Question

Variable Costing Leone Company has the following information for March: Sales $420,000 Variable cost of goods...

Variable Costing

Leone Company has the following information for March:

Sales $420,000
Variable cost of goods sold 197,400
Fixed manufacturing costs 63,000
Variable selling and administrative expenses 42,000
Fixed selling and administrative expenses 29,400

Determine the following for Leone Company for the month of March:

a. Manufacturing margin $
b. Contribution margin $
c. Income from operations $

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Variable Costing Leone Company has the following information for July: Sales $670,000 Variable cost of goods...
Variable Costing Leone Company has the following information for July: Sales $670,000 Variable cost of goods sold 301,500 Fixed manufacturing costs 100,500 Variable selling and administrative expenses 73,700 Fixed selling and administrative expenses 40,200 Determine the following for Leone Company for the month of July: a. Manufacturing margin $__ b. Contribution margin $__ c. Income from operations $__
Variable Costing Ferguson Company has the following information for July: Sales $310,000 Variable cost of goods...
Variable Costing Ferguson Company has the following information for July: Sales $310,000 Variable cost of goods sold 145,700 Fixed manufacturing costs 46,500 Variable selling and administrative expenses 27,900 Fixed selling and administrative expenses 21,700 Determine the following for Ferguson Company for the month of July: a. Manufacturing margin $ b. Contribution margin $ c. Income from operations $
Philadelphia Company has the following information for March: Sales $464,675 Variable cost of goods sold 204,890...
Philadelphia Company has the following information for March: Sales $464,675 Variable cost of goods sold 204,890 Fixed manufacturing costs 79,551 Variable selling and administrative expenses 53,477 Fixed selling and administrating expenses 37,485 a. Determine the March manufacturing margin. $ b. Determine the March contribution margin. $ c. Determine the March income from operations for Philadelphia Company. $
Philadelphia Company has the following information for March: Sales $479,798 Variable cost of goods sold 206,440...
Philadelphia Company has the following information for March: Sales $479,798 Variable cost of goods sold 206,440 Fixed manufacturing costs 78,799 Variable selling and administrative expenses 53,060 Fixed selling and administrating expenses 34,780 a. Determine the March manufacturing margin. $ b. Determine the March contribution margin. $ c. Determine the March income from operations for Philadelphia Company. $
Cost of Goods Manufactured, using Variable Costing and Absorption Costing On March 31, the end of...
Cost of Goods Manufactured, using Variable Costing and Absorption Costing On March 31, the end of the first year of operations, Barnard Inc., manufactured 3,900 units and sold 3,400 units. The following income statement was prepared, based on the variable costing concept: Barnard Inc. Variable Costing Income Statement For the Year Ended March 31, 20Y1 Sales $680,000 Variable cost of goods sold: Variable cost of goods manufactured $374,400 Inventory, March 31 (48,000) Total variable cost of goods sold (326,400) Manufacturing...
Moffett Company reports the following information for March​. Net Sales Revenue $78,950 Variable Cost of Goods...
Moffett Company reports the following information for March​. Net Sales Revenue $78,950 Variable Cost of Goods Sold 22,250 Fixed Cost of Goods Sold 9,300 Variable Selling and Administrative Costs 17,000 Fixed Selling and Administrative Costs 6,400 Requirement 1. Calculate the gross profit and operating income for March using absorption costing. Moffett Company Income Statement (Absorption Costing) For the Month Ended March 31    Operating Income Requirement 2. Calculate the contribution margin and operating income for March using variable costing. Moffett...
Cost of Goods Manufactured, using Variable Costing and Absorption Costing On December 31, the end of...
Cost of Goods Manufactured, using Variable Costing and Absorption Costing On December 31, the end of the first year of operations, Frankenreiter Inc., manufactured 4,200 units and sold 3,600 units. The following income statement was prepared, based on the variable costing concept: Frankenreiter Inc. Variable Costing Income Statement For the Year Ended December 31, 20Y1 Sales $1,584,000 Variable cost of goods sold: Variable cost of goods manufactured $886,200 Inventory, December 31 (126,600) Total variable cost of goods sold 759,600 Manufacturing...
Cost of Goods Manufactured, using Variable Costing and Absorption Costing On December 31, the end of...
Cost of Goods Manufactured, using Variable Costing and Absorption Costing On December 31, the end of the first year of operations, Frankenreiter Inc., manufactured 1,700 units and sold 1,500 units. The following income statement was prepared, based on the variable costing concept: Frankenreiter Inc. Variable Costing Income Statement For the Year Ended December 31, 20Y1 Sales $465,000 Variable cost of goods sold: Variable cost of goods manufactured $253,300 Inventory, December 31 (29,800) Total variable cost of goods sold 223,500 Manufacturing...
Variable Costing Income Statement On November 30, the end of the first month of operations, Weatherford...
Variable Costing Income Statement On November 30, the end of the first month of operations, Weatherford Company prepared the following income statement, based on the absorption costing concept: Weatherford Company Absorption Costing Income Statement For the Month Ended November 30 Sales (2,900 units) $81,200 Cost of goods sold: Cost of goods manufactured (3,400 units) $68,000 Inventory, November 30 (500 units) (10,000) Total cost of goods sold 58,000 Gross profit $23,200 Selling and administrative expenses 13,820 Income from operations $9,380 Assume...
Under variable costing, the cost of goods manufactured includes only variable manufacturing costs. This type of...
Under variable costing, the cost of goods manufactured includes only variable manufacturing costs. This type of income statement includes a computation of manufacturing margin. Absorption Statement Absorption costing does not distinguish between variable and fixed costs. All manufacturing costs are included in the cost of goods sold. Saxon, Inc. Absorption Costing Income Statement For the Year Ended December 31 Sales $1,125,000 Cost of goods sold:   Cost of goods manufactured $800,000   Ending inventory (200,000)     Total cost of goods sold (600,000) Gross...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT