Assignment: Gorman Nurseries Inc. grows poinsettias and fruit trees in a green house/nursery operation. The following information was provided for the coming year.
|
Sales
|
$970,000
|
$3,100,000
|
|
Variable cost of goods sold
|
460,000
|
1,630,000
|
|
Direct fixed overhead
|
160,000
|
200,000
|
A sales commission of 4% of sales is paid for each of the two product lines. Direct fixed selling and administrative expense was estimated to be $146,000 for the poinsettia line and $87,000 for the fruit tree line. Common fixed overhead for the nursery operation was estimated to be $800,000; common selling and administrative expense was estimated to be $450,000.
Required:
1. Prepare a segmented income statement for Gorman Nurseries for the coming year, using variable costing.
2. Prepare a segmented income statement for Gorman Nurseries for the coming year, using variable costing.
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