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

image text in transcribed
image text in transcribed
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 (2,900 units) $78,300 Cost of goods sold: Cost of goods manufactured (3,300 units) $62,700 Inventory, April 30 (500 units) (9,500) Total cost of goods sold (53,200) Gross profit $25,100 Selling and administrative expenses (14,500) Operating income $10,600 If the fixed manufacturing costs were 516,302 and the fixed selling and administrative expenses were $7,100, prepare an income statement according to the variable costing concept. Round all final answers to whole dollars. Joplin Company Variable Costing Income Statement For the Month Ended April 30 Sales Variable cost of goods sold: Variable cost of goods manufactured Inventory April 30 Total variable cost of goods sold expenses Operating Income (14,500) $10,500 If the fixed manufacturing costs were $16,302 and the foxed selling and administrative expenses were $7,100, prepare an income statement according to the variable costing concept. Round all final answers to whole dollars. Joplin Company Variable Costing Income Statement For the Month Ended April 30 Sales Variable cost of goods sold: 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 costs Fixed selling and administrative expenses Totalfixed costs ini. 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

Comprehensive Assurance & Systems Tool

Authors: Laura R. Ingraham, Greg Jenkins

4th Edition

0134790472, 9780134790473

More Books

Students also viewed these Accounting questions

Question

What is a statement of cash flows?

Answered: 1 week ago

Question

Explain the causes of indiscipline.

Answered: 1 week ago

Question

Explain the factors influencing wage and salary administration.

Answered: 1 week ago

Question

What is the major competition for your organization?

Answered: 1 week ago

Question

How accurate is this existing information?

Answered: 1 week ago