Prepare an income statement using variable costing. (Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945).)

ASIAN WINDOWS Income Statement December 31, 2020For the Month Ended December 31, 2020For the Year Ended December 31, 2020 Variable Costing
Contribution marginTotal fixed costsTotal variable costsVariable costsNet incomeFixed costsSales				$
AddLess: SalesVariable costsNet incomeTotal variable costsTotal fixed costsContribution marginFixed costs
Net incomeFixed selling and administrative expensesVariable selling and administrative expensesFixed manufacturing overheadVariable costs of goods manufacturedVariable cost of goods soldVariable costs of goods available for sale		$
Net incomeVariable selling and administrative expensesFixed selling and administrative expensesVariable costs of goods available for saleVariable cost of goods soldFixed manufacturing overheadVariable costs of goods manufactured
Variable costsTotal fixed costsNet incomeTotal variable costsFixed costsContribution marginSales
Total fixed costsNet incomeVariable costsContribution marginSalesTotal variable costsFixed costs
LessAdd: Contribution marginNet incomeTotal fixed costsVariable costsTotal variable costsSalesFixed costs
Variable selling and administrative expensesFixed selling and administrative expensesVariable cost of goods soldNet incomeVariable costs of goods available for saleFixed manufacturing overheadVariable costs of goods manufactured
Variable selling and administrative expensesVariable costs of goods available for saleVariable costs of goods manufacturedFixed selling and administrative expensesNet incomeFixed manufacturing overheadVariable cost of goods sold
Total variable costsNet incomeFixed costsSalesVariable costsTotal fixed costsContribution margin
Net incomeVariable costsFixed costsContribution marginSalesTotal variable costsTotal fixed costs				$

eTextbook

Asian Windows manufactures a hand-painted bamboo window shade for standard-size windows. Production and sales data for 2020 are as follows:

Variable manufacturing costs		$41	per shade
Fixed manufacturing costs		$108,000
Variable selling and administrative expenses		$9	per shade
Fixed selling and administrative expenses		$250,000
Selling price		$92	per shade
Units produced		10,800	shades
Units sold		8,420	shades

Asian Windows manufactures a hand-painted bamboo window shade for standard-size windows. Production and sales data for 2020 are as follows:

Variable manufacturing costs		$41	per shade
Fixed manufacturing costs		$108,000
Variable selling and administrative expenses		$9	per shade
Fixed selling and administrative expenses		$250,000
Selling price		$92	per shade
Units produced		10,800	shades
Units sold		8,420	shades