TER On April 30, the end of the first month of operations, Joplin Company prepared...
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TER On April 30, the end of the first month of operations, Joplin Company prepared the following income statement, based on the absorption costing concept: $102,500 Joplin Company Absorption Costing Income Statement For the Month Ended April 30 Sales (4,100 units) Cost of goods sold: Cost of goods manufactured (4,800 units) $86,400 Inventory, April 30 (700 units) (12,600) Total cost of goods sold Gross profit Selling and administrative expenses Operating income (73,800) $28,700 (17,290) $11,410 If the fixed manufacturing costs were $20,736 and the fixed selling and administrative expenses were $8,470, prepare an income statement according to the variable costing concept. Round all Joplin Company Variable Costing Income Statement For the Month Ended April 30 Sales Variable cost of goods sold: Variable cost of goods manufactured Inventory, April 30 Total variable cost of goods sold Manufacturing margin Variable selling and administrative expenses Contribution margin Fixed costs: Fixed manufacturing costs Fixed selling and administrative expenses Total fixed costs Operating income
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