Prepare an absorption-costing income statement for last year. Round to nearest whole number. The variable-costing income statement for Jackson Company for last year is as follows:Sales (5,000 units)$90,100Variable expenses:Cost of goods soldSelling (10% of sales)Contribution marginFixed expenses:Manufacturing overheadAdministrative$28,900Manufacturing costs:Direct laborDirect materialsVariable overhead9,010 37,910$52,190$24,80014,900 39,700$12,490Operating incomeSelected data for last year concerning the operations of the company are as follows:Beginning inventory0 unitsUnits produced8,000 units$3.50 per unit1.50 per unit1.20 per unit

Using absorption costing, the fixed manufcaturing overhead costs are also included in the product…

Sales (5,000 units) ariable expenses: Cost of goods sold Selling (10% of sales) Contribution margin Fixed expenses: Manufacturing overhead Administrative $28,900 lanufacturing costs: Direct labor Direct materials ariable overhead $90,100 9,010 37,910 $52,190 $24,800 14,900 39,700 $12,490 Operating income elected data for last year concerning the operations of the company are as follows: eginning inventory 0 units Units produced 8,000 units $3.50 per unit 1.50 per unit 1.20 per unit

Sales (5,000 units) ariable expenses: Cost of goods sold Selling (10% of sales) Contribution margin Fixed expenses: Manufacturing overhead Administrative $28,900 lanufacturing costs: Direct labor Direct materials ariable overhead $90,100 9,010 37,910 $52,190 $24,800 14,900 39,700 $12,490 Operating income elected data for last year concerning the operations of the company are as follows: eginning inventory 0 units Units produced 8,000 units $3.50 per unit 1.50 per unit 1.20 per unit

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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