mazin' 69 Corp. reports the following information for May:InformationAmountSales Revenue$720,300Variable Cost of Goods Sold$148,600Fixed Cost of Goods Sold$116,000Variable Selling and Administrative Costs$105,300Fixed Selling and Administrative Costs$71,900 1. Calculate the gross profit and operating income for May using absorption costing.2. Calculate the contribution margin and operating income for May using variable costing. Cost of Goods SoldGross ProfitSelling and Administrative Costs:Operating Income2. Calculate the contribution margin and operating income for May using variable costing.Variable CostsContribution MarginFixed CostsAmazin' 69 Corp.Income StatementFor Month Ending May 31, 20XXAmazin' 69 Corp.Contribution Margin Income StatementFor Month Ending May 31, 20XXOperating IncomeSubmit All Parts

Income Statement: Income Statement, also known as a Profit and Loss (P&L) statement, is a…

Answered: mazin' 69 Corp. reports the following…

Accounting (Text Only)

26th Edition

ISBN:9781285743615

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter21: Cost Behavior And Cost-volume-profit Analysis

Section: Chapter Questions

Problem 21.26EX: Items on variable costing income statement In the following equations, based on the variable costing...

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mazin' 69 Corp. reports the following information for May:

Information	Amount
Sales Revenue	$720,300
Variable Cost of Goods Sold	$148,600
Fixed Cost of Goods Sold	$116,000
Variable Selling and Administrative Costs	$105,300
Fixed Selling and Administrative Costs	$71,900

1. Calculate the gross profit and operating income for May using absorption costing.

2. Calculate the contribution margin and operating income for May using variable costing.

Cost of Goods Sold
Gross Profit
Selling and Administrative Costs:
Operating Income
2. Calculate the contribution margin and operating income for May using variable costing.
Variable Costs
Contribution Margin
Fixed Costs
Amazin' 69 Corp.
Income Statement
For Month Ending May 31, 20XX
Amazin' 69 Corp.
Contribution Margin Income Statement
For Month Ending May 31, 20XX
Operating Income
Submit All Parts

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