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On July 31 the end of the first month of operations Rhys Company prepared the following income statement, based on the absorption costing concept Prepare a variable costing income statement

On July 31, the end of the first month of operations, Rhys Company prepared the following income statement, based on the absorption costing concept: a. Prepare a variable costing income statement, assuming that the fixed manufacturing costs were $132,000 and the variable selling and administrative expenses were $115,200. b. Reconcile the absorption costing income from operations of $1,656,000 with the variable costing income from operations determined in (a).

Apr 24 2020 View more View Less

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