Solution-Prepare an income statement

Prepare an income statement

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Reference no: EM131787329

Question - On June 30, the end of the first month of operations, Volker Energy Company prepared the following income statement, based on the absorption costing concept:

Volker Energy Company Absorption Costing Income Statement For the Month Ended June 30, 2011
Sales (4,800) units		$134,400
Cost of goods sold:
Cost of goods manufactured (5,600 units)	$112,000
Les inventory, June 30 (800 units)	16,000
Cost of goods sold		96,000
Gross profit		$38,400
Selling and administrative expenses		22,550
Income from operations		$15,850

Required - If the fixed manufacturing costs were $25,200 and the variable selling and administrative expenses were $11,400, prepare an income statement according to the variable costing concept. Enter all amounts as positive numbers.

Reference no: EM131787329

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Prepare an income statement

Reference no: EM131787329

Reference no: EM131787329

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