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Problem - Illuminate Bright Light (IBL), a producer of energy-efficient light bulbs prepared the following absorption costing income statement for the year ended May 31, 2019:
Sale (16,000 units) $320,000
Cost of Goods sold 216,000
Gross margin $104,000
Selling and administrative expensive 46,000
Operating Income $58,000
Additional Information - Selling and administrative expensive include $1.50 of variable cost per unit sold. There was no beginning inventory, and 17,500 units were produced. Variable manufacturing costs were $11 per unit. Actual Fixed costs were equal to budgeted fixed costs.
Required - Prepare variable-costing income statement for the same period.
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