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QS 19-3 Variable costing income statement LO P2 Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 5,300 rackets and sold 4,200. Each racket was sold at a price of $83. Fixed overhead costs are $65,190, and fixed selling and administrative costs are $64,500. The company also reports the following per unit variable costs for the year. Variable product costs Variable selling and administrative expenses Prepare an income statement under variable costing. Sales Net income (loss) ACES INC. Variable Costing Income Statement $ 24.30 $ 1.30 $ 348,600

QS 19-3 Variable costing income statement LO P2 Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 5,300 rackets and sold 4,200. Each racket was sold at a price of $83. Fixed overhead costs are $65,190, and fixed selling and administrative costs are $64,500. The company also reports the following per unit variable costs for the year. Variable product costs Variable selling and administrative expenses Prepare an income statement under variable costing. Sales Net income (loss) ACES INC. Variable Costing Income Statement $ 24.30 $ 1.30 $ 348,600

FINANCIAL ACCOUNTING
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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QS 19-3 Variable costing income statement LO P2 Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 5,300 rackets and sold 4,200. Each racket was sold at a price of $83. Fixed overhead costs are $65,190, and fixed selling and administrative costs are $64,500. The company also reports the following per unit variable costs for the year. Variable product costs Variable selling and administrative expenses Prepare an income statement under variable costing. Sales Net income (loss) ACES INC. Variable Costing Income Statement $ 24.30 $ 1.30 $ 348,600
Transcribed Image Text:QS 19-3 Variable costing income statement LO P2 Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 5,300 rackets and sold 4,200. Each racket was sold at a price of $83. Fixed overhead costs are $65,190, and fixed selling and administrative costs are $64,500. The company also reports the following per unit variable costs for the year. Variable product costs Variable selling and administrative expenses Prepare an income statement under variable costing. Sales Net income (loss) ACES INC. Variable Costing Income Statement $ 24.30 $ 1.30 $ 348,600
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