The estimated income statement for the month shows a loss of $840000.
<h3>How to illustrate the income statement?</h3>
The estimated income statement for the month will be:
Sales = $25,600,000
Less: Cost of goods sold
Direct materials (320000 × 15) = $4,800,000
Direct labor (320000 × 17) = $5,440,000
Variable costing (320000 × 15) = $11,200,000
Fixed manufacturing cost = $1,530,000
Total cost of goods sold = $22970000
Gross profit = $25,600,000 - $22970000 = $2,630,000
Gross profit = $2,630,000
Less:
Variable selling and administrative expense = $3200000
Fixed selling and administrative = $270000
Loss from operations = $840000
Therefore, the estimated income statement for the month shows a loss of $840000.
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