Illuminate Bright Light, a producer of energy efficient light bulbs prepared the following absorption costing income statement
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Question:
Illuminate Bright Light, a producer of energy efficient light bulbs prepared the following absorption costing income statement fort he year ended by 31 may, 2019.
Sales (16000 units) $320,000
Cost Of Goods Sold 216,000
Gross Margin 104,000
Selling & administrative expense 46,000
Operating Income 58,000
Additional Information follows:
Selling & administrative expenses include $1.50 of variable cost per unit sold. There was no beginning inventory, and 17,500 units were produced. Variable manufacturing costs were $11 per unit. Actual fixed costs were equal to budgeted fixed costs.
Required:
Variable -costing income statement for the same period.
Related Book For
Principles of Cost Accounting
ISBN: 978-1305087408
17th edition
Authors: Edward J. Vanderbeck, Maria Mitchell
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