Question
On April 30, the end of the first month of operations, Joplin Company prepared the following income statement, based on theabsorption costingconcept: Joplin Company Absorption
On April 30, the end of the first month of operations, Joplin Company prepared the following income statement, based on theabsorption costingconcept:
Joplin Company
Absorption Costing Income Statement
For the Month Ended April 30
Sales (4,700 units)$145,700
Cost of goods sold:Cost of goods manufactured (5,500 units)$121,000
Inventory, April 30 (800 units)(17,600)
Total cost of goods sold(103,400)
Gross profit$42,300
Selling and administrative expenses(23,460)
Operating income$18,840
If the fixed manufacturing costs were $24,200 and the fixed selling and administrative expenses were $11,490, prepare an income statement according to the variable costing concept.Round all final answers to whole dollars.
Sales: $145,700
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 cost: ?
Fixed selling and administrative expenses: ?
Total Fixed Cost: ?
Operating Income: ?
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