Brief Exercise 134 During 2016, Basler Manufacturing produced 60,000 units and s

Question

Brief Exercise 134 During 2016, Basler Manufacturing produced 60,000 units and sold 55,000 for $10 per unit. Variable manufacturing costs were $4 per unit. Annual fixed manufacturing overhead was $120,000 ($2 per unit). Variable selling and administrative costs were $1 per unit sold, and fixed selling and administrative costs were $30,000 Prepare a variable costing income statement. BASLER MANUFACTURING Income Statement (Variable Costing) Click if you would like to Show Work for this question: Open Show Work

Explanation / Answer

Sales 550000 Variable cost of goods sold 220000 Variable selling and administrative expenses 55000 275000 Contribution margin 275000 Fixed manufacturing overhead 120000 Fixed selling and administrative expenses 30000 150000 Net income 125000

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