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Problem - Dion Company reports the absorption costing income statement below for May. The company began the month with no finished goods inventory. Dion produced 22,800 units, and 3,400 units remain in ending finished goods inventory for May. Fixed overhead was $68.400. Variable selling and administration expenses were $44,000 and fixed selling and administrative expenses were $24.600.
Sales (19,400 units) $485,000
Cost of goods sold 380,000
Gross profit 105,000
Selling and administrative expenses 68,600
Income $36,400
Required - Prepare an income statement using variable costing.
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