Variable Costing Income Statement
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The income statement in the traditional reporting format for Green Products, Inc., for the year ended December 31, is as follows:
Green Product Inc. Income Statement (For the Year Ended Dec 31):
Sales $296,400
Cost of goods sold $112,750
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Gross Margin $183,650
Selling Expenses:
Variable $69,820
Fixed $36,980
Administrative expenses $27,410
------------------------------------------
Total Operating Income $49,400
Total fixed manufacturing costs for the year were $16,750. All administrative expenses are considered to be fixed.
Using the above information, prepare an income statement for Green Products, Inc., for the year ended December 31, using the variable costing format.
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The expert examines variable costing income statements.
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