repair an income statement according to the absorption costing concept for June and prepare an income statement according to the variable costing concept for June

Income Statements under Absorption Costing and Variable Costing Joplin Industries Inc. manufactures and sells high-quality sporting goods equipment under its highly recognizable )-Sports logo. The company began operations on May 1 and operated at 100% of capacity (67,100 units) during the first month, creating an ending inventory of 6,100 units. During June, the company produced 61,000 garments during the month but sold 67,100 units at $95 per unit. The June manufacturing costs and selling and administrative expenses were as follows: Number of Unit Total Units Cost Cost Manufacturing costs in June 1 beginning inventory: Variable 6,100 $38.00 $231,800 Fixed 6,100 14.00 85,400 Total $52.00 $317,200 Manufacturing costs in June Variable 61,000 $38.00 $2,318,000 Fixed 61,000 15.40 939,400 Total $53.40 $3,257,400 Selling and administrative expenses in June Variable 67,100 18.20 $1,221,220 67,100 7.00 469,700 Total 25.20 $1,690,920 Fixed a. Prepare an income statement according to the absorption costing concept for June. Joplin Industries Inc. Absorption Costing Income Statement For the Month Ended June 30 Sales $ 6,374,500 Cost of goods sold: Cost of goods sold Cost of goods manufactured Total cost of goods sold Gross profit Selling and administrative expenses ID) Income from operations b. Prepare an income statement according to the variable costing concept for June. Joplin Industries Inc. Variable Costing Income Statement For the Month Ended June 30 Sales . Variable cost of goods sold Manufacturing margin Variable selling and administrative expenses Contribution margin Fixed costs: Variable cost of goods sold |0Odvini 00 Variable selling and administrative expenses Total fixed costs Income from operations