Solution-Prepare an income statement

Prepare an income statement

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Reference no: EM133118874

Question - 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
Sales (5,900 units)		$171,100
Cost of goods sold:
Cost of goods manufactured (6,800 units)	$142,800
Inventory, April 30 (1,000 units)	(21,000)
Total cost of goods sold		(121,800)
Gross profit		$49,300
Selling and administrative expenses		(29,690)
Operating income		$19,610

Required - If the fixed manufacturing costs were $35,700 and the fixed selling and administrative expenses were $14,540, prepare an income statement according to the variable costing concept.

Reference no: EM133118874

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Prepare an income statement

Reference no: EM133118874

Reference no: EM133118874

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