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 (3,400 units) Cost of goods sold: Cost of goods manufactured (3,900 units) Inventory, April 30 (500 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 Manufacturing margin Variable selling and administrative expenses Contribution margin Fixed costs: Fixed manufacturing costs Fixed selling and administrative expenses Total fixed costs $50,700 If the fixed manufacturing costs were $12,168 and the fixed selling and administrative expenses were $5,650, 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 Operating income (6,500) $64,600 12,168 5,650 (44,200) $20,400 (11,540) $8,860 64.600 10 1800 5,890 17,818
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 (3,400 units) Cost of goods sold: Cost of goods manufactured (3,900 units) Inventory, April 30 (500 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 Manufacturing margin Variable selling and administrative expenses Contribution margin Fixed costs: Fixed manufacturing costs Fixed selling and administrative expenses Total fixed costs $50,700 If the fixed manufacturing costs were $12,168 and the fixed selling and administrative expenses were $5,650, 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 Operating income (6,500) $64,600 12,168 5,650 (44,200) $20,400 (11,540) $8,860 64.600 10 1800 5,890 17,818
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 (3,400 units)
Cost of goods sold:
Cost of goods manufactured (3,900 units)
Inventory, April 30 (500 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
Manufacturing margin Y
Variable selling and administrative expenses
Contribution margin
Fixed costs:
Fixed manufacturing costs
Fixed selling and administrative expenses
If the fixed manufacturing costs were $12,168 and the fixed selling and administrative expenses were $5,650, 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
Total fixed costs
Operating income
Y
$50,700
$
(6,500)
$64,600
12,168
5,650
(44,200)
$20,400
(11,540)
$8,860
64.600
Q8! 80
5,890
17,818
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