Limonade produced 10,000 cases of powdered drink mix and sold 9,000 cases in April. The sales price was $25, variable costs were $7 per case ($5 manufacturing and $2 selling and administrative), and total fixed costs were $75,000 ($60,000 manufacturing overhead and $15,000 selling and administrative). The company had no beginning Finished Goods Inventory. Read the requirements. Requirement 1. Prepare the April income statement using variable costing. Operating Income Limonade Income Statement (Variable Costing) Month Ended April 30 II II

Limonade produced 10,000 cases of powdered drink mix and sold 9,000 cases in April. The sales price was $25, variable costs were $7 per case ($5 manufacturing and $2 selling and administrative), and total fixed costs were $75,000 ($60,000 manufacturing overhead and $15,000 selling and administrative). The company had no beginning Finished Goods Inventory. Read the requirements. Requirement 1. Prepare the April income statement using variable costing. Operating Income Limonade Income Statement (Variable Costing) Month Ended April 30 II II

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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