9
Fixed selling and administrative expenses...
Shawnee Motors Inc. assembles and sells snowmobile engines. The company began operations on August 1 and...
Shawnee Motors Inc. assembles and sells snowmobile engines. The
company began operations on August 1 and operated at 100% of
capacity during the first month. The following data summarize the
results for August:
1
Sales (38,000 units)
$9,500,000.00
2
Production costs (44,000 units):
3
Direct materials
$4,400,000.00
4
Direct labor
1,760,000.00
5
Variable factory overhead
1,100,000.00
6
Fixed factory overhead
660,000.00
7,920,000.00
7
Selling and administrative expenses:
8
Variable selling and administrative expenses
$1,170,000.00
9
Fixed selling and administrative expenses...
Shawnee Motors Inc. assembles and sells snowmobile engines. The company began operations on August 1 and...
Shawnee Motors Inc. assembles and sells snowmobile engines. The
company began operations on August 1 and operated at 100% of
capacity during the first month. The following data summarize the
results for August:
1
Sales (38,000 units)
$9,500,000.00
2
Production costs (44,000 units):
3
Direct materials
$4,400,000.00
4
Direct labor
1,760,000.00
5
Variable factory overhead
1,100,000.00
6
Fixed factory overhead
660,000.00
7,920,000.00
7
Selling and administrative expenses:
8
Variable selling and administrative expenses
$1,170,000.00
9
Fixed selling and administrative expenses...
Shawnee Motors Inc. assembles and sells snowmobile engines. The company began operations on August 1 and...
Shawnee Motors Inc. assembles and sells snowmobile engines. The
company began operations on August 1 and operated at 100% of
capacity during the first month. The following data summarize the
results for August:
1
Sales (38,000 units)
$9,500,000.00
2
Production costs (46,500 units):
3
Direct materials
$4,650,000.00
4
Direct labor
1,860,000.00
5
Variable factory overhead
1,162,500.00
6
Fixed factory overhead
697,500.00
8,370,000.00
7
Selling and administrative expenses:
8
Variable selling and administrative expenses
$1,250,000.00
9
Fixed selling and administrative expenses...
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