Revive Me Sports Drink produced 18,700 cases of powdered drink mix and sold 12,900 cases in July. The sales prices was $28.00, variable costs were $15.00 per case, comprising $11.00 for manufacturing costs and $4.00 for selling and administrative expenses. Total fixed costs were $69,500, which were made up of manufacturing costs of $44,900 and selling and administrative cost of $24,600. The company had no beginning Finished Goods Inventory. 1. Prepare the July income statement using absorption costing. Revive Me Sports Drink Income Statement For Month Ending July 31, 20XX Cost of Goods Sold Selling and Administrative Costs: O 2. Prepare the July income statement using variable costing. Revive Me Sports Drink Contribution Margin Income Statement For Month Ending July 31, 20XX Variable Costs: Fixed Costs: O

Revive Me Sports Drink produced 18,700 cases of powdered drink mix and sold 12,900 cases in July. The sales prices was $28.00, variable costs were $15.00 per case, comprising $11.00 for manufacturing costs and $4.00 for selling and administrative expenses. Total fixed costs were $69,500, which were made up of manufacturing costs of $44,900 and selling and administrative cost of $24,600. The company had no beginning Finished Goods Inventory. 1. Prepare the July income statement using absorption costing. Revive Me Sports Drink Income Statement For Month Ending July 31, 20XX Cost of Goods Sold Selling and Administrative Costs: O 2. Prepare the July income statement using variable costing. Revive Me Sports Drink Contribution Margin Income Statement For Month Ending July 31, 20XX Variable Costs: Fixed Costs: O

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Revive Me Sports Drink produced 17,400 cases of powdered drink mix and sold 12,800 cases in July. The sales prices was $31.00, variable costs were $15.00 per case, comprising $11.00 for manufacturing costs and $4.00 for selling and administrative expenses. Total fixed costs were $70,700, which were made up of manufacturing costs of $44,900 and selling and administrative cost of $25,800. The company had no beginning Finished Goods Inventory.1. Prepare the July income statement using absorption costing.
Revive Me Sports Drink produced 18,700 cases of powdered drink mix and sold 12,900 cases in July. The sales prices was $28.00, variable costs were $15.00 per case, comprising $11.00 for manufacturing costs and $4.00 for selling and administrative expenses. Total fixed costs were $69,500, which were made up of manufacturing costs of $44,900 and selling and administrative cost of $24,600. The company had no beginning Finished Goods Inventory. 1. Prepare the July income statement using absorption costing. Revive Me Sports Drink Income Statement For Month Ending July 31, 20XX Cost of Goods Sold Selling and Administrative Costs: 2. Prepare the July income statement using variable costing. Revive Me Sports Drink Contribution Margin Income Statement For Month Ending July 31, 20XX Variable Costs: Fixed Costs: O C
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