absorption and variable costing income statements two months and analysis during first month

assignment 1283
January 15, 2021
last dis
January 15, 2021

absorption and variable costing income statements two months and analysis during first month

During the first month of operations ended January 31, 2015, Hip and Conscious Clothing Company produced 55,500 designer cowboy hats, of which 51,450 were sold. Operating data for the month are summarized as follows: Sales…………………………………………….. $771,750 Manufacturing costs: Direct Materials……………………471,750 Direct labor ………………………127,650 Variable manufacturing costs………… 61,050 Fixed manufacturing costs…………… 55,500 $715,950 Selling and administrative expenses: variable…………………………..36,015 fixed……………………………..25,725 $61,740 During February Hip and Conscious Clothing produced 47,400 designer cowboy hats and sold 51,450 cowboy hats. Operating data for February as summarized as follows: Sales…………………………………………….. $771,750 Manufacturing costs: Direct Materials……………………402,900 Direct labor ………………………109,020 Variable manufacturing costs………… 52,140 fixed manufacturing costs…………… 55,500 $619,560 Selling and administrative expenses: variable…………………………..36,015 fixed……………………………..25,725 $61,740 1. Using absorption costing method, prepare income statements for (a) January and (b) February. 2.Using variable costing method, prepare income statements for (a) January and (b) February.

 
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