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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.
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