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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 (3,700 units) $74,000 Cost of goods sold: Cost of goods manufactured (4,300 units) $60,200 Inventory, April 30 (600 units) (8,400) Total cost of goods sold (51,800) Gross profit $22,200 Selling and administrative expenses (13,480) Operating income $8,720 If the fixed manufacturing costs were $16,254 and the fixed selling and administrative expenses were $6,600, prepare an income statement according to the variable costing concept. Round all final answers to whole dollars.

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 (3,700 units) $74,000 Cost of goods sold: Cost of goods manufactured (4,300 units) $60,200 Inventory, April 30 (600 units) (8,400) Total cost of goods sold (51,800) Gross profit $22,200 Selling and administrative expenses (13,480) Operating income $8,720 If the fixed manufacturing costs were $16,254 and the fixed selling and administrative expenses were $6,600, prepare an income statement according to the variable costing concept. Round all final answers to whole dollars.

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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Variable Costing Income Statement 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 (3,700 units) $74,000 Cost of goods sold: Cost of goods manufactured (4,300 units) $60,200 Inventory, April 30 (600 units) (8,400) Total cost of goods sold (51,800) Gross profit $22,200 Selling and administrative expenses (13,480) Operating income $8,720 If the fixed manufacturing costs were $16,254 and the fixed selling and administrative expenses were $6,600, prepare an income statement according to the variable costing concept. Round all final answers to whole dollars.
Transcribed Image Text:Variable Costing Income Statement 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 (3,700 units) $74,000 Cost of goods sold: Cost of goods manufactured (4,300 units) $60,200 Inventory, April 30 (600 units) (8,400) Total cost of goods sold (51,800) Gross profit $22,200 Selling and administrative expenses (13,480) Operating income $8,720 If the fixed manufacturing costs were $16,254 and the fixed selling and administrative expenses were $6,600, prepare an income statement according to the variable costing concept. Round all final answers to whole dollars.
If the fixed manufacturing costs were $16,254 and the fixed selling and administrative expenses were $6,600, 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: %24 %24
Transcribed Image Text:If the fixed manufacturing costs were $16,254 and the fixed selling and administrative expenses were $6,600, 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: %24 %24
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