Jokarie Company developed the following unit information for January, 2016, its first month of operations: Per...
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Jokarie Company developed the following unit information for January, 2016, its first month of operations: Per Unit Total Costs $20 Sales price Variable costs Direct materials Direct labor 5342 3 Variable manufacturing overhead Selling and administrative expenses Fixed selling and administrative expenses Fixed manufacturing overhead 12,000 units were produced and 9,000 units were sold during January, 2016. 4 2 $22,000 36,000 Instructions (a) Prepare an income statement under the variable costing approach using the CVP format. (b) Prepare an income statement under the absorption costing approach. (c) Prepare a reconciliation schedule of both. Jokarie Company developed the following unit information for January, 2016, its first month of operations: Per Unit Total Costs $20 Sales price Variable costs Direct materials Direct labor 5342 3 Variable manufacturing overhead Selling and administrative expenses Fixed selling and administrative expenses Fixed manufacturing overhead 12,000 units were produced and 9,000 units were sold during January, 2016. 4 2 $22,000 36,000 Instructions (a) Prepare an income statement under the variable costing approach using the CVP format. (b) Prepare an income statement under the absorption costing approach. (c) Prepare a reconciliation schedule of both.
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