Exercise 19-12 (Static) Prepare variable costing income statement LO P2 Dion Company reports the absorption costing income statement below for May. The company began the month with no finished goods inventory. Dion produced 20,000 units, and 2,000 units remain in ending finished goods inventory for May. Fixed overhead was $50,000. Variable selling and administration expenses were $30,000 and fixed selling and administrative expenses were $10,000. Sales (18,000 units) Cost of goods sold Gross profit Selling and administrative expenses Income $ 360,000 300,000 60,000 40,000 $ 20,000 Prepare an income statement using variable costing. DION COMPANY Income Statement (Variable Costing)

Exercise 19.12 (Static) Prepare variable costing income statement LO P2 Dion Company reports the absorption costing income statement below for May. The company began the month with no finished goods inventory. Dion produced 20,000 units, and 2,000 units remain in ending finished goods inventory for May. Fixed overhead was $50,000 Variable selling and administration expenses were $30,000 and fixed selling and administrative expenses were $10,000 Prepare an income statement using variable costing