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    Oct 14, 2013, 11:49 AM
    Accounting
    Please help,
    Q: On October 31, the end of the first month of operations, Ferris and co. prepared the following income statement based on the absorption costing:

    Sales(2600 units) 104,000
    Cost of goods sold:
    Cost of goods manufactured 85,500
    Less ending inventory (400 units) 11,400
    Cost of goods sold 74,100
    Gross profit 29,900
    Selling and administrative expenses 21,500
    Income from operations 8,400

    If fixed manufacturing costs were 42,900 and the variable selling and administrative expenses were 14,600, prepare an income statement in accordance with the variable costing concepts.

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