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Variable Costing Income Statement On November 30, the end of the first month of operations, Weatherford Company prepared the following income statement, based on the absorption costing concept: Weatherford Company Absorption Costing Income Statement For the Month Ended November 30 Sales (3,000 units) Cost of goods sold: Cost of goods manufactured (3,500 units) Inventory, November 30 (500 units) Total cost of goods sold Variable cost of goods sold: Fixed costs: $87,500 (12,500) 75,000 Gross profit $30,000 Selling and administrative expenses 17,600 Income from operations $12,400 Assume the fixed manufacturing costs were $20,125 and the fixed selling and administrative expenses were $8,620. Prepare an income statement according to the variable costing concept. Round all final answers to whole dollars. Weatherford Company Variable Costing Income Statement For the Month Ended November 30 $105,000

Variable Costing Income Statement On November 30, the end of the first month of operations, Weatherford Company prepared the following income statement, based on the absorption costing concept: Weatherford Company Absorption Costing Income Statement For the Month Ended November 30 Sales (3,000 units) Cost of goods sold: Cost of goods manufactured (3,500 units) Inventory, November 30 (500 units) Total cost of goods sold Variable cost of goods sold: Fixed costs: $87,500 (12,500) 75,000 Gross profit $30,000 Selling and administrative expenses 17,600 Income from operations $12,400 Assume the fixed manufacturing costs were $20,125 and the fixed selling and administrative expenses were $8,620. Prepare an income statement according to the variable costing concept. Round all final answers to whole dollars. Weatherford Company Variable Costing Income Statement For the Month Ended November 30 $105,000

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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Variable Costing Income Statement On November 30, the end of the first month of operations, Weatherford Company prepared the following income statement, based on the absorption costing concept: Weatherford Company Absorption Costing Income Statement For the Month Ended November 30 Sales (3,000 units) Cost of goods sold: Cost of goods manufactured (3,500 units) Inventory, November 30 (500 units) Total cost of goods sold Gross profit Selling and administrative expenses Income from operations Assume the fixed manufacturing costs were $20,125 and the fixed selling and administrative expenses were $8,620. Prepare an income statement according to the variable costing concept. Round all final answers to whole dollars. Weatherford Company Variable Costing Income Statement For the Month Ended November 30 Variable cost of goods sold: Fixed costs: $105,000 $87,500 (12,500) 75,000 $30,000 17,600 $12,400
Transcribed Image Text:Variable Costing Income Statement On November 30, the end of the first month of operations, Weatherford Company prepared the following income statement, based on the absorption costing concept: Weatherford Company Absorption Costing Income Statement For the Month Ended November 30 Sales (3,000 units) Cost of goods sold: Cost of goods manufactured (3,500 units) Inventory, November 30 (500 units) Total cost of goods sold Gross profit Selling and administrative expenses Income from operations Assume the fixed manufacturing costs were $20,125 and the fixed selling and administrative expenses were $8,620. Prepare an income statement according to the variable costing concept. Round all final answers to whole dollars. Weatherford Company Variable Costing Income Statement For the Month Ended November 30 Variable cost of goods sold: Fixed costs: $105,000 $87,500 (12,500) 75,000 $30,000 17,600 $12,400
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