Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. please help! variable costing income stateme

Please Help! Variable Costing Income Statement On April 30,...

70.2K

Verified Solution

Question

Accounting

Please Help!
image
image
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 (5,900 units) $206,500 Cost of goods sold: Cost of goods manufactured (6,700 units) $167,500 Inventory, April 30 (900 units) (22,500) Total cost of goods sold (145,000) Gross pront $61,500 Selling and administrative expenses (35,320) Operating Income $26,180 If the fixed manufacturing costs were $38,525 and the fixed selling and administrative expenses were $17,300, 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 Variable cost of goods sold Variable cost of goods manufactured Inventory, April 30 Total variable cost of goods sold Manufacturing margin Variable selling and administrative expenses Contribution margin Fixed costs: Fixed manufacturing costs Fixed selling and administrative expenses IN 11 Totalfixed costs DO Operating income Ferrari

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