Home / Questions / On June 30, the end of the first month of operations, ClowneyCompany prepared the followin...
On June 30, the end of the first month of operations, ClowneyCompany prepared the following income statement, based on theabsorption costing concept:
| Clowney Company Absorption Costing Income Statement For the Month Ended June 30, 2016 |
||||
| Sales (2,400 units) | $69,600 | |||
| Cost of goods sold: | ||||
| Cost of goodsmanufactured (2,800 units) | $58,800 | |||
| Less inventory, June 30(400 units) | 8,400 | |||
| Cost of goods sold | 50,400 | |||
| Gross profit | $19,200 | |||
| Selling and administrative expenses | 11,090 | |||
| Income from operations | ||||
Assume the fixed manufacturing costs were $12,348 and thevariable selling and administrative expenses were $5,660.
Prepare an income statement according to the variable costingconcept. Round all final answers to whole dollars.
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