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Question: During the first month of operations ended March 31, 2016, Hip and Conscious Clothing Company produced 56,250 designer cowboy hats, of which 52,950 were sold. Operating data for the month are summarized as follows:
1
Sales
$794,250.00
2
Manufacturing costs:
3
Direct materials
$416,250.00
4
Direct labor
135,000.00
5
Variable manufacturing cost
61,875.00
6
Fixed manufacturing cost
56,250.00
669,375.00
7
Selling and administrative expenses:
8
Variable
$31,770.00
9
Fixed
26,475.00
58,245.00
During April, Hip and Conscious Clothing produced 49,650 designer cowboy hats and sold 52,950 cowboy hats. Operating data for April are summarized as follows:
$367,410.00
119,160.00
54,615.00
597,435.00
Required: 1. Using the absorption costing concept, prepare income statements for
(a) March and
(b) April.
2. Using the variable costing concept, prepare income statements for
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