During the first month of operations ended March 31, IceBox Fridgeration Company manufactured 44,000 mini...
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Accounting
During the first month of operations ended March 31, IceBox Fridgeration Company manufactured 44,000 mini refrigerators, of which 39,000 were sold. Operating data for the month are summarized as follows:
| 1 | Sales | $7,020,000.00 | |
|---|---|---|---|
| 2 | Manufacturing costs: | ||
| 3 | Direct materials | $3,080,000.00 | |
| 4 | Direct labor | 1,056,000.00 | |
| 5 | Variable manufacturing cost | 880,000.00 | |
| 6 | Fixed manufacturing cost | 616,000.00 | 5,632,000.00 |
| 7 | Selling and administrative expenses: | ||
| 8 | Variable | $663,000.00 | |
| 9 | Fixed | 273,000.00 | 936,000.00 |
| Required: | |
|---|---|
| 1. | Prepare an income statement based on the absorption costing concept. |
| 2. | Prepare an income statement based on the variable costing concept. |
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