Prepare an income statement for the month using absorption costing. (Do not roun

Question

Prepare an income statement for the month using absorption costing. (Do not round intermediate calculations and round your final answers to the nearest dollar amount. Leave no cells blank - be certain to enter "0" wherever required. Input all amounts as positive values. Omit the "$" sign in your response.)

Selling price $ 109   Units in beginning inventory 540   Units produced 6,950   Units sold 6,910   Units in ending inventory 580   Variable costs per unit:      Direct materials $ 39.2      Direct labor $ 26.8      Variable manufacturing overhead $ 2.4      Variable selling and administrative $ 7.4   Fixed costs:      Fixed manufacturing overhead $ 45,870      Fixed selling and administrative $ 82,100

Explanation / Answer

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Please find the answer as follows:

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Sales (6910*109) 753190 Less Cost of Goods Sold 518250 Gross Margin 234940 Selling and Administrative Expenses 133234 Net Operating Income 101706

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