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Question - Variable Costing Income Statement - On July 31, the end of the first month of operations, Rhys Company prepared the following income statement, based on the absorption costing concept:
Sales (96,000 units)
$4,440,000
Cost of goods sold:
Cost of goods manufactured
$3,120,000
Less ending inventory (24,000 units)
624,000
Cost of goods sold
2,496,000
Gross profit
$1,944,000
Selling and administrative expenses
288,000
Income from operations
$1,656,000
a. Prepare a variable costing income statement, assuming that the fixed manufacturing costs were $132,000 and the variable selling and administrative expenses were $115,200. In your computations, round unit costs to two decimal places and round final answers to the nearest dollar.
b. Reconcile the absorption costing income from operations of $1,656,000 with the variable costing income from operations determined in (a).
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