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During the first month of operations ended August 31, Kodiak Fridgeration Company manufactured 80,000 mini refrigerators, of which 72,000 were sold. Operating data for the month are summarized as follows:
1. Sales $10,800,000.00
2. Manufacturing costs:
3. Direct materials $6,400,000.00
4. Direct labor 1,600,000.00
5. Variable manufacturing cost 1,280,000.00
6. Fixed manufacturing cost 320,000.00 9,600,000.00
7. Selling and administrative expenses:
8. Variable $1,080,000.00
9. Fixed 180,000.00 1,260,000.00
Required:
a. Prepare an income statement based on the absorption costing concept.
b. Prepare an income statement based on the variable costing concept.
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During the first month of operations ended August 31, Kodiak Fridgeration Company manufactured 80,00...
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