Homework: Chapter M:6 Homework Question 3, EM6-20 (similar to) Part 1 of 3 RemHebert 04/08/22 10:50 PM HW Score: 0%, 0 of 5 points O Points: 0 of 1 Save In May, ExerAde produced 20,000 cases of powdered drink mix and sold 23,000 cases, of which 3,000 were produced in April. The total April production was 15,000. The sales price was $25,arable co $10 per case ($8 manufacturing and $2 selling and administrative), and total fixed costs were $85,000 ($60,000 manufacturing and $25,000 selling and administratives. Exer Ade's May income statement using variable costing follows (Click the icon to view the variable costing income statement.) Read the requirements Month Ended May 31 Operating Income Help me solve this Demodocs example Get more help- Requirements 1. Prepare the May income statement using absorption costing 2. Is operating income using absorption costing higher or lower than variable costing income? Explain why 3. Determine the balance in Finished Goods inventory as of May 31 Print Done Clear all Check answer May 3 CAVIMUE Income Statement (Variable Costing) Month Ended May 31 Net Sales Revenue Variable Costs: Variable Manufacturing Overhead Variable Selling and Administrative Costs Contribution Margin sorption cost $ 575,000 higher or low $ 184,000 entory as of 46,000 230,000 345,000 Done Fixed Costs: Fixed Manufacturing Overhead 60,000 Fixed Selling and Administrative Costs 25,000 85,000 260,000 examp Operating Income CI Print Done us tio Reference CACIMUE Income Statement (Variable Costing) Month Ended May 31 I w 3 Net Sales Revenue $ 575,000 Variable Costs: Variable Manufacturing Overhead 184,000 Variable Selling and Administrative Costs 46,000 230,000 Contribution Margin 345,000 Fixed Costs: Fixed Manufacturing Overhead 60,000 25,000 85,000 Fixed Selling and Administrative Costs 260,000 mp Operating Income Print Done https://mylab pearson.com/Student/PlayerHomework.aspxhomeworkid-622798161&questionid=3&ushed-trueicid=69127438centerwin-ye ACG 2071 Managerial Accounting CRN 29058 8-weeks Homework: Chapter M:6 Homework Question 3, EM6-20 (similar to) Patt of 3 Remi Hebert 04/08/22 10:57 PM Save HW Score: 0%, 0 of 5 points O Points: 0 of 1 In May, ExerAde produced 20,000 cases of powdered drink mix and sold 23.000 cases, of which 3.000 were produced in April. The total April production was 15.000 The sales price was $25, variabes were $10 per case ($8 manufacturing and $2 selling and administrative), and total food costs were $85.000 (360.000 manu variable costing follows furing and $25.000 seling and administrative) ExerAde's May income stating Click the icon to view the variable costing income statement.) Read the requirements Operating Income Month Ended May 31 Him.colin this Demodocs example Get more help- Requirements 1. Prepare the May income statement using absorption costing 2. Is operating income using absorption costing higher or lower than varu costing income? Explain why 3. Determine the balance in Finished Goods Inventory as of May 31 Print Done Clear all Check answer