An incomplete absorption costing income statement and an incomplete variable costing income statement for April 2016 appear below. Standards allow 2 pounds of material per unit of output, 5 direct labor hours per unit of output, and $.60 per direct labor hour in variable overhead cost. Absorption Costing Income Statement Current Year Variable Costing Income Statement Current Year Sales (1500 units) Sales $18,750 Less: COGS: Less: Variable Costs: BI -0- DM & DL VOH applied 4,950 FOH applied Available for sale: Less: EI $1,398 Unadjusted COGS Adjustments: All VC variances Production volume variance -$504 FOH price variance -$46 Adjusted COGS $13,781 Gross margin BI Variable costs $12,406 Available for sale Less: EI Mfg. costs before adjustments: Adjustments: Adj. Var. COGS: Other Var. Costs $2025 Total variable cost Contribution margin Less Period Costs: Less: Fixed costs: Variable Fixed $525 Net Income $2,419 Manufacturing Other Net Income
1. Gross margin: $
2. Goods available for sale: $ $
3. Direct labor hours:
4. Units Manufactured:
5. All variable cost variances:$
6. Variable cost net income: $
7. Budgeted FOH application rate: $
8. Units in ending inventory:
9. Variable nonmanufacturing costs: $
10. Unit selling price: