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The variable costing income statement for XYZ Company for 2017 is as follows: ...

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Accounting

The variable costing income statement for XYZ Company for 2017 is as follows:

Sales (5,000 units)

$100,000

Variable expenses:

Cost of goods sold

$40,000

Selling (10% of sales)

10,000

50,000

Contribution margin

$ 50,000

Fixed expenses:

Manufacturing overhead

$25,000

Administrative

15,000

40,000

Operating income

$ 10,000

Selected data for 2017 concerning the operations of the company are as follows:

Beginning inventory

-0- units

Units produced

7,000 units

Manufacturing costs:

Direct labor

$4.00 per unit

Direct materials

3.00 per unit

Variable overhead

1.00 per unit

Required: Prepare an absorption costing income statement for 2017.

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