P7-1b - FileName Tab Problem P7-1B Page 1 of 2 19:02:13 Name Date Instructor Course Manufacturing costs Fixed overhead $150,000 Variable overhead

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Unformatted text preview: FileName: 2f3139fe172df4338e6c14466a635674290db0e2.xls, Tab: Problem P7-1B, Page 1 of 2, 12/28/2011, 19:02:13 Name: Date: Instructor: Course: Manufacturing costs: Fixed overhead $150,000 Variable overhead $5 per boat Direct labor $10 per boat Direct materials $10 per boat Beginning inventory 0 boats Boats produced 50,000 Boats sold 46,000 Selling and administrative costs: Fixed $300,000 Variable $8 per boat sold The boat sells for $60 Management is interested in the opening month's results and has asked for an income statement. Instructions: Absorption Manufacturing Costs Per Boat Title Amount Title Amount Title Amount Title Amount Title Formula (a)(ii) Assuming the company uses absorption costing, prepare an absorption costing income statement for the month of July 2005. SPONGEBOB PRODUCTS Income Statement For the Month Ended July 30, 2005 Absorption Costing Sales Formula Title Formula Title Formula Title Formula Title Amount Title Formula Variable Manufacturing Costs Per Boat Title Amount Title Amount Title Amount Manufacturing cost Formula (b)(ii) Assuming the company uses variable costing, prepare an variable costing income statement for the month of July 2005.(b)(ii) Assuming the company uses variable costing, prepare an variable costing income statement for the month of July 2005....
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This note was uploaded on 12/28/2011 for the course ACCT 221 taught by Professor Leonarda.bacon during the Winter '07 term at CSU Bakersfield.

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P7-1b - FileName Tab Problem P7-1B Page 1 of 2 19:02:13 Name Date Instructor Course Manufacturing costs Fixed overhead $150,000 Variable overhead

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