Question

Concord Corporation sells its product for $7600 per unit. Unit variable cost are: manufacturing, $4400, and selling and administrative, $50. Fixed costs are: $14000 manufacturing overhead and $20000 selling and administrative. There was no beginning inventory at 1/1/21. Production was 20 units per year in 2021–2023. Sales were 20 units in 2021, 16 units in 2022, and 24 units in 2023. Net income under variable costing for 2023 is

Answer 1

The income under variable costing for 2023 for Concord Corporation is $73600.

How to calculate the net income?

The formula to calculate the net income will be:

= Total sales - Total variable cost - Total fixed cost

= (7600 × 24) - (4400 + 50 × 24) - 2000

= 182400 - 106800 - 2000

= 73600

Therefore, the income under variable costing for 2023 for Concord Corporation is $73600.

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