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Anit [1.1K]
3 years ago
9

Sales $2,150,000 Manufacturing costs: Direct materials $960,000 Direct labor 420,000 Variable manufacturing cost 156,000 Fixed m

anufacturing cost 288,000 1,824,000 Selling and administrative expenses: Variable $204,000 Fixed 96,000 300,000 Required: 1. Prepare an income statement based on the absorption costing concept.
Business
1 answer:
son4ous [18]3 years ago
5 0

Answer:

Net income                                                      <u> 26,000</u>

Explanation:

Absorption costing classifies costs as production cost and non-production costs ( selling and distibution , administration e.t.c)

Income statement using Absorption costing

                                                                          $

Sales Revenue                                        2,150,000

Less cost of goods sold

Direct material                         960,000

Direct labour cost                   420,000

Variable manufacturing           156,000

Fixed manufacturing                <u>288,000</u>

production cost                                          (<u> 1,824,000 )</u>

Gross profit                                                  326,000

Selling and distribution

Variable                                   204,000                

Fixed                                          <u>96,000</u>    

                                                                     <u>(300,000) </u>

Net income                                                      <u> 26,000</u>

                 

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