Aspen Popular Company prepared the following absorption-costing income statement for the year ended May 31, 2017.

Additional information follows:
Selling and administrative expenses include $1.50 of variable cost per unit sold. There was no beginning inventory, and 8,750 units were produced. Variable manufacturing costs were $11 per unit. Actual fixed costs were equal to budgeted fixed costs
Required:
Prepare a variable-costing income statement for the same period.

Question

Aspen Popular Company prepared the following absorption-costing income statement for the year ended May 31, 2017.
  
Additional information follows:
Selling and administrative expenses include $1.50 of variable cost per unit sold. There was no beginning inventory, and 8,750 units were produced. Variable manufacturing costs were $11 per unit. Actual fixed costs were equal to budgeted fixed costs
Required:
Prepare a variable-costing income statement for the same period.

Quizplus · Accepted Answer

The Answer of Aspen Popular Company prepared the following absorption-costing income statement for the year ended May 31, 2017.
  
Additional information follows:
Selling and administrative expenses include $1.50 of variable cost per unit sold. There was no beginning inventory, and 8,750 units were produced. Variable manufacturing costs were $11 per unit. Actual fixed costs were equal to budgeted fixed costs
Required:
Prepare a variable-costing income statement for the same period.

Aspen Popular Company Prepared the Following Absorption-Costing Income Statement for the Year