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Vadim26 [7]
3 years ago
15

During the first month of operations ended July 31, YoSan Inc. manufactured 2,400 flat panel televisions, of which 2,000 were so

ld. Operating data for the month are summarized as follows: Sales $2,150,000 Manufacturing costs: Direct materials $960,000 Direct labor 420,000 Variable manufacturing cost 156,000 Fixed manufacturing cost 288,000 1,824,000 Selling and administrative expenses: Variable $204,000 Fixed 96,000 300,000 Required: 1. Prepare an income statement based on the absorption costing concept. YoSan Inc. Absorption Costing Income Statement For the Month Ended July 31 $ Cost of goods sold: $ $ $ 2. Prepare an income statement based on the variable costing concept. YoSan Inc. Variable Costing Income Statement For the Month Ended July 31, 2016 $ Variable cost of goods sold: $ $ $ Fixed costs: $ $ 3. Explain the reason for the difference in the amount of income from operations reported in (1) and (2). The income from operations reported under costing exceeds the income from operations reported under costing by the difference between the two, due to manufacturing costs that are deferred to a future month under costing.
Business
1 answer:
soldi70 [24.7K]3 years ago
3 0

Answer:

1) YoSan Inc.

Income Statement

For the month ended July 31, 202x

Sales revenue                            $2,150,000

<u>- Cost of goods sold                  $1,520,000</u>

Gross profit                                  $630,000

<u>- S & A expenses                        $300,000</u>

Operating profit                          $330,000

2) YoSan Inc.

Income Statement

For the month ended July 31, 202x

Sales revenue                                                    $2,150,000

- Variable costs:

  • Direct materials $800,000
  • Direct labor $350,000
  • Variable manufacturing cost $130,000
  • Variable S & A expenses $170,000        <u>$1,450,000  </u>

Contribution margin                                            $700,000

- Period costs:

  • Fixed manufacturing cost $288,000
  • Fixed S & A expenses $96,000               <u> $384,000  </u>

Operating profit                                                   $316,000

3) When you prepare a variable costing income statement, the ending inventory of finished goods and WIP only includes variables costs. All fixed or period expenses are included during the period that they occur and are not carried over to the next period. I.e. the ending inventory (400 units) for next month will be lower under variable costing.

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Vasco Company purchased equipment on January 1, 2001 at a purchase price of $50,000. Vasco paid $2,500 in shipping costs on the
Lynna [10]

Answer:

The amount of depreciation expense is $3,871.86.

Explanation:

Sum-of-the-years digits method is determined by: (Remaining useful life/Sum of the years' digits) x Depreciable cost.

Depreciable cost = Cost - Salvage value

Depreciable cost = $50,000 + $2,500 - $5,000 = $47,500

Insurance premium is usually for a period of 1 year. This will be treated as prepayment instead of being added to the cost of the equipment. Shipping cost is added based on the recommendation of IAS 16 Property, Plant and Equipment.

Depreciation expense = 6/21 x $47,500 = $13,571.43 for Year 2001

Depreciation expense = 5/21 x $47,500 = $11,309.52 for Year 2002

As at December 2002, the accumulated depreciation will be $13,571.43 + $11,309.52 = $24,880.95; so, net book value is $52,500 - $24,880.95 = $27,619.05.

Change in estimate: 8/55 x $27,619.05 - $1,000 = $3,871.86.

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3 years ago
Consider some determinants of the price elasticity of demand: • The availability of close substitutes• Whether the good is a nec
kondor19780726 [428]

Answer:

Inelastic demand, Amputation procedure

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The Amputation procedure will have least elastic demand because the diabetes sufferer does not have close substitute to change to when price increase while Diamond necklace is a luxury good, when the price is increased the consumer stop buying or switch to other luxury goods such as gold, silver that are equally used for decoration purposes.

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3 years ago
List the reasons for the near collapse of government finances in france.
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Answer:

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Explanation:

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3 years ago
Elsanora Corporation reports the year-end information from 2018 as follows: Sales (100,000 units) $500,000 Less: Cost of goods s
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Answer:

Results are below.

Explanation:

Giving the following formula:

Unitary selling price= 500,000/100,000= $5

Operating expenses= $1

Depreciation= $20,000

New selling price= 5*1.1= $5.5

Sales in units= 100,000*0.95= 95,000

COGS rate= 0.62

<u>To calculate the net income, we need to use the following structure:</u>

Sales= 5.5*95,000= 522,500

COGS= 522,500*0.62= (323,950)

Gross profit= 198,550

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They spend on labor 5625. based on the given situations.

Exertions fee ought to be around 20 to 35% of gross income. slicing hard work costs is a balancing act. locating methods to streamline labor costs is rooted in reducing costs without sacrificing personnel morale or productivity.

Hints from White-Hutchinson enjoyment and studying consulting institution say that restaurant labor costs ought to be available in at much less than 30% of sales, and food and exertions costs ought to be less than 60% of the revenue.

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