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Absorption costing income statement Instructions Instructions On March 31, the end of the first month of operations, Sullivan Equipment Company prepared the following income statement, based on the variable costing concept: $5,400,000.00 Sullivan Equipment Company Variable Costing Income Statement For the Month Ended March 31 1 Sales (45,000 units) 2 Variable cost of goods sold: 3 Variable cost of goods manufactured $3,480,000.00 Inventory, March 31 (13,000 units) (780,000.00) Total variable cost of goods sold 6 Manufacturing margin 7. Variable selling and administrative expenses Contribution margin 4 3 2,700,000.00 $2,700,000.00 1,395,000.00 $1,305,000.00 + Fixed costs 10 Fixed manufacturing costs $549,000.00 Absorption costing income statement Instructions $5,400,000.00 Instructions Sullivan Equipment Company Variable Costing Income Statement For the Month Ended March 31 1 Sales (45,000 units) 2 Variable cost of goods sold: 3 Variable cost of goods manufactured $3,480,000.00 Inventory, March 31 (13,000 units) (780,000.00) Total variable cost of goods sold 6 Manufacturing margin 7 Variable selling and administrative expenses $ Contribution margin 9 Fixed costs: 10 Fixed manufacturing costs $549,000.00 11 Fixed selling and administrative expenses 489,500.00 Total fixed costs 13 Income from operations 5 2,700,000.00 $2,700,000.00 1,395,000.00 $1,305,000.00 12 1,038,500.00 $266,500.00 Instructions Instructions Absorption Costing Income Statement Shaded cells have feedback. Score: 65/72 Sullivan Equipment Company Absorption Costing Income Statement For the Month Ended March 31 1 Sales $5,400,000.00 $4,029,000.00 2 Cost of goods sold: 3 Cost of goods manufactured Inventory, March 31 Total cost of goods sold 6 Gross profit 4 903,110,00 5 3,125,890.00 $2,274,110,00 7 Selling and administrative expenses 1,884,500.00 Income from operations $389,610.00