Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. variable costing income statement on november 30,

Variable Costing Income Statement On November 30, the end of the first month of operations,...

70.2K

Verified Solution

Question

Accounting

Variable Costing Income Statement

On November 30, the end of the first month of operations, Weatherford Company prepared the following income statement, based on the absorption costing concept:

Weatherford Company Absorption Costing Income Statement For the Month Ended November 30
Sales (6,300 units) $163,800
Cost of goods sold:
Cost of goods manufactured (7,200 units) $129,600
Inventory, November 30 (1,000 units) 18,000
Total cost of goods sold 111,600
Gross profit $52,200
Selling and administrative expenses 28,990
Income from operations $23,210

Assume the fixed manufacturing costs were $29,808 and the fixed selling and administrative expenses were $14,200.

Prepare an income statement according to the variable costing concept. Round all final answers to whole dollars.

Weatherford Company
Variable Costing Income Statement
For the Month Ended November 30
$
Variable cost of goods sold:
$
$
$
Fixed costs:
$

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