On April 30, the end of the first month of operations, Joplin Company prepared the...
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Accounting
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 (3,200 units)
$86,400
Cost of goods sold:
Cost of goods manufactured (3,700 units)
$70,300
Inventory, April 30 (500 units)
(9,500)
Total cost of goods sold
(60,800)
Gross profit
$25,600
Selling and administrative expenses
(14,520)
Operating income
$11,080
If the fixed manufacturing costs were $15,466 and the fixed selling and administrative expenses were $7,110, 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
$
Variable cost of goods sold:
$
$
$
$
$
$
Fixed costs:
$
$
$
$
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