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eBook Show Me How Question Content Area Variable Costing Income Statement On April 30, the...

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Accounting

eBook Show Me How Question Content Area 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 Line Item Description Amount Amount Sales (3,000 units) $108,000 Cost of goods sold: Cost of goods manufactured (3,400 units) $88,400 Inventory, April 30 (500 units) (13,000) Total cost of goods sold (75,400) Gross profit $32,600 Selling and administrative expenses (19,170) Operating income $13,430 If the fixed manufacturing costs were $22,100 and the fixed selling and administrative expenses were $9,390, prepare an income statement

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