Please do not give solution in image format thanku On July 31, the end of the first month of operations, Rhys Company prepared the following income statement, based on the absorption costing concept:Sales (18,000 units)Cost of goods sold:Cost of goods manufacturedLess ending inventory (4,000 units)Cost of goods soldGross profitSelling and administrative expensesIncome from operationsRhys CompanyIncome Statement-Variable CostingFor the Month Ended July 31Variable cost of goods sold:a. Prepare a variable costing income statement, assuming that the fixed manufacturing costs were $66,000 and the variable selling and administrative expenses we$47,000. In your computations, round unit costs to two decimal places and round final answers to the nearest dollar.Fixed costs:$792,000144,0000000$990,000648,000$342,000103,000$239,000

Under the variable costing income statement, the cost is divided into variable and fixed, where…

On July 31, the end of the first month or oper Sales (18,000 units) Cost of goods sold: Cost of goods manufactured Less ending inventory (4,000 units) Cost of goods sold Gross profit Selling and administrative expenses Income from operations $792,000 144,000 epared the following inc $990,000 648,000 $342,000 103,000 $239,000 a. Prepare a variable costing income statement, assuming that the fixed manufacturing costs were $66,000 and the variable selling and administrative exp $47,000. In your computations, round unit costs to two decimal places and round final answers to the nearest dollar.

On July 31, the end of the first month or oper Sales (18,000 units) Cost of goods sold: Cost of goods manufactured Less ending inventory (4,000 units) Cost of goods sold Gross profit Selling and administrative expenses Income from operations $792,000 144,000 epared the following inc $990,000 648,000 $342,000 103,000 $239,000 a. Prepare a variable costing income statement, assuming that the fixed manufacturing costs were $66,000 and the variable selling and administrative exp $47,000. In your computations, round unit costs to two decimal places and round final answers to the nearest dollar.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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