Question

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:
$
$

Homework Answers

Answer #1

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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