Y ased Jackson Company produces plastic that is used for injection molding applications such as gears for motors. In 2017, the first year of operations, Jackson produced 3.300 tons of plastic and sold 3135 tons. In 2020, the production and sales results were exactly reversed. In each year, the selling price perton was $2,200 variable manufacturing costs were 18% of the sales price of units produced, variable selling expenses were 12% of the selling price of units sold, foed manufacturing costs were $2.850.000, and foed administrative expenses were 5560.000 Your answer is partially correct. Prepare income statements for each year using variable costing, JACKSON COMPANY Income Statement For the Year Ended December 31, 2019 Variable Costing Varble Cost of Goods Sold : Variable Costs of Goods Manufactured : Variable costs of Goods A ble for sale! Inventory December 31 Variable Cost of Goods Sold Variable Selling Expenses : Contribution Margin Faed Manufacturing Overhead . Feed Administrative perses Net Income Low) JACKSON COMPANY Income Statement Variable Costing Sales $ | | Il | Variable Cost of Goods Sold : Inventory, January 1 + Variable costs of Goods Manufactured Variable Costs of Goods Available for Sale : Inventory, December 31 Variable Cost of Goods Sold Variable Selling Expenses Contribution Margin Fixed Manufacturing Overhead | DUL Fixed Administrative Expenses Net Income/(Loss) 9 e Textbook and Media - Your answer is partially correct. "152598/assignments/3961178Ymodule_rend 16254921 . JACKSON COMPANY Income Statement For the Year Ended December 31, 2019 Absorption Costing Sales Cost of Goods Sold Inventory, January 1 s Costs of Goods Manufactured Costs of Goods Available for Sale Inventory, December 31 Cost of Goods Sold Gross Profit Variable Selling Expenses Fixed Administrative Expenses Net Income/(Loss) JACKSON COMPANY Tmca Romana Helle (LUSS) JACKSON COMPANY Income Statement For the Year Ended December 31, 2020 Absorption Costing - Sales . Cost of Goods Sold Inventory, January 1 Costs of Goods Manufactured Net Income/(Loss) e Textbook and Media eTextbook and Media - Your answer is partially correct. Reconcile the differences each year in net income under the two costing approaches, 2019 2020 1417900 2442000 2850000 2850000 Fixed Manufacturing Overhead Expensed with Variable Costing Fixed Manufacturing Overhead Expensed with Absorption Costing Less Fixed Manufacturing Overhead Expensed with Absorption Costing Difference 2,351295 3348747 488750 487747 Absorption Costing Net Income 1846659 1943253 e Textbook and Media Attempts: 1 of 3 used Send to Gradebook Previous