A business operated at 100% of capacity during its first month, with the following results: Sales (110 units) $495,000 Production costs (138 units): Direct materials Direct labor Variable factory overhead Fixed factory overhead Operating expenses: Variable operating expenses Fixed operating expenses $67,130 17,140 29,994 28,566 $6,158 4,806 $142,830 10,964 The amount of operating income that would be reported on the absorption costing Income statement is a. $397,762 b. $370,186 c. $494,862 d. $392,956

A business operated at 100% of capacity during its first month, with the following results: Sales (110 units) $495,000 Production costs (138 units): Direct materials Direct labor Variable factory overhead Fixed factory overhead Operating expenses: Variable operating expenses Fixed operating expenses $67,130 17,140 29,994 28,566 $6,158 4,806 $142,830 10,964 The amount of operating income that would be reported on the absorption costing Income statement is a. $397,762 b. $370,186 c. $494,862 d. $392,956

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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