TMM$\mathrm{.}07\mathrm{.}01$

EX$\mathrm{.}07\mathrm{.}02.$ALGO

EX$\mathrm{.}07\mathrm{.}12.$ALGO

TMM$\mathrm{.}07\mathrm{.}05$

EX$\mathrm{.}07\mathrm{.}05.$ALGO

Progress:$5/5$ items

eBook Show Me How

Question Content Area

Variable Costing Income Statement

On April $30,$ the end of the first month of operations, Joplin Company prepared the following income statement, based on the absorption costing concept:

Joplin Company

Absorption Costing Income Statement

For the Month Ended April $30$

Line Item Description Amount Amount

Sales $(4,900$ units$)$ $$117,600$

Cost of goods sold:

Cost of goods manufactured $(5,733$ units$)$ $$97,461$

Inventory, April $30(833$ units$)(14,161)$

Total cost of goods sold $(83,300)$

Gross profit $$34,300$

Selling and administrative expenses $(20,830)$

Operating income $$13,470$

If the fixed manufacturing costs were $$25,339\mathrm{.}86$ and the fixed selling and administrative expenses were $$10,200,$ prepare an income statement according to the variable costing concept. Round all final answers to whole dollars.