On April 30, the end of the first month of operations, Joplin Company prepared the following income statement, based on the absorption costing concept: Joplin Company Absorption Costing Income Statement For the Month Ended April 30 Sales (5,900 units) Cost of goods sold: Cost of goods manufactured (6,700 units) Inventory, April 30 (900 units) Total cost of goods sold Gross profit Selling and administrative expenses Operating income $120,600 (16,200) Sales $153,400 If the fixed manufacturing costs were $28,944 and the fixed selling and administrative expenses were $13,510, 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 (104,400) $49,000 (27,580) $21,420
On April 30, the end of the first month of operations, Joplin Company prepared the following income statement, based on the absorption costing concept: Joplin Company Absorption Costing Income Statement For the Month Ended April 30 Sales (5,900 units) Cost of goods sold: Cost of goods manufactured (6,700 units) Inventory, April 30 (900 units) Total cost of goods sold Gross profit Selling and administrative expenses Operating income $120,600 (16,200) Sales $153,400 If the fixed manufacturing costs were $28,944 and the fixed selling and administrative expenses were $13,510, 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 (104,400) $49,000 (27,580) $21,420
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
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Section: Chapter Questions
Problem 5E: On April 30, the end of the first month of operations, Joplin Company prepared the following income...
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![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
✓
✓
✓
✓
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Transcribed Image Text: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
✓
✓
✓
✓
00
000 00
![On April 30, the end of the first month of operations, Joplin Company prepared the following income statement, based on the absorption costing concept:
Joplin Company
Absorption Costing Income Statement
For the Month Ended April 30
Sales (5,900 units)
Cost of goods sold:
Cost of goods manufactured (6,700 units)
Inventory, April 30 (900 units)
Total cost of goods sold
Gross profit
Selling and administrative expenses
Operating income
Joplin Company
Variable Costing Income Statement
For the Month Ended April 30
Sales
✓
Variable cost of goods sold:
Variable cost of goods manufactured
If the fixed manufacturing costs were $28,944 and the fixed selling and administrative expenses were $13,510, prepare an income statement according to the variable costing concept.
Round all final answers to whole dollars.
Inventory, April 30
✓
Total variable cost of goods sold
Manufacturing margin
$120,600
(16,200)
✓
✓
$153,400
(104,400)
$49,000
(27,580)
$21,420](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa7a97132-4e66-498b-8eec-a62f91104a96%2F61bd562d-0e3b-4cb8-85ce-154788e83e5b%2Fyw2i9lp_processed.png&w=3840&q=75)
Transcribed Image Text:On April 30, the end of the first month of operations, Joplin Company prepared the following income statement, based on the absorption costing concept:
Joplin Company
Absorption Costing Income Statement
For the Month Ended April 30
Sales (5,900 units)
Cost of goods sold:
Cost of goods manufactured (6,700 units)
Inventory, April 30 (900 units)
Total cost of goods sold
Gross profit
Selling and administrative expenses
Operating income
Joplin Company
Variable Costing Income Statement
For the Month Ended April 30
Sales
✓
Variable cost of goods sold:
Variable cost of goods manufactured
If the fixed manufacturing costs were $28,944 and the fixed selling and administrative expenses were $13,510, prepare an income statement according to the variable costing concept.
Round all final answers to whole dollars.
Inventory, April 30
✓
Total variable cost of goods sold
Manufacturing margin
$120,600
(16,200)
✓
✓
$153,400
(104,400)
$49,000
(27,580)
$21,420
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