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# Variable Costing Income Statement On April 30, the end of the first month of operations, Joplin...

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 (5,200 units) \$78,000 Cost of goods sold: Cost of goods manufactured (6,000 units) \$66,000 Inventory, April 30 (800 units) (8,800) Total cost of goods sold (57,200) Gross profit \$20,800 Selling and administrative expenses (12,640) Operating income \$8,160

If the fixed manufacturing costs were \$15,180 and the fixed selling and administrative expenses were \$6,190, prepare an income statement according to the variable costing concept. Round all final answers to whole dollars.

 Joplin Company Variable Costing Income Statement For the Month Ended April 30 \$ Variable cost of goods sold: \$ \$ \$ Fixed costs: \$ \$

prepare an income statement according to the variable costing concept. Round all final answers to whole dollars.

 Joplin Company Variable Costing Income Statement For the Month Ended April 30 Sales revenue \$78000 Variable cost of goods sold: Variable cost of goods manufactured (66000-15180) \$50820 Less; Ending inventory (50820/6000*800) -6776 Variable cost of goods sold 44044 Manufacturing margin \$33956 Variable selling and administrative expense 6450 Contribution margin \$27506 Fixed costs: Fixed manufacturing cost \$15180 Fixed selling and administrative expense 6190 Total Fixed cost 21370 Net operating income \$6136

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