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Momentum Bikes manufactures a basic road bicycle. Production and sales data for the most recent...

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Question

Accounting

Momentum Bikes manufactures a basic road bicycle. Production and sales data for the most recent year are as follows (no beginning inventory):

Variable production costs $90 per bike

Fixed production costs $450,000

Variable selling & administrative costs $22 per bike

Fixed selling & administrative costs $500,000

Selling price $200 per bike

Production 20,000 bikes

Sales 17,000 bikes

Instructions

Prepare a brief income statement using variable costing.

Answer & Explanation Solved by verified expert
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