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Bookmarks People Window Help eAssignment/takeAssignmentMain.do?invoker &takeAssignments; ess false Calculator Problem 8-3 The variable costing income statement for Jackson Company for last year is as follows Sales (5,000 units) Variable expenses: $100,000 Cost of goods sold 30,000 10,00040,000 Selling (10% of sales) Contribution margin Fixed expenses: $60,000 Manufacturing overhead $24,000 Administrative Operating income Selected data for last year concerning the operations of the company are as follows: Beginning inventony Units produced Manufacturing costs: 14,400 38,400 $21,600 0-units 8,000 units Direct labor Direct materials Variable overhead $3.00 per unit 1.60 per unit 1.40 per unt Requiredt 4

Explanation / Answer

ABSORPTION COSTING-INCOME STATEMENT Sales 100,000 Less: Cost of Goods sold 45000 Gross Profit 55,000 Lless: Operating expense Selling expense 10000 Admin expennse 14400 Operating income 30,600 Note: Unit cost under Absorption costing: material per unit 3 Labour per unit 1.6 Variable OH per r unit 1.4 Fixed manufacturing OH (24000/8000) 3 UNIT PRODUCT COST 9 Cost of goods sold (5000 units @9) 45000

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