On April 30, the end of the first month of operations, Joplin Company prepared the following income
Question:
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 (4,700 units) $145,700
Cost of goods sold: Cost of goods manufactured (5,500 units)$121,000
Inventory, April 30 (800 units)(17,600)
Total cost of goods sold (103,400)
Gross profit $42,300
Selling and administrative expenses (23,460)
Operating income $18,840
If the fixed manufacturing costs were $24,200 and the fixed selling and administrative expenses were $11,490, prepare an income statement according to the variable costing concept. Round all final answers to whole dollars.
Sales: $145,700
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 cost: ?
Fixed selling and administrative expenses: ?
Total Fixed Cost: ?
Operating Income: ?
Pearsons Federal Taxation 2023 Comprehensive
ISBN: 9780137840656
36th Edition
Authors: Timothy J. Rupert, Kenneth E. Anderson, David S Hulse