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26 Nov 2019
On a variable costing income statement, the difference betweensales and variable cost of goods sold is called:
Select one:
a. gross margin.
b. contribution margin.
c. profit margin.
d. manufacturing margin.
On a variable costing income statement, the difference betweensales and variable cost of goods sold is called:
Select one:
a. gross margin.
b. contribution margin.
c. profit margin.
d. manufacturing margin.
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Related questions
Brock Company produces and sells an industrial product. Thecompany has just opened a new plant to manufacture the product, andthe following cost and revenue data have been provided for thefirst month of the plantâs operation.
| Beginning inventory | 0 | |
| Units produced | 46,000 | |
| Units sold | 41,000 | |
| Selling price per unit | $ | 80 |
| Selling and administrative expenses: | ||
| Variable per unit | $ | 4 |
| Fixed (total) | $ | 563,000 |
| Manufacturing costs | ||
| Direct materials cost per unit | $ | 17 |
| Direct labor cost per unit | $ | 6 |
| Variable manufacturing overhead cost perunit | $ | 3 |
| Fixed manufacturing overhead cost(total) | $ | 874,000 |
| Required: |
| 1. | Assume that thecompany uses absorption costing. |
| a. | Determine theunit product cost. |
| Unitproduct cost | $ |
| b. | Prepare an income statement for the month. (Input allamounts as positive values except losses which should be indicatedby a minus sign.) |
| Absorption Costing Income Statement | |
| (Click to select)Selling and administrativeexpensesSalesGross marginCost of goods manufacturedNet operatingincome (loss) | $ |
| (Click to select)SalesNet operating income (loss)Costof goods soldSelling and administrative expensesGross margin | |
| (Click to select)Contribution marginGross margin | |
| (Click to select)Gross marginNet operating income(loss)Selling and administrative expensesSalesCost of goodssold | |
| (Click to select)Net operating lossNet operatingincome | $ |
| 2. | Assume that thecompany uses variable costing. |
| a. | Determine theunit product cost. |
| Unitproduct cost | $ |
| b. | Prepare a contribution format income statement for the month.(Input all amounts as positive values except losses whichshould be indicated by a minus sign.) |
| Variable Costing Income Statement | ||
| (Click to select)Variable cost of goods soldVariableselling and administrative expensesContribution marginFixedmanufacturing overheadFixed selling and administrative expensesNetoperating income (loss)Sales | $ | |
| Variable expenses: | ||
| (Click to select)Netoperating income (loss)Fixed manufacturing overheadSalesVariableselling and administrative expensesVariable cost of goodssoldContribution marginFixed selling and administrativeexpenses | $ | |
| (Click to select)Fixedmanufacturing overheadVariable cost of goods soldVariable sellingand administrative expensesFixed selling and administrativeexpensesSalesNet operating income (loss)Contribution margin | ||
| (Click to select)Gross marginContribution margin | ||
| Fixed expenses: | ||
| (Click to select)Fixedselling and administrative expensesNet operating income(loss)Contribution marginVariable selling and administrativeexpensesSalesFixed manufacturing overheadVariable cost of goodssold | ||
| (Click to select)Netoperating income (loss)Variable selling and administrativeexpensesContribution marginVariable cost of goods soldFixedmanufacturing overheadSalesFixed selling and administrativeexpenses | ||
| (Click to select)Net operating lossNet operatingincome | $ | |
