help Donald Trump Company prepared the following absorption-costing income statement for the first year...
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Donald Trump Company prepared the following absorption-costing income statement for the first year of operations. The income statement is for the fiscal year ended May 31, 2015: Sales (16,000 units) exist320,000 Cost of Goods Sold 216,000 Gross Margin 104,000 Selling and administrative expenses 46,000 Operating income exist58,000 Additional data follow: Variable selling and administrative expenses exist1.50 per unit Variable manufacturing costs exist11.00 per unit Direct materials inventory, May 31, 2015 0 Work-in-process inventory, May 31, 2015 0 Units produced 17, 500 units Units expected to be produced 17, 500 units. Required: Assume actual fixed costs were equal to budgeted fixed costs. Prepare a variable-costing income statement for the year ended May 31, 2015
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