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Business
Accounting
Sales Revenue $730,800 Variable Cost of Goods Sold $144,100 Fixed Cost of Goods Sold $119,400 Variable Selling and Administrative Costs $112,300 Fixed Selling and Administrative Costs $74,000 1. Calculate the gross profit and operating income for May using absorption costing. Cost of Goods Sold Gross Profit Amazin' 69 Corp. Income Statement For Month Ending May 31, 20XX Selling and Administrative Costs: Operating Income 2. Calculate the contribution margin and operating income for May using variable costing. Amazin' 69 Corp. Contribution Margin Income Statement For Month Ending May 31, 20XX Variable Costs Contribution Margin Fixed Costs ALP

Sales Revenue $730,800 Variable Cost of Goods Sold $144,100 Fixed Cost of Goods Sold $119,400 Variable Selling and Administrative Costs $112,300 Fixed Selling and Administrative Costs $74,000 1. Calculate the gross profit and operating income for May using absorption costing. Cost of Goods Sold Gross Profit Amazin' 69 Corp. Income Statement For Month Ending May 31, 20XX Selling and Administrative Costs: Operating Income 2. Calculate the contribution margin and operating income for May using variable costing. Amazin' 69 Corp. Contribution Margin Income Statement For Month Ending May 31, 20XX Variable Costs Contribution Margin Fixed Costs ALP

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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Amazin' 69 Corp. reports the following information for May: Information Amount Sales Revenue $730,800 Variable Cost of Goods Sold $144,100 Fixed Cost of Goods Sold $119,400 Variable Selling and Administrative Costs $112,300 Fixed Selling and Administrative Costs $74,000 1. Calculate the gross profit and operating income for May using absorption costing. Cost of Goods Sold Gross Profit Amazin' 69 Corp. Income Statement For Month Ending May 31, 20XX Selling and Administrative Costs: Operating Income 2. Calculate the contribution margin and operating income for May using variable costing. Amazin' 69 Corp. Contribution Margin Income Statement For Month Ending May 31, 20XX Variable Costs Contribution Margin Fixed Costs Operating Income
Transcribed Image Text:Amazin' 69 Corp. reports the following information for May: Information Amount Sales Revenue $730,800 Variable Cost of Goods Sold $144,100 Fixed Cost of Goods Sold $119,400 Variable Selling and Administrative Costs $112,300 Fixed Selling and Administrative Costs $74,000 1. Calculate the gross profit and operating income for May using absorption costing. Cost of Goods Sold Gross Profit Amazin' 69 Corp. Income Statement For Month Ending May 31, 20XX Selling and Administrative Costs: Operating Income 2. Calculate the contribution margin and operating income for May using variable costing. Amazin' 69 Corp. Contribution Margin Income Statement For Month Ending May 31, 20XX Variable Costs Contribution Margin Fixed Costs Operating Income
Amazin' 69 Corp. Income Statement For Month Ending May 31, 20XX Fixed Cost of Goods Sold Fixed Selling and Administrative Costs Sales Revenue Variable Cost of Goods Sold Variable Selling and Administrative Costs Operating Income Calculate the contribution margin and operating income for May Amazin' 69 Corp. Contribution Margin Income Statement For Month Ending May 31 20XX
Transcribed Image Text:Amazin' 69 Corp. Income Statement For Month Ending May 31, 20XX Fixed Cost of Goods Sold Fixed Selling and Administrative Costs Sales Revenue Variable Cost of Goods Sold Variable Selling and Administrative Costs Operating Income Calculate the contribution margin and operating income for May Amazin' 69 Corp. Contribution Margin Income Statement For Month Ending May 31 20XX
Expert Solution
Step 1: Gross profit and net income using absorption Costing
sales revenue730,800.00


cost of goods sold
variable144,100.00
fixed119,400.00


gross profit467,300.00


selling and administration expenses

variable112,300.00
fixed74,000.00


operating income281,000.00


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