Lexington Company reports the following information for June: ?(click the icon t

Question

Lexington Company reports the following information for June: ?(click the icon to view the amounts.) Calculate the gross profit and operating income for June using absorption costing Begin by selecting the labels and entering the amounts to compute the contribution margin. Then, select the labels and enter the amounts to compute the operating income. Absorption Costing Fixed Cost of Goods Sold Data Table Gross Profit Net Sales Revenue Variable Cost of Goods Sold Fixed Cost of Goods Sold Variable Selling and Administrative Costs Fixed Selling and Administrative Costs 760,000 235,000 182,000 154,000 69,000 Print Done Choose from any list or enter any number in the input fields and then click Check Answer.

Explanation / Answer

Calculate gross profit and operating income :

Sales 760000 Cost of goods sold Variable cost of goods sold (235000) Fixed cost of goods sold (182000) (417000) Gross profit 343000 Selling and administrative expense Variable Selling and administrative expense (154000) Fixed Selling and administrative expense (69000) (223000) Net operating income 120000

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