On April 30- income statement, based on the absorption costing concept: Joplin Company Absorption Costing Income Statement
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Question:
On April 30- income statement, based on the absorption costing concept:
Joplin Company Absorption Costing Income Statement For the Month Ended April 30 | |||
Sales (4,500 units) | $85,500 | ||
Cost of goods sold: | |||
Cost of goods manufactured (5,300 units) | $68,900 | ||
Inventory, April 30 (700 units) | (9,100) | ||
Total cost of goods sold | (59,800) | ||
Gross profit | $25,700 | ||
Selling and administrative expenses | (14,920) | ||
Operating income | $10,780 |
If the fixed manufacturing costs were $16,536 and the fixed selling and administrative expenses were $7,310, prepare an income statement according to the variable costing concept. Round all final answers to whole dollars.
Contribution marginInventoryManufacturing marginSalesVariable cost of goods manufacturedVariable selling and administrative expenses | $- Select - | |
Variable cost of goods sold: | ||
Contribution marginFixed manufacturing costsVariable cost of goods manufacturedVariable cost of goods soldVariable selling and administrative expenses | $- Select - | |
Fixed manufacturing costsInventory, April 30Fixed selling and administrative expensesManufacturing marginSales | - Select - | |
InventorySalesTotal variable cost of goods manufacturedTotal variable cost of goods soldTotal variable selling and administrative expenses | - Select - | |
Contribution marginFixed manufacturing costsInventoryManufacturing marginSales | $- Select - | |
Manufacturing marginSalesVariable cost of goods manufacturedVariable cost of goods soldVariable selling and administrative expenses | - Select - | |
Contribution marginFixed selling and administrative expensesInventoryManufacturing marginSales | $- Select - | |
Fixed costs: | ||
Fixed manufacturing costsFixed inventoryVariable cost of goods manufacturedVariable cost of goods soldVariable selling and administrative expenses | $- Select - | |
Fixed selling and administrative expensesFixed inventoryFixed salesVariable cost of goods soldVariable selling and administrative expenses | - Select - | |
Contribution marginOperating incomeManufacturing marginSalesTotal fixed costs | - Select - | |
Operating incomeLoss from operations | $- Select - |
Related Book For
Forensic And Investigative Accounting
ISBN: 9780808056300
10th Edition
Authors: G. Stevenson Smith D. Larry Crumbley, Edmund D. Fenton
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