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Variable Costing Income Statement On April 30, the end of the first month of operations, Joplin Company prepared the following income statement, based on the absorption costing concept: Joplin Company Absorption Costing Income Statement For the Month Ended April 30 Sales (6,100 units) Cost of goods sold: Cost of goods manufactured (7,200 units) Inventory, April 30 (1,000 units) Total cost of goods sold Gross profit Selling and administrative expenses Operating income $158,400 (22,000) Sales Variable cost of goods sold: $189,100 (136,400) $52,700 (30,300) $22,400 f the fixed manufacturing costs were $33,264 and the fixed selling and administrative expenses were $14,840, prepare an income statement according to the variable costing concept. Round all final answers to whole dollars. Joplin Company Variable Costing Income Statement For the Month Ended April 30

Variable Costing Income Statement On April 30, the end of the first month of operations, Joplin Company prepared the following income statement, based on the absorption costing concept: Joplin Company Absorption Costing Income Statement For the Month Ended April 30 Sales (6,100 units) Cost of goods sold: Cost of goods manufactured (7,200 units) Inventory, April 30 (1,000 units) Total cost of goods sold Gross profit Selling and administrative expenses Operating income $158,400 (22,000) Sales Variable cost of goods sold: $189,100 (136,400) $52,700 (30,300) $22,400 f the fixed manufacturing costs were $33,264 and the fixed selling and administrative expenses were $14,840, prepare an income statement according to the variable costing concept. Round all final answers to whole dollars. Joplin Company Variable Costing Income Statement For the Month Ended April 30

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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Fixed costs: Fixed manufacturing costs Fixed selling and administrative expenses Total fixed costs Operating income ✓ 100
Transcribed Image Text:Fixed costs: Fixed manufacturing costs Fixed selling and administrative expenses Total fixed costs Operating income ✓ 100
Variable Costing Income Statement On April 30, the end of the first month of operations, Joplin Company prepared the following income statement, based on the absorption costing concept: Joplin Company Absorption Costing Income Statement For the Month Ended April 30 Sales (6,100 units) Cost of goods sold: Cost of goods manufactured (7,200 units) Inventory, April 30 (1,000 units) Total cost of goods sold Gross profit Selling and administrative expenses Operating income Sales ✓ Variable cost of goods sold: Variable cost of goods manufactured Inventory, April 30 Total variable cost of goods sold ✓ If the fixed manufacturing costs were $33,264 and the fixed selling and administrative expenses were $14,840, prepare an income statement according to the variable costing concept. Round all final answers to whole dollars. Joplin Company Variable Costing Income Statement For the Month Ended April 30 ✓ ✓ Fixed manufacturing costs X Variable selling and administrative expenses Contribution margin ✓ $158,400 (22,000) ✓ $189,100 (136,400) $52,700 (30,300) $22,400 0000
Transcribed Image Text:Variable Costing Income Statement On April 30, the end of the first month of operations, Joplin Company prepared the following income statement, based on the absorption costing concept: Joplin Company Absorption Costing Income Statement For the Month Ended April 30 Sales (6,100 units) Cost of goods sold: Cost of goods manufactured (7,200 units) Inventory, April 30 (1,000 units) Total cost of goods sold Gross profit Selling and administrative expenses Operating income Sales ✓ Variable cost of goods sold: Variable cost of goods manufactured Inventory, April 30 Total variable cost of goods sold ✓ If the fixed manufacturing costs were $33,264 and the fixed selling and administrative expenses were $14,840, prepare an income statement according to the variable costing concept. Round all final answers to whole dollars. Joplin Company Variable Costing Income Statement For the Month Ended April 30 ✓ ✓ Fixed manufacturing costs X Variable selling and administrative expenses Contribution margin ✓ $158,400 (22,000) ✓ $189,100 (136,400) $52,700 (30,300) $22,400 0000
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