Explore BrainMass

Explore BrainMass

    Traditional and Variable Costing Income Statements

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    See the attached file.

    Roofing tile is a major product of Tops Corporation.

    Operating Data:

    sold 88,400 cases of tile
    Variable cost of goods sold $$848,640
    Variable selling expenses were $152,048
    Fixed Administrative expenses were $96,450
    Selling price were $18 per case

    There were no partially completed jobs in process at the beginning of the year.

    Finished Goods Inventory had been used up at the end of the previous year.

    REQUIRED:
    1. Prepare the calendar year end income statement for the Tops Corporation using the traditional reporting format.

    2. Prepare the calendar year end income statement for the Tops Corporation using the variable costing format.

    © BrainMass Inc. brainmass.com June 3, 2020, 11:10 pm ad1c9bdddf
    https://brainmass.com/business/income-statement/traditional-variable-costing-income-statements-266764

    Attachments

    Solution Summary

    Using an Excel spreadsheet, this solution describes reporting under traditional (full absorption) costing versus variable costing methods.

    $2.19

    ADVERTISEMENT