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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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Sedbober [7]

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8 0
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The company's total assets are $40,000. The following is a listing of the company’s accounts and account balances as of December
galina1969 [7]

Answer:

Determine the balance of the Cash account.

$3,800 Cash

Explanation:

As the total assets it's $40,000 by difference it's possible to find the total balance of cash account.

There are 3 accounts which belongs to the asset part, Accounts Receivable, Supplies and Equipment, by difference with the total balance of Assets it's possible to find the balance of Cash.

$40,000  TOTAL ASSETS  

Minus

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$8,000  TOTAL LIABILITIES  

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7 0
3 years ago
The fed increases the quantity of money. in the short run, the quantity of money demanded ______ and the nominal interest rate _
Nimfa-mama [501]

The quantity of money demanded <u>increases</u> and the nominal interest rate <u>falls.</u>

In the short run, if the Fed(Federal Reserve) increases the quantity of money, the quantity of money demanded will increase and the nominal interest rate falls.  

The quantity of the money supplied and the nominal interest rates has an inverse relation. That is, when there is a huge supply of money in a short-term, it will cause an increase in the nominal interest rate.

The nominal interest rate refers to the interest rate before adjusting to inflation or price-hike. It balances the supply and demand of money.

So when there is an increase in the supply of money ,there will be the resulting increase in the demand of money too. The total money that the population wants to hold is referred as the money demanded.

Learn more about Fed( US Federal Reserve) at brainly.com/question/25843620

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8 0
2 years ago
An associate professor of physics gets a $200 a month raise. She figures that with her new monthly salary she can buy more goods
azamat

Answer:

The correct answer is a. Her real and nominal salary have risen.

Explanation:

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Neporo4naja [7]

Answer:

d. is correct

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