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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 (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
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  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 -
     
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