On April 30, the end of the first month of operations, Joplin Company prepared the following income
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Question:
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 Company Absorption Costing Income Statement For the Month Ended April 30 | |||
Sales (6,100 units) | $115,900 | ||
Cost of goods sold: | |||
Cost of goods manufactured (7,000 units) | $91,000 | ||
Inventory, April 30 (1,000 units) | (13,000) | ||
Total cost of goods sold | (78,000) | ||
Gross profit | $37,900 | ||
Selling and administrative expenses | (21,090) | ||
Operating income | $16,810 |
If the fixed manufacturing costs were $21,840 and the fixed selling and administrative expenses were $10,330, prepare an income statement according to the variable costing concept. Round all final answers to whole dollars.
Contribution marginInventoryManufacturing marginSalesVariable cost of goods manufacturedVariable selling and administrative expenses | $- Select - | |
Variable cost of goods sold: | ||
Contribution marginFixed manufacturing costsVariable cost of goods manufacturedVariable cost of goods soldVariable selling and administrative expenses | $- Select - | |
Fixed manufacturing costsInventory, April 30Fixed selling and administrative expensesManufacturing marginSales | - Select - | |
InventorySalesTotal variable cost of goods manufacturedTotal variable cost of goods soldTotal variable selling and administrative expenses | - Select - | |
Contribution marginFixed manufacturing costsInventoryManufacturing marginSales | $- Select - | |
Manufacturing marginSalesVariable cost of goods manufacturedVariable cost of goods soldVariable selling and administrative expenses | - Select - | |
Contribution marginFixed selling and administrative expensesInventoryManufacturing marginSales | $- Select - | |
Fixed costs: | ||
Fixed manufacturing costsFixed inventoryVariable cost of goods manufacturedVariable cost of goods soldVariable selling and administrative expenses | $- Select - | |
Fixed selling and administrative expensesFixed inventoryFixed salesVariable cost of goods soldVariable selling and administrative expenses | - Select - | |
Contribution marginOperating incomeManufacturing marginSalesTotal fixed costs | - Select - | |
Operating incomeLoss from operations | $- Select - |
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