On July 31, 2016, the end of the first month of operations, Rhys Company prepared the following
Question:
On July 31, 2016, the end of the first month of operations, Rhys Company prepared the following income statement, based on the absorption costing concept:
a. Prepare a variable costing income statement, assuming that the fixed manufacturing costs were $132,000 and the variable selling and administrative expenses were $115,200.
b. Reconcile the absorption costing income from operations of $1,656,000 with the variable costing income from operations determined in (a).
Transcribed Image Text:
$4,440,000 Cost of goods sold: 624,000 Cost of goods sold. 2,496,000 $1,944,000 288,000 $1,656,000
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Related Book For
Accounting
ISBN: 978-1285743615
26th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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