On June 30, the end of the first month of operations, Bastile Company prepared the following income statement, based on the absorption costing concept: Bastile Company Absorption Costing Income Statement For the Month Ended June 30, 2016

If the fixed manufacturing costs were $192,000 and the variable selling and administrative expenses were $92,400 prepare an income statement according to the variable costing concept. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. "Less, "Plus' or colons (:) will automatically appear if required. If a net loss is incurred, enter that amount as a negative number using a minus sign.

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1 Sales (20,000 units) 2 Cost of goods sold: 3 4 5 Cost of goods sold 6 Gross Profit Cost of goods manufactured (24,000 units) Less ending inventory (4,000 units) 7 Selling and administrative expenses 8 Income from operations $1,920,000.00 320,000.00 $2,000,000.00 1,600,000.00 $400,000.00 165,000.00 $235,000.00 1 Sales (20,000 units) 2 Cost of goods sold: 3 4 5 Cost of goods sold 6 Gross Profit Cost of goods manufactured (24,000 units) Less ending inventory (4,000 units) 7 Selling and administrative expenses 8 Income from operations $1,920,000.00 320,000.00 $2,000,000.00 1,600,000.00 $400,000.00 165,000.00 $235,000.00

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Prepare an income statement according to the variable costing costing concept as s... View the full answer