Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Variable Costing Income Statement On April 30, the end of the first month of operations, Joplin Company prepared the following income statement, based on the

Variable Costing Income Statement

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 (4,800 units) $129,600
Cost of goods sold:
Cost of goods manufactured (5,600 units) $106,400
Inventory, April 30 (800 units) (15,200)
Total cost of goods sold (91,200)
Gross profit $38,400
Selling and administrative expenses (21,090)
Operating income $17,310

If the fixed manufacturing costs were $21,280 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.

image text in transcribed Joplin Company Variable Costing Income Statement For the Month Ended April 30 Sales Variable cost of goods sold: Variable cost of qoods manufactured Inventory, April 30 Total variable cost of goods sold Manufacturing marqin Variable selling and administrative expenses Contribution marqin Fixed costs: Fixed manufacturing costs Fixed selling and administrative expenses Total fixed costs Operating income

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

What is an interface? What keyword is used to define one?

Answered: 1 week ago

Question

8. Explain the relationship between communication and context.

Answered: 1 week ago