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Income statements under absorption costing and variable costing Instructions Labels and Amount Descriptions Absorption Costing Income Statement Instructions Joplin Industries Inc. manufactures and sells high-quality sporting goods equipment under its highly recognizable J-Sports logo. The company began operations on May 1 and operated at 100% of capacity (98,000 units) during the first month, creating an ending inventory of 12,000 units. During June, the company produced 89,200 garments during the month but sold 101,200 units at $98 per unit. The June manufacturing costs and selling and administrative expenses were as follows: Number of Units Unit Cost Total Cost Manufacturing costs in June 1 beginning inventory: Variable 12,000 $52 $ 624,000 Fixed 12,000 12 144,000 Total $64 $768,000 Manufacturing costs in June: Variable 89,200 $52 $ 4,638,400 Fixed 89,200 14 1,248,800 Total $66 $5,887,200 Selling and administrative expenses in June: Check My Work Previous Next Income statements under absorption costing and variable costing Instructions Labels and Amount Descriptions Absorption Costing Income Statement Instructions Manutacturing costs in June: Variable 89,200 $52 $ 4,638,400 Fixed 89,200 14 1.248,800 Total $66 $5,887,200 Selling and administrative expenses in June: Variable 101,200 $20 $ 2,024,000 Fixed 101,200 6 607,200 Total $26 $2,631,200 Required: a. Prepare an income statement according to the absorption costing concept for June.* b. Prepare an income statement according to the variable costing concept for June.* c. What is the reason for the difference in the amount of income from operations reported in (a) and (b)? *Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. A colon (-) will automatically appear it it is required. If a net loss is incurred, enter that amount as a negative number using a minus sign. Check My Work Previous Next