20l Absorption and Variable Costing Income Statements for Two Months and Analysi

Question

20l Absorption and Variable Costing Income Statements for Two Months and Analysis During the first month of operations ended May 31, 2015, T-shirt Express Company produced 28,600 designe T-shirts, of which 26,600 were sold. Operating data for the month are summarized as follows: Sales Manufacturing costs: $180,880 Direct materials Direct labor Variable manufacturing cost Fixed manufacturing cost $111,540 28,600 14,300 11,440 165,880 Selling and administrative expenses: Variable $7,980 Fixed 5,830 13,810 During June, T-shirt Express Company produced 24,600 designer T-shirts and sold 26,600 T-shits. Operating uring June, T-shirt Express Company produced 24,600 designer T-shirts and sold 26,600 T-shirts. Operating data for June are summarized as follows: Sales Manufacturing costs: $180,880 $95,940 Direct materials Direct labor Variable manufacturing cost Fixed manufacturing cost 24,600 12,300 11,440 144,280 Selling and administrative expenses: Variable $7,980 Fixed 5,830 13,810 Hint(s) Hide

Explanation / Answer

T-Shirt express Company T-Shirt express Company Absorption costing Income Statement Variablle costing Income Statement For the month ended May 31, 2015 For the month ended May 31, 2015 Sales 180880 Sales 180880 Cost of goods sold: Variable cost of goods sold: Cost of goods manufactured 165880 Variable cost of goods manufactured 154440 Less Inventory , May 31 11600 Less: Inventory , May 31 10800 Cost of goods sold 154280 Variable cost of goods sold 143640 Gross profit 26600 manufacturing margin 37240 Selling and administrative expenses 13810 variable selling and administration 7980 Income from operations 12790 Contribution margin 29260 Fixed cost: T-Shirt express Company Fixed manufacturing cost 11440 Absorption costing Income Statement Fixed selling and administration 5830 17270 For the month ended June 30, 2015 income from operations 11990 Sales 180880 Cost of goods sold: T-Shirt express Company Inventory, June 1 11600 Variablle costing Income Statement Cost of goods manufactured 144280 For the month ended May 31, 2015 Cost of goods sold 155880 Sales 180880 Gross profit 25000 Variable cost of goods sold: Selling and administrative expenses 13810 Inventory, June 1 10800 Income from operations 11190 Variable cost of goods manufactured 132840 Variable cost of goods sold 143640 manufacturing margin 37240 variable selling and administration 7980 Contribution margin 29260 Fixed cost: Fixed manufacturing cost 11440 Fixed selling and administration 5830 17270 income from operations 11990

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