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

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

Sales (117 units) $526,500
Production costs (146 units):
   Direct materials $71,022
   Direct labor 18,133
   Variable factory overhead 31,733
   Fixed factory overhead 30,222 151,110
Operating expenses:
   Variable operating expenses $6,267
   Fixed operating expenses 3,062 9,329

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

a. $399,138

b. $396,076

c. $405,405

d. $526,354

Business   Accounting   
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