On April 30, the end of the first month of operations, Joplin Company prepared the following income statement, based on the absorp costing concept: Joplin Company Absorption Costing Income Statement For the Month Ended April 30 Sales (5,300 units) $174,900 Cost of goods sold: Cost of goods manufactured (6,300 units) $144,900 Inventory, April 30 (900 units) (20,700) Total cost of goods sold (124,200) Gross profit $50,700 Selling and administrative expenses (28,600) Operating income $22,100 If the fixed manufacturing costs were $30,429 and the fixed selling and administrative expenses were $14,010, prepare an income statement according to the variable costing concept. Round all final answers to whole dollars. If the fixed manufacturing costs were $30,429 and the fixed selling and administrative expenses were $14,010, prepare an income statement according to the variable costing concept. Round all final answers to whole dollars. Joplin Company Variable Costing Income Statement For the Month Ended April 30 Variable cost of goods sold: Fixed costs:
On April 30, the end of the first month of operations, Joplin Company prepared the following income statement, based on the absorp costing concept: Joplin Company Absorption Costing Income Statement For the Month Ended April 30 Sales (5,300 units) $174,900 Cost of goods sold: Cost of goods manufactured (6,300 units) $144,900 Inventory, April 30 (900 units) (20,700) Total cost of goods sold (124,200) Gross profit $50,700 Selling and administrative expenses (28,600) Operating income $22,100 If the fixed manufacturing costs were $30,429 and the fixed selling and administrative expenses were $14,010, prepare an income statement according to the variable costing concept. Round all final answers to whole dollars. If the fixed manufacturing costs were $30,429 and the fixed selling and administrative expenses were $14,010, prepare an income statement according to the variable costing concept. Round all final answers to whole dollars. Joplin Company Variable Costing Income Statement For the Month Ended April 30 Variable cost of goods sold: Fixed costs:
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter7: Variable Costing For Management
analysis
Section: Chapter Questions
Problem 3E: Fresno Industries Inc. manufactures and sells high-quality camping tents. The company began...
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