Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on april 30, the end of the first month of operati

On April 30, the end of the first month of operations, Joplin Company prepared the...

70.2K

Verified Solution

Question

Accounting

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 (3,100 units) $111,600 Cost of goods sold: Cost of goods manufactured (3,600 units) $93,600 Inventory, April 30 (500 units) (13,000) Total cost of goods sold (80,600) Gross profit $31,000 Selling and administrative expenses (19,640) Operating income $11,360 If the fixed manufacturing costs were $25,272 and the fixed selling and administrative expenses were $9,620, prepare an income statement according to the variable costing concept. Round all final answers to whole dollars.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Accounting
1.2K views

Enumerate allowable deductions and explain the kinds of personalexemptions allowed based on "Train" Law.Enumerate...

Accounting
1.2K views

Question 4: Separate legal identity1. Harry was managing director of Grantham Plumbers Limited(Grantham). A...Question...

Biology
1.2K views

1. Which of the following is true about muscle protein? A. In a contracting muscle cell,...

Chemistry
1.2K views

A 18.6 mL solution of 0.100 mol L-1 NaOH is titrated using 0.150 mol L-1 HCl....

Psychology
1.2K views

Introduction to Speech Just Need the questions answerd in paraged format. Thanks! Cultural Diversity in the United...

Electrical Engineering
1.2K views

Question 3 Logic is basically human reasoning that tells us if certain proposition or declarative statement is...

Basic Math
1.2K views

In how many ways can 2 men, 4 women, 3 boys, and 3 girls be selected...

Algebra
1.2K views

Several customers order small fruit baskets filled with apples, bananas, and oranges. Let a represent...

Accounting
1.2K views

Required information [The following information applies to the questions displayed below.] On...

Accounting
1.2K views

Which of the following is not an example of an intangible asset? Patent Reputation Status...

Accounting
1.2K views

A firm uses, as part of the compensation package to its employees, the following: 1....

Finance
1.2K views

Problem 4-7 Financial Ratios (LO3) Here are simplified financial statements for Phone Corporation in a...