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 (104,000 units) $5,200,000
cost of goods sold:
cost of goods manufactured (120,000 units) $4,560,000
inventory, november 30 (16,000 units) (608,000)
total cost of goods sold 3,952,000
gross profit $1,248,000
selling and administrative expenses 400,000
income from operations $848,000
assume the fixed manufacturing costs were $960,000 and the fixed selling and administrative expenses were $280,000.
1. prepare an income statement according to the variable costing concept.

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Data pertaining to the current position of forte company are as follows: cash $437,500 marketable securities 170,000 accounts and notes receivable (net) 320,000 inventories 700,000 prepaid expenses 42,000 accounts payable 240,000 notes payable (short-term) 250,000 accrued expenses 310,000 required: 1. compute (a) the working capital, (b) the current ratio, and (c) the quick ratio. round ratios to one decimal place. 2. compute the working capital, the current ratio, and the quick ratio after each of the following transactions, and record the results in the appropriate columns of the table provided. consider each transaction separately and assume that only that transaction affects the data given. round to one decimal place. a. sold marketable securities at no gain or loss, 75,000. b. paid accounts payable, 135,000. c. purchased goods on account, 100,000. d. paid notes payable, 105,000. e. declared a cash dividend, 125,000. f. declared a common stock dividend on common stock, 45,000. g. borrowed cash from bank on a long-term note, 205,000. h. received cash on account, 130,000. i. issued additional shares of stock for cash, 635,000. j. paid cash for prepaid expenses, 15,000.