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Question
Maloney Co. provided the following information for the year 2015:Units produced and sold 4,400 units
Selling Price $400/unit
Direct materials $85/unit
Direct labor $55/unit
Fixed manufacturing overhead $130,000/yr
Fixed selling and administrative costs $165,000/yr
Variable manufacturing overhead $40/unit
There are no beginning inventories. Prepare an income statement using the variable costing format.
Maloney Co.
Income Statement
Year Ended December 31, 2015
Sales 1,760,000
- Variable Costs 792,000
Contribution Margin 968,000
- Fixed Costs 295,000
Operating Income 673,000
Feedback: Variable costs = 4,400 units ($85 + $55 + $40) = $792,000
Fixed costs = $130,000 + $165,000 = $295,000
Answer
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