Solution-Prepare income statement according to the variable

Prepare income statement according to the variable costing

Reference no: EM133060723

Question - Variable Costing Income Statement - 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 (2,500 units)		$62,500
Cost of goods sold:
Cost of goods manufactured (2,900 units)	$52,200
Inventory, April 30 (400 units)	(7,200)
Total cost of goods sold		(45,000)
Gross profit		$17,500
Selling and administrative expenses		(10,880)
Operating income		$6,620

Required - If the fixed manufacturing costs were $13,572 and the fixed selling and administrative expenses were $5,330, prepare an income statement according to the variable costing concept.

Reference no: EM133060723

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Prepare income statement according to the variable costing

Reference no: EM133060723

Reference no: EM133060723

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