2. The variable costing income statement appears below:
Sales... $3,990,000
Less variable expenses:
Variable cost of goods sold:
Beginning inventory ... $ 0
Add variable manufacturing costs
(20,000 units × $150 per unit) ... 3,000,000
Goods available for sale... 3,000,000
Less ending inventory
(1,000 units × $150 per unit)... 150,000
Variable cost of goods sold* ... 2,850,000
Variable selling and administrative expenses
(19,000 units × $10 per unit) ... 190,000 3,040,000
Contribution margin ... 950,000
Less fixed expenses:
Fixed manufacturing overhead... 700,000
Fixed selling and administrative expenses... 285,000 985,000
Net operating loss... $ (35,000)
* The variable cost of goods sold could be computed more simply as:
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