Variable Costing Income Statement On April 30, the end of the first month of operations,...
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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 (4,800 units) $100,800 Cost of goods sold: Cost of goods manufactured (5,500 units) $82,500 Inventory, April 30 (800 units) (12,000) Total cost of goods sold (70,500) Gross profit $30,300 Selling and administrative expenses (16,540) Operating income $13,760 If the fixed manufacturing costs were $16,500 and the fixed selling and administrative expenses were $8,100, 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 V $ 100,800Variable cost of goods sold: Variable cost of goods manufactured 66,000 Inventory, April 30 9,600 Total variable cost of goods sold 56,400 Manufacturing margin 44,400 Variable selling and administrative expenses V -16,540 X Contribution margin 27,860 X Fixed costs: Fixed manufacturing costs Fixed selling and administrative expenses Total fixed costs Operating income Feedback
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