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On October 31, the end of the first month of operations, Maryville Equipment Company prepared the following income statement, based on the variable costing concept:
On October 31, the end of the first month of operations, Maryville Equipment Company prepared the following income statement, based on the variable costing concept:
Maryville Equipment Company Variable Costing Income Statement For the Month Ended October 31 | ||||
Sales (11,500 units) | $598,000 | |||
Variable cost of goods sold: | ||||
Variable cost of goods manufactured | $285,600 | |||
Inventory, October 31 (2,100 units) | (44,100) | |||
Total variable cost of goods sold | (241,500) | |||
Manufacturing margin | $356,500 | |||
Variable selling and administrative expenses | (161,000) | |||
Contribution margin | $195,500 | |||
Fixed costs: | ||||
Fixed manufacturing costs | $54,400 | |||
Fixed selling and administrative expenses | 46,000 | |||
Total fixed costs | (100,400) | |||
Operating income | $95,100 |
Prepare an income statement under absorption costing. Round all final answers to whole dollars.
Maryville Equipment Company | ||
Absorption Costing Income Statement | ||
For the Month Ended October 31 | ||
$fill in the blank 2 | ||
Cost of goods sold: | ||
$fill in the blank 4 | ||
fill in the blank 6 | ||
fill in the blank 8 | ||
$fill in the blank 10 | ||
fill in the blank 12 | ||
$fill in the blank 14 |
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