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story Bookmarks Develop Window Help a newconnect.mheducation.com Ways - YouTube type beat-Old Ways download free MP3 Connect ework Saved Help Save & Exit Submit Check my work Required information Exercise 19-9 Income statement under absorption costing and variable costing LO P1, P2 The following information applies to the questions displayed below. Cool Sky reports the following costing data on its product for its first year of operations. During this first year, the company produced 42,000 units and sold 34,000 units at a price of $110 per unit. Manufacturing costs Direct materials per unit Direct labor per unit Variable overhead per unit Fixed overhead for the year 42 5 $378,odo Selling and administrative costs Variable selling and administrative cost per unit9 Pixed selling and administrative cost per year $100,000 Exercise 19-9 Part 2b sume the company uses variable costing. Prepare itsincome statemont fo

Explanation / Answer

Variable costing Income statement sales [34000*110] 3740000 less:Variable expense Variable manufacturing/product cost [34000(42+16+5)] 2142000 variable selling and administrative cost [34000*9] 30600 Total variable cost (2448000) contribution margin 1292000 Fixed expense Fixed overhead cost 378000 Fixed selling and administrative expense 100000 Total fixed cost (478000) Net operating income 814000

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