Homework Help is Here – Start Your Trial Now!
Business
Accounting
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 (275,000 units)   $4,950,000    Cost of goods sold:     Cost of goods manufactured (300,000 units) $4,050,000      Inventory, April 30 (25,000 units) (337,500)           Total cost of goods sold   (3,712,500)   Gross profit   $1,237,500    Selling and administrative expenses   (275,000)   Operating income   $962,500    If the fixed manufacturing costs were $450,000 and the fixed selling and administrative expenses were $165,000, prepare an income statement according to the variable costing concept. Joplin Company Variable Costing Income Statement For the Month Ended April 30     $- Select - Variable cost of goods sold:       $- Select -     - Select -       - Select -     $- Select -     - Select -     $- Select - Fixed costs:       $- Select -     - Select -       - Select -     $- Select -

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 (275,000 units)   $4,950,000    Cost of goods sold:     Cost of goods manufactured (300,000 units) $4,050,000      Inventory, April 30 (25,000 units) (337,500)           Total cost of goods sold   (3,712,500)   Gross profit   $1,237,500    Selling and administrative expenses   (275,000)   Operating income   $962,500    If the fixed manufacturing costs were $450,000 and the fixed selling and administrative expenses were $165,000, prepare an income statement according to the variable costing concept. Joplin Company Variable Costing Income Statement For the Month Ended April 30     $- Select - Variable cost of goods sold:       $- Select -     - Select -       - Select -     $- Select -     - Select -     $- Select - Fixed costs:       $- Select -     - Select -       - Select -     $- Select -

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
100%

  1. 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 (275,000 units)   $4,950,000   
    Cost of goods sold:    
    Cost of goods manufactured (300,000 units) $4,050,000     
    Inventory, April 30 (25,000 units) (337,500)    
          Total cost of goods sold   (3,712,500)  
    Gross profit   $1,237,500   
    Selling and administrative expenses   (275,000)  
    Operating income   $962,500   

    If the fixed manufacturing costs were $450,000 and the fixed selling and administrative expenses were $165,000, prepare an income statement according to the variable costing concept.

    Joplin Company
    Variable Costing Income Statement
    For the Month Ended April 30
     
    		   $- Select -
    Variable cost of goods sold:    
     
    		 $- Select -  
     
    		 - Select -  
     
    		   - Select -
     
    		   $- Select -
     
    		   - Select -
     
    		   $- Select -
    Fixed costs:    
     
    		 $- Select -  
     
    		 - Select -  
     
    		   - Select -
     
    		   $- Select -
     
  2.  
  3.  
  4.  
  5.  
 
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS