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 (6,600 units) $178,200 Cost of goods sold: Cost of goods manufactured (7,700 units) $146,300 Inventory, April 30 (1,100 units) (20,900) Total cost of goods sold (125,400) Gross profit $52,800 Selling and administrative expenses (32,280) Operating income $20,520 If the fixed manufacturing costs were $39,501 and the fixed selling and administrative expenses were $15,810, prepare an income statement according to the variable costing concept. Round all final answers to whole dollars. Joplin CompanyVariable Costing Income StatementFor the Month Ended April 30 $Sales Variable cost of goods sold: $Variable cost of goods manufactured Inventory, April 30 Total variable cost of goods sold $- Select - - Select - $- Select - Fixed costs: $- Select - - Select - - Select - $- Select -
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 |
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| Sales (6,600 units) | $178,200 | ||
| Cost of goods sold: | |||
| Cost of goods manufactured (7,700 units) | $146,300 | ||
| Inventory, April 30 (1,100 units) | (20,900) | ||
| Total cost of goods sold | (125,400) | ||
| Gross profit | $52,800 | ||
| Selling and administrative expenses | (32,280) | ||
| Operating income | $20,520 |
If the fixed
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$Sales | |
| Variable cost of goods sold: | ||
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$Variable cost of goods manufactured | |
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Inventory, April 30 | |
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Total variable cost of goods sold | |
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$- Select - | |
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- Select - | |
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$- Select - | |
| Fixed costs: | ||
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$- Select - | |
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- Select - | |
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- Select - | |
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$- Select - |
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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 30Sales (6,600 units) $178,200 Cost of goods sold: Cost of goods manufactured (7,700 units) $146,300 Inventory, April 30 (1,100 units) (20,900) Total cost of goods sold (125,400) Gross profit $52,800 Selling and administrative expenses (32,280) Operating income $20,520 Joplin CompanyVariable Costing Income StatementFor the Month Ended April 30If the fixed
manufacturing costs were $39,501 and the fixed selling and administrative expenses were $15,810, prepare an income statement according to the variable costing concept. Round all final answers to whole dollars.$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 $Operating income Feedback Area
FeedbackSales - (Variable Cost of Goods Manufactured* - Variable Costing Ending inventory**) = Manufacturing Margin; Manufacturing Margin - Variable Selling and Administrative Expenses = Contribution Margin; Contribution Margin - (Fixed Manufacturing Costs + Fixed Selling and Administrative Expenses) = Operating income
*Variable Cost of Goods Manufactured = Total Cost of Goods Manufactured - Fixed Manufacturing Cost
**Variable Costing Ending Inventory = (Variable Cost of Goods Manufactured/Total Units of Goods Manufactured) x Absorption Costing Ending Inventory Units (given)
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