The variable costing income statement for Jackson Company for last year is as follows: ...
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Accounting
The variable costing income statement for Jackson Company for last year is as follows:
| Sales (5,000 units) | P 100,000 | |
| Variable expenses: | ||
| Cost of goods sold | P30,000 | |
| Selling (10% of sales) | 10,000 | (40,000) |
| Contribution margin | P60,000 | |
| Fixed expenses | ||
| Manufacturing overhead | P24,000 | |
| Administrative | 14,400 | (38,400) |
| Operating income | P21,600 |
Selected data for last year concerning the operations of the company are as follows:
Beginning inventory - 0 unit Units produced - 8,000 units
Manufacturing costs: Direct labor - P3.00 per unit Direct materials - P1.60 per unit Variable overhead - P1.40 per unit
Prepare an absorption costing income statement for last year. (Hint: Operating income under absorption costing is higher.)
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