8:19AAJoplin CompanyAbsorption Costing Income StatementFor the Month Ended April 30Sales (3,100 units)Cost of goods sold:Cost of goods manufactured (3,700 units)Inventory, April 30 (500 units)Total cost of goods soldGross profitSelling and administrative expensesOperating incomeJoplin CompanyVariable Costing Income StatementFor the Month Ended April 30SalesVariable cost of goods sold:Variable cost of goods manufacturedInventory, April 30-Total variable cost of goods soldIf the fixed manufacturing costs were $13,320 and thefixed selling and administrative expenses were $6,300,prepare an income statement according to the variablecosting concept. Round all final answers to wholedollars.Manufacturing marginVariable selling and administrative expensesContribution marginFixed costs:Fixed manufacturing costsFixed selling and administrative expensesTotal fixed costsOperating income$66,600(9,000)Check My Work$$80,600(57,600)$23,000(12,860)$10,140v2.cengagenow.com80,600LTEPreviousNext

The income statement can be prepared using various methods as variable costing and absorption…

Sales (3,100 units) Cost of goods sold: Cost of goods manufactured (3,700 units) Inventory, April 30 (500 units) Total cost of goods sold Gross profit Selling and administrative expenses Operating income $66,600 (9,000) Joplin Company Variable Costing Income Statement For the Month Ended April 30 Sales Variable cost of goods sold: Variable cost of goods manufactured Inventory, April 30 · If the fixed manufacturing costs were $13,320 and the fixed selling and administrative expenses were $6,300, prepare an income statement according to the variable costing concept. Round all final answers to whole dollars. Total variable cost of goods sold $80,600 (57,600) $23,000 (12,860) $10,140 80,600

Sales (3,100 units) Cost of goods sold: Cost of goods manufactured (3,700 units) Inventory, April 30 (500 units) Total cost of goods sold Gross profit Selling and administrative expenses Operating income $66,600 (9,000) Joplin Company Variable Costing Income Statement For the Month Ended April 30 Sales Variable cost of goods sold: Variable cost of goods manufactured Inventory, April 30 · If the fixed manufacturing costs were $13,320 and the fixed selling and administrative expenses were $6,300, prepare an income statement according to the variable costing concept. Round all final answers to whole dollars. Total variable cost of goods sold $80,600 (57,600) $23,000 (12,860) $10,140 80,600

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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