80.2K

Verified Solution

Link Copied!

Instructions During the first month of operations ended August 31, Kodiak Fridgeration Company manufactured 46,000 mini refrigerators, of which 42,000 were sold. Operating data for the month are summarized as follows: Sales $9,660,000.00 2 Manufacturing costs: Direct materials $3,220,000.00 Direct labor 1,380,000.00 Variable manufacturing cost 828,000.00 Fixed manufacturing cost 506,000.00 5,934,000.00 Selling and administrative expenses: Variable $756,000.00 Fixed 294,000.00 1,050,000.00 Absorption Costing Income Statement Shaded cells have feedback 1. Prepare an income statement based on the absorption costing concept. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon (-) will automatically appear if it is required. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Score: 26/65 Kodiak Fridgeration Company Absorption Costing Income Statement For the Month Ended August 31 1 Sales $9,660,000.00 2 Cost of goods sold: Cost of goods manufactured Inventory, August 31 Variable Costing Income Statement Shaded cells have feedback. 2. Prepare an income statement based on the variable costing concept. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon () will automatically appear if it is required. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Question not attempted. Score: 0/98 Kodiak Fridgeration Company Variable Costing Income Statement (Label) 2 (Label) 9 (Label) Points: 0/25

Answer & Explanation Solved by verified expert

See Answer