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Absorption Costing Income Statement On March 31, the end of the first month of operations,...

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Accounting

Absorption Costing Income Statement

On March 31, the end of the first month of operations, Sullivan Equipment Company prepared the following income statement, based on the variable costing concept:

Sullivan Equipment Company Variable Costing Income Statement For the Month Ended March 31
Sales (13,000 units) $572,000
Variable cost of goods sold:
Variable cost of goods manufactured $266,400
Inventory, March 31 (1,800 units) (32,400)
Total variable cost of goods sold 234,000
Manufacturing margin $338,000
Variable selling and administrative expenses 143,000
Contribution margin $195,000
Fixed costs:
Fixed manufacturing costs $59,200
Fixed selling and administrative expenses 39,000
Total fixed costs 98,200
Income from operations $96,800

Prepare an income statement under absorption costing. Round all final answers to whole dollars.

Sullivan Equipment Company
Absorption Costing Income Statement
For the Month Ended March 31
$
Cost of goods sold:
$
$
$

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