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 CompanyAbsorption Costing Income StatementFor the Month Ended April 30
Sales (5,600 units)
$117,600
Cost of goods sold:
Cost of goods manufactured (6,500 units)
$97,500
Inventory, April 30 (900 units)
(13,500)
Total cost of goods sold
(84,000)
Gross profit
$33,600
Selling and administrative expenses
(20,640)
Operating income
$12,960
If the fixed manufacturing costs were $25,350 and the fixed selling and administrative expenses were $10,110, prepare an income statement according to the variable costing concept. Round all final answers to whole dollars.
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