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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: Sales (6,200 units) Cost of goods sold: Joplin Company Absorption Costing Income Statement For the Month Ended April 30 Cost of goods manufactured (7,068 units) Inventory, April 30 (868 units) Total cost of goods sold Gross profit Selling and administrative expenses Operating income $148,800 $120,156 (14,756) (105,400) $43,400 (24,010) $19,390 If the fixed manufacturing costs were $24,031.2 and the fixed selling and administrative expenses were $11,760, 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 Amount Amount $ 148,800 Line Item Description Sales Variable cost of goods sold: Variable cost of goods manufactured Inventory, April 30 Total variable cost of goods sold 84,320 Manufacturing margin 64,480 Variable selling and administrative expenses 12,250 Contribution margin 52,230 Fixed costs: Fixed manufacturing costs Fixed selling and administrative expenses Total fixed costs Operating income 11,760

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: Sales (6,200 units) Cost of goods sold: Joplin Company Absorption Costing Income Statement For the Month Ended April 30 Cost of goods manufactured (7,068 units) Inventory, April 30 (868 units) Total cost of goods sold Gross profit Selling and administrative expenses Operating income $148,800 $120,156 (14,756) (105,400) $43,400 (24,010) $19,390 If the fixed manufacturing costs were $24,031.2 and the fixed selling and administrative expenses were $11,760, 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 Amount Amount $ 148,800 Line Item Description Sales Variable cost of goods sold: Variable cost of goods manufactured Inventory, April 30 Total variable cost of goods sold 84,320 Manufacturing margin 64,480 Variable selling and administrative expenses 12,250 Contribution margin 52,230 Fixed costs: Fixed manufacturing costs Fixed selling and administrative expenses Total fixed costs Operating income 11,760

Managerial Accounting
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter7: Variable Costing For Management analysis
Section: Chapter Questions
Problem 1PB: Absorption and variable costing income statements During the first month of operations ended July...
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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: Sales (6,200 units) Cost of goods sold: Joplin Company Absorption Costing Income Statement For the Month Ended April 30 Cost of goods manufactured (7,068 units) Inventory, April 30 (868 units) Total cost of goods sold Gross profit Selling and administrative expenses Operating income $148,800 $120,156 (14,756) (105,400) $43,400 (24,010) $19,390 If the fixed manufacturing costs were $24,031.2 and the fixed selling and administrative expenses were $11,760, 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 Amount Amount $ 148,800 Line Item Description Sales Variable cost of goods sold: Variable cost of goods manufactured Inventory, April 30 Total variable cost of goods sold 84,320 Manufacturing margin 64,480 Variable selling and administrative expenses 12,250 Contribution margin 52,230 Fixed costs: Fixed manufacturing costs Fixed selling and administrative expenses Total fixed costs Operating income 11,760
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: Sales (6,200 units) Cost of goods sold: Joplin Company Absorption Costing Income Statement For the Month Ended April 30 Cost of goods manufactured (7,068 units) Inventory, April 30 (868 units) Total cost of goods sold Gross profit Selling and administrative expenses Operating income $148,800 $120,156 (14,756) (105,400) $43,400 (24,010) $19,390 If the fixed manufacturing costs were $24,031.2 and the fixed selling and administrative expenses were $11,760, 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 Amount Amount $ 148,800 Line Item Description Sales Variable cost of goods sold: Variable cost of goods manufactured Inventory, April 30 Total variable cost of goods sold 84,320 Manufacturing margin 64,480 Variable selling and administrative expenses 12,250 Contribution margin 52,230 Fixed costs: Fixed manufacturing costs Fixed selling and administrative expenses Total fixed costs Operating income 11,760
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