Make the variable-costing income statement for same period

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Reference no: EM132716147

Question - Illuminate Bright Light, a producer of energy efficient light bulbs prepared the following absorption costing income statement for the 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 - Make the variable-costing income statement for the same period.

Reference no: EM132716147

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