P9-40 (similar to) A Question Help WVJB Company manufactures a specialized hoverboard. WJB began 2017 with an inventory of 300 hoverboards. During the year, it produced 800 boards and sold 1,010 for $750 each. Fixed production costs were $183,600, and variable production costs were $320 per unit. Fixed advertising, marketing, and other general and administrative expenses were $110,000, and variable shipping costs were $15 per board. Assume that the cost of each unit in beginning inventory is equal to 2017 inventory cost. Read the requirements. Requirement 2. Prepare an income statement assuming WJB uses absorption costing. WJB uses sold. denominator level of 680 units. Production-volume variances are written off to cost of goods Complete the top half of the income statement first, then complete the bottom portion. (Label any variances as favorable (F) or unfavorable (U). Use parentheses or a minus sign for an operating loss.) Revenues 757,500 $ 177,000 Cost of goods sold: Beginning inventory Variable manufacturing costs Allocated fixed manufacturing costs 256,000 183600 Deduct ending inventory 53100 Cost of goods sold 563500 Variable manufacturing costs 15150 Allocated fixed manufacturing costs Choose from any list or enter any number in the input fields and then click Check