On November 30, the end of the first month of operations, Weatherford Company prepared the following income statement, based on the absorption costing concept: Weatherford Company Absorption Costing Income Statement For the Month Ended November 30 Sales (6,100 units) Cost of goods sold: Cost of goods manufactured (7,000 units) Inventory, November 30 (1,000 units) Total cost of goods sold Gross profit Selling and administrative expenses Income from operations $161,000 Sales Variable cost of goods sold: Variable cost of goods manufactured (23,000) $201,300 138,000 $63,300 35,910 $27,390 Assume the fixed manufacturing costs were $38,640 and the fixed selling and administrative expenses were $17,590. Prepare an income statement according to the variable costing concept. Round all final answers to whole dollars. Weatherford Company Variable Costing Income Statement For the Month Ended November 30 201,300

On November 30, the end of the first month of operations, Weatherford Company prepared the following income statement, based on the absorption costing concept: Weatherford Company Absorption Costing Income Statement For the Month Ended November 30 Sales (6,100 units) Cost of goods sold: Cost of goods manufactured (7,000 units) Inventory, November 30 (1,000 units) Total cost of goods sold Gross profit Selling and administrative expenses Income from operations $161,000 Sales Variable cost of goods sold: Variable cost of goods manufactured (23,000) $201,300 138,000 $63,300 35,910 $27,390 Assume the fixed manufacturing costs were $38,640 and the fixed selling and administrative expenses were $17,590. Prepare an income statement according to the variable costing concept. Round all final answers to whole dollars. Weatherford Company Variable Costing Income Statement For the Month Ended November 30 201,300

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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