Prepare the two income statements

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Reference no: EM133207050

Assignment - Variable Costing Contribution Paper

Q1. Give a numerical example for Variable Costing Contribution Format Income Statement that is used for the internal decision-making and compare with the traditional income statement prepared by absorption costing that is used for the external reporting. Prepare the two income statements assuming the following

-There is no inventory.

-There is beginning inventory.

-There is end of period inventory

-Explain and comment on the reasons for differences in the results

Q2. Define the master budget and use your own figures to prepare the following quarter budgets:

-Sales budget

-Production budget with ending inventory.

-Raw material budget with ending inventory.

-Direct labor budget

-Manufacturing overhead budget.

Reference no: EM133207050

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