3. Variable costing income statement:
Sales (10,000 units × $150 per unit)... $1,500,000
Less variable expenses:
Variable cost of goods sold:
Beginning inventory... $ 0
Add variable manufacturing costs
(12,000 units × $50 per unit) ... 600,000
Goods available for sale ... 600,000
Less ending inventory
(2,000 units × $50 per unit) ... 100,000
Variable cost of goods sold* ... 500,000
Variable selling and administrative ex-
penses ... 180,000 680,000
Contribution margin... 820,000
Less fixed expenses:
Fixed manufacturing overhead ... 360,000
Fixed selling and administrative expenses ... 470,000 830,000
Net operating loss ... $ (10,000)
* This could be computed more simply as 10,000 units × $50 per unit =
$500,000
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