On October 31, the end of the first month of operations, Morristown & Co. prepared the following income statement based on absorption costing: If the fixed manufacturing costs were $42,900 and the variable selling and administrative expenses were $14,600, prepare an income statement using variable costing.

Question

On October 31, the end of the first month of operations, Morristown & Co. prepared the following income statement based on absorption costing:  If the fixed manufacturing costs were $42,900 and the variable selling and administrative expenses were $14,600, prepare an income statement using variable costing.​

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The Answer of On October 31, the end of the first month of operations, Morristown & Co. prepared the following income statement based on absorption costing:  If the fixed manufacturing costs were $42,900 and the variable selling and administrative expenses were $14,600, prepare an income statement using variable costing.​

On October 31, the End of the First Month of Operations