During the year, the company produced 20,800 units and sold 15,600 units. The se

Question

During the year, the company produced 20,800 units and sold 15,600 units. The selling price of the company's product is $63 per unit.

Prepare an income statement for the year. (Input all amounts as positive values. Omit the "$" sign in your response.)

  

  

  

  

$  

  Variable costs per unit:      Manufacturing:        Direct materials $22        Direct labor $7        Variable manufacturing overhead $4   Variable selling and administrative $5   Fixed costs per year:      Fixed manufacturing overhead $166,400      Fixed selling and administrative $40,000

Explanation / Answer

Hi,

Please find the revised answer as follows:

Thanks.

Sales (15600*63) 982800 Variable Expenses Variable Cost of Goods Sold 514800 Variable Selling and Administrative Expenses 78000 592800 Contribution 390000 Fixed Expenses Fixed manufacturing overhead 166400 Fixed selling and administrative 40000 206400 Net Operating Income 183600

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