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Absorption Costing Income Statement On October 31, the end of the first month of operations, Maryville Equipment Company prepared the following income statement, based on the variable costing concept: Maryville Equipment Company Variable Costing Income Statement For the Month Ended October 31 Sales (12,000 units) Variable cost of goods sold: Variable cost of goods manufactured Inventory, October 31 (2,400 units) Total variable cost of goods sold Manufacturing margin Variable selling and administrative expenses Contribution margin Fixed costs: Fixed manufacturing costs Fixed selling and administrative expenses Total fixed costs Operating income $345,600 (57,600) $72,000 48,000 $720,000 (288,000) $432,000 (192,000) $240,000 (120,000) $120,000 Prepare an income statement under absorption costing. Round all final answers to whole dollars.

Absorption Costing Income Statement On October 31, the end of the first month of operations, Maryville Equipment Company prepared the following income statement, based on the variable costing concept: Maryville Equipment Company Variable Costing Income Statement For the Month Ended October 31 Sales (12,000 units) Variable cost of goods sold: Variable cost of goods manufactured Inventory, October 31 (2,400 units) Total variable cost of goods sold Manufacturing margin Variable selling and administrative expenses Contribution margin Fixed costs: Fixed manufacturing costs Fixed selling and administrative expenses Total fixed costs Operating income $345,600 (57,600) $72,000 48,000 $720,000 (288,000) $432,000 (192,000) $240,000 (120,000) $120,000 Prepare an income statement under absorption costing. Round all final answers to whole dollars.

FINANCIAL ACCOUNTING
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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Absorption Costing Income Statement On October 31, the end of the first month of operations, Maryville Equipment Company prepared the following income statement, based on the variable costing concept: Maryville Equipment Company Variable Costing Income Statement For the Month Ended October 31 Sales (12,000 units) Variable cost of goods sold: Variable cost of goods manufactured Inventory, October 31 (2,400 units) Total variable cost of goods sold Manufacturing margin Variable selling and administrative expenses Contribution margin Fixed costs: Fixed manufacturing costs Fixed selling and administrative expenses Total fixed costs Operating income $345,600 (57,600) $72,000 48,000 $720,000 (288,000) $432,000 (192,000) $240,000 (120,000) $120,000 Prepare an income statement under absorption costing. Round all final answers to whole dollars.
Transcribed Image Text:Absorption Costing Income Statement On October 31, the end of the first month of operations, Maryville Equipment Company prepared the following income statement, based on the variable costing concept: Maryville Equipment Company Variable Costing Income Statement For the Month Ended October 31 Sales (12,000 units) Variable cost of goods sold: Variable cost of goods manufactured Inventory, October 31 (2,400 units) Total variable cost of goods sold Manufacturing margin Variable selling and administrative expenses Contribution margin Fixed costs: Fixed manufacturing costs Fixed selling and administrative expenses Total fixed costs Operating income $345,600 (57,600) $72,000 48,000 $720,000 (288,000) $432,000 (192,000) $240,000 (120,000) $120,000 Prepare an income statement under absorption costing. Round all final answers to whole dollars.
Maryville Equipment Company Absorption Costing Income Statement For the Month Ended October 31 Amount Line Item Description Sales Cost of goods sold: Cost of goods manufactured Inventory, October 31 Total cost of goods sold Gross profit Selling and administrative expenses Operating income Amount 0000
Transcribed Image Text:Maryville Equipment Company Absorption Costing Income Statement For the Month Ended October 31 Amount Line Item Description Sales Cost of goods sold: Cost of goods manufactured Inventory, October 31 Total cost of goods sold Gross profit Selling and administrative expenses Operating income Amount 0000
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