Diaz Company reports the following variable costing income statement for its single product. This company's sales totaled 50,000 units, but its production was 80,000 units. It had no beginning finished goods inventory for the current period. Diaz COMPANY Income Statement (Variable Costing) Sales (50,000 units x $60 per unit) Variable expenses Variable manufacturing expense (50,000 units $28 per unit) Variable selling and admin. expense (50,000 units x $5 per unit) Total variable expenses Contribution margin Fixed expenses Fixed overhead Fixed selling and administrative expense Total fixed expenses Net income $3,000,000 1,400,000 250,000 1,650,000 1,350,000 320,000 160,000 480,000 $ 870,000 1. Convert Diaz's variable costing income statement to an abjorption costing income statement

Diaz Company reports the following variable costing income statement for its single product. This company's sales totaled 50,000 units, but its production was 80,000 units. It had no beginning finished goods inventory for the current period. Diaz COMPANY Income Statement (Variable Costing) Sales (50,000 units x $60 per unit) Variable expenses Variable manufacturing expense (50,000 units $28 per unit) Variable selling and admin. expense (50,000 units x $5 per unit) Total variable expenses Contribution margin Fixed expenses Fixed overhead Fixed selling and administrative expense Total fixed expenses Net income $3,000,000 1,400,000 250,000 1,650,000 1,350,000 320,000 160,000 480,000 $ 870,000 1. Convert Diaz's variable costing income statement to an abjorption costing income statement

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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