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(Static) Prepare variable costing income statement LO P2 Dion Company reports the absorption costing income statement below for May. The company began the month with no finished goos inventory. Dion produced 20,000 units, and 2,000 units remain in ending finished goods inventory for May. Fixed overhead was $50,000 Variable selling and administration expenses were $30,000 and fixed selling and administrative expenses were $10,000. Sales (18,000 units) Cost of goods sold Gross profit Selling and administrative expenses Income $360,000 300,000 60,000 40,000 $ 20,000 Prepare an income statement using variable costing DION COMPANY Income Statement (Variable Costing)

(Static) Prepare variable costing income statement LO P2 Dion Company reports the absorption costing income statement below for May. The company began the month with no finished goos inventory. Dion produced 20,000 units, and 2,000 units remain in ending finished goods inventory for May. Fixed overhead was $50,000 Variable selling and administration expenses were $30,000 and fixed selling and administrative expenses were $10,000. Sales (18,000 units) Cost of goods sold Gross profit Selling and administrative expenses Income $360,000 300,000 60,000 40,000 $ 20,000 Prepare an income statement using variable costing DION COMPANY Income Statement (Variable Costing)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Exercise 19-12 (Static) Prepare variable costing income statement LO P2 Dion Company reports the absorption costing income statement below for May. The company began the month with no finished goods Inventory. Dion produced 20,000 units, and 2,000 units remain in ending finished goods inventory for May. Fixed overhead was $50,000 Variable selling and administration expenses were $30,000 and fixed selling and administrative expenses were $10,000. Sales (18,000 units) Cost of goods sold Gross profit Selling and administrative expenses Income Prepare an income statement using variable costing. $360,000 300,000 60,000 40,000 $ 20,000 DION COMPANY Income Statement (Variable Costing)
Transcribed Image Text:Exercise 19-12 (Static) Prepare variable costing income statement LO P2 Dion Company reports the absorption costing income statement below for May. The company began the month with no finished goods Inventory. Dion produced 20,000 units, and 2,000 units remain in ending finished goods inventory for May. Fixed overhead was $50,000 Variable selling and administration expenses were $30,000 and fixed selling and administrative expenses were $10,000. Sales (18,000 units) Cost of goods sold Gross profit Selling and administrative expenses Income Prepare an income statement using variable costing. $360,000 300,000 60,000 40,000 $ 20,000 DION COMPANY Income Statement (Variable Costing)
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