On June 30, the end of the first month of operations, Bastile Company prepared t

Question

On June 30, the end of the first month of operations, Bastile Company prepared the following income statement, based on the absorption costing

The reporting of the costs of manufactured products, normally direct materials, direct labor, and factory overhead, as product costs.

concept:

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Bastile Company

Absorption Costing Income Statement

For the Month Ended June 30, 2016

1

Sales (23,000 units)

$3,450,000.00

2

Cost of goods sold:

3

Cost of goods manufactured (26,000 units)

$2,080,000.00

4

Less ending inventory (3,000 units)

240,000.00

5

Cost of goods sold

1,840,000.00

6

Gross Profit

$1,610,000.00

7

Selling and administrative expenses

170,000.00

8

Income from operations

$1,440,000.00

Bastile Company

Absorption Costing Income Statement

For the Month Ended June 30, 2016

Explanation / Answer

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