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EX 20-5 Variable costing income statement On June 30, the end of the first month of operations, Clowney Company prepared the following income statement, based on the absorption costing concept: Clowney Company Absorption Costing Income Statement For the Month Ended June 30, 2013 Sales (9,600 units). Cost of goods sold: Cost of goods manufactured (11,200 units) Less inventory, June 30 (1,600 units).. Cost of goods sold........ Gross profit......... Selling and administrative expenses Income from operations...... ******** *********** $448,000 64,000 $537,600 384,000 $153,600 82,080 $ 71,520 If the fixed manufacturing costs were $50,400 and the variable selling and administrative expenses were $45,600, prepare an income statement according to the variable costing

EX 20-5 Variable costing income statement On June 30, the end of the first month of operations, Clowney Company prepared the following income statement, based on the absorption costing concept: Clowney Company Absorption Costing Income Statement For the Month Ended June 30, 2013 Sales (9,600 units). Cost of goods sold: Cost of goods manufactured (11,200 units) Less inventory, June 30 (1,600 units).. Cost of goods sold........ Gross profit......... Selling and administrative expenses Income from operations...... ******** *********** $448,000 64,000 $537,600 384,000 $153,600 82,080 $ 71,520 If the fixed manufacturing costs were $50,400 and the variable selling and administrative expenses were $45,600, prepare an income statement according to the variable costing

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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EX 20-5 Variable costing income statement On June 30, the end of the first month of operations, Clowney Company prepared the following income statement, based on the absorption costing concept: Clowney Company Absorption Costing Income Statement For the Month Ended June 30, 2013 Sales (9,600 units). Cost of goods sold: Cost of goods manufactured (11,200 units) Less inventory, June 30 (1,600 units)... Cost of goods sold...... Gross profit...... Selling and administrative expenses Income from operations..... $448,000 64,000 $537,600 384,000 $153,600 82,080 $ 71,520 If the fixed manufacturing costs were $50,400 and the variable selling and administrative expenses were $45,600, prepare an income statement according to the variable costing concept.
Transcribed Image Text:EX 20-5 Variable costing income statement On June 30, the end of the first month of operations, Clowney Company prepared the following income statement, based on the absorption costing concept: Clowney Company Absorption Costing Income Statement For the Month Ended June 30, 2013 Sales (9,600 units). Cost of goods sold: Cost of goods manufactured (11,200 units) Less inventory, June 30 (1,600 units)... Cost of goods sold...... Gross profit...... Selling and administrative expenses Income from operations..... $448,000 64,000 $537,600 384,000 $153,600 82,080 $ 71,520 If the fixed manufacturing costs were $50,400 and the variable selling and administrative expenses were $45,600, prepare an income statement according to the variable costing concept.
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