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balandron [24]
2 years ago
9

Hex Industries reports the following information for May: Sales $ 990,000 Fixed cost of goods sold 118,000 Variable cost of good

s sold 268,000 Fixed selling and administrative costs 118,000 Variable selling and administrative costs 143,000 Calculate the gross profit for May under absorption costing.
Business
1 answer:
Semmy [17]2 years ago
4 0

The gross profit of Hex Industries for May under absorption costing is $604,000.

<h3>What is absorption costing?</h3>

Under absorption costing, the total or full costs of manufacturing or (variable and fixed) cost of goods sold are included when determining the gross profit.

<h3>Data and Calculations:</h3>

Sales $ 990,000

Variable cost of goods sold 268,000

Fixed cost of goods sold 118,000

Total cost of goods sold = $386,000

Gross profit = $604,000 ($990,000 - $386,000)

Fixed selling and administrative costs 118,000

Variable selling and administrative costs 143,000

Total period costs = $261,000 ($118,000 + $143,000)

Net income = $343,000 ($604,000 - $261,000)

Thus, the gross profit of Hex Industries for May under the absorption costing method is $604,000.

Learn more about the absorption costing method at brainly.com/question/14609187

#SPJ1

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