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Homework answers / question archive /  Absorption costing income statement Instructions Labels and Amount Descriptions Instructions On March 31, the end of the first month of operations, Sullivan Equipment Company prepared the following income statement based on the variable costing concept: $5,400,000

 Absorption costing income statement Instructions Labels and Amount Descriptions Instructions On March 31, the end of the first month of operations, Sullivan Equipment Company prepared the following income statement based on the variable costing concept: $5,400,000

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 Absorption costing income statement Instructions Labels and Amount Descriptions Instructions On March 31, the end of the first month of operations, Sullivan Equipment Company prepared the following income statement based on the variable costing concept: $5,400,000.00 Sullivan Equipment Company Variable Costing Income Statement For the Month Ended March 31 1 Sales (45,000 units) 2 Variable cost of goods sold: 3 Variable cost of goods manufactured $3,480,000.00 Inventory, March 31 (13,000 units) (780,000.00) Total variable cost of goods sold Manufacturing margin 7 Variable selling and administrative expenses Contribution margin Fixed costs 2,700,000.00 $2,700,000.00 1,395,000.00 $1,305,000.00 Absorption costing income statement Instructions Labels and Amount Descriptions Instructions Tot Yhdute Coscur Youssu ? VUOVU. $2,700,000.00 6 Manufacturing margin 7 Variable selling and administrative expenses Contribution margin 1,395,000.00 $1,305,000.00 9 Fixed costs: $549,000.00 10 Fixed manufacturing costs Fixed selling and administrative expenses Total fixed costs 11 489,500.00 12 1,038,500.00 15 Income from operations $266,500.00 Required: Prepare an income statement under absorption costing. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. A colon () will automatically appear if required. Enter all amounts as positive numbers. Round your cost per unit answer to two decimal places and final answers to nearest whole dollar Absorption Costing Income Statement Shaded cells have feedback. Prepare an income statement under absorption costing. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. A colon () will automatically appear i required. Enter all amounts as positive numbers. Round your cost per unit answer to two decimal places and final answers to nearest whole dollar Score: 62/72 Sullivan Equipment Company Absorption Costing Income Statement For the Month Ended March 31 1 Sales $5,400,000.00 $4,029,000.00 1,163,933.00 2. Cost of goods sold: 3 Cost of goods manufactured + Inventory, March 31 Total cost of goods sold 6 Gross profit ? Selling and administrative expenses Income from operations 5 2,865,067.00 $2,534,933.00 1,884,500.00 $389,610.00

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