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What is the amount of the gross profit

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Reference no: EM132994114

Question - A business operated at 100% of capacity during its first month, with the following results:

Sales (95 units) $95,000

Production costs (100 units): Direct materials $40,000

Direct labor 20,000

Variable factory overhead 3,000

Fixed factory overhead 7,000

70,000

Operating expenses: Variable operating expenses $8,000

Fixed operating expenses 1,000

9,000

What is the amount of the gross profit that would be reported on the absorption costing income statement?

Reference no: EM132994114

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