OAK MART COMPANY Variable Costing Income Statement Sales 33,790,000 Loss: Variable costs Beginning inventory: arded Variable costs $ 520,000 5:43 d Manufacturing costs this year Direct materials 4,200,000 Direct labor 6,510,000 Variable overhead costs 3,200,000 Total variable costs available 14,430,000 0 Less: Ending finished goods inventory Variable cost of goods sold Variable selling and administrative expenses 13,910,000 1,450,000 15,360,000 Total variable costs Contribution margin 18,430,000 X Less: Fixed expenses Fixed selling and administrative costs Fixed overhead costs $4,400,000 7.200,000 Total fixed expenses 11,600,000 18.430,000 Net income (loss) Red text indicates no response was expected in a cell or a formula bavad alculation is incorrect no points deducted, IL P otv 4 Q $ 4 2 3 8 5 9 W R U S D G H your previous attempt. Nermen wad 9 QS 19-4 Absorption costing income statement LO P2 java Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 5,000 rackets and sold 3,900. Each racket was sold at a price of $80. Fixed overhead costs are $60,000 and fixed selling and administrative costs are $64,200. The company also reports the following per unit variable costs for the year: ava Compound_Interes t.java 3.08/7.69 Joints awarded X 03:16:06 Variable product costs Variable selling and administrative expenses $24.00 $ 1.00 Scored Prepare an income statement under absorption costing. ACES INC. Absorption Costing Income Statement Resume - Nermen Awad Sales S 312,000 x Less: Variable costs Variable production costs Variable selling and administrative expenses 93,600 x 3,900 Resume - Nermen Awad2 X x 97,500 214,500 X Total variable costs Contribution margin Selling general and administrative expenses Fixed overhead costs Fixed selling and administrative costs x Assignment 8 60,000 64,200 Total Selling general and administrative expenses 124,200 Net income (loss) $ 90,300 "Red text indicates no response was expected in a cell or a formula-based calculation is incorrect, no points deducted Resume - Nermen Awad 1