A B C D E F G H 3 Diaz Company reports the following variable costing income statement for its only product. Sales total 50,000 units, but production was 80,000 units. Diaz had no beginning finished goods invento A DIAZ COMPANY 6 Income Statement (Variable Costing) Units sold 50,000 Sales (50,000 units x $60 per unit) $3,000,000 Units produced 80,000 Variable expenses Selling price per unit $60 9 Variable cost of goods sold (50,000 units x $28 per unit) $1,400,000 Variable cost of goods sold per unit $28 10 Variable selling and administrative expenses (50,000 units x $5 per unit) 250,000 1,650,000 Variable selling and administrative costs per unit $5 11 Contribution margin 1,350,000 12 Fixed expenses 13 Fixed overhead 320,000 14 Fixed selling and administrative expense 160,000 480,000 15 Income $870,000 16 17 Required: 18 Prepare an absorption costing income statement. 19 20 (Use cells A2 to G15 from the given information to complete this question. All answers should be input and displayed as positive values.) 21 22 DIAZ COMPANY 23 Income Statement (Absorption Costing) 24 Sales $3,000,000 25 Cost of goods sold 1,600,000 26 Contribution margin $1,400,000 27 Selling and administrative expenses 28 Income 20 Graded Worksheet