Foley Replica produces a specialty statue for sale to collectors. In 2017, Foley’s expected and actual output was 10 comma 000 statues. Foley sold 7 comma 000 statues at an average selling price of $ 450. Other information for Foley for 2017 is given below:
LOADING…(Click the icon to view the other information for 2017.)
Calculate Foley Replica’s cost per statue under (a) absorption costing, (b) variable costing, and (c) throughput costing. What is Foley’s throughput margin for 2017? (If a box is not used in the table, leave the box empty; do not select a label or enter a zero.)
Calculate Foley Replica’s cost per statue under (a) absorption costing.
Motors assembles and sells motor vehicles and uses standard costing. Actual data relating to April and May 2017 are as follows:
LOADING…(Click the icon to view the data.)
The selling price per vehicle is $ 25 comma 000. The budgeted level of production used to calculate the budgeted fixed manufacturing cost per unit is 500 units. There are no price, efficiency, or spending variances. Any production-volume variance is written off to cost of goods sold in the month in which it occurs.
Read the requirements LOADING….
Requirement 1. Prepare April and May 2017 income statements for Nascar Motors under (a) variable costing and (b) absorption costing.
(a) Prepare April and May 2017 income statements for Nascar Motors under variable costing. Complete the top half of the income statement for each month first, then complete the bottom portion. (Complete all answer boxes. Enter a “0” for any zero balance accounts.)
Cost per statue, absorption costing