The following data are available from the accounting records of Jones Co for the month ending May 31, 2014.

The following data are available from the accounting records of Jones Co for the month ending May 31, 2014.  17,000 units were manufactured and sold during the accounting period at a prince of $60 per unit.  There was no beginning inventories and all units were completed (no work in process).

CostTotal CostNumber of UnitsUnit CostManufacturing CostVariableFixedTotal$442,000170,000612,0001700017000261036Selling and Administrative ExpensesVariable ($2 per unit sold)FixedTotal34,00032,00066,000Prepare a variable costing income statementPrepare an absorption costing income statementIncome Statement Absorption CostingSales$1,020,000Less COGS$612,000Gross Profit$408,000less Operating Expense$66,000Operating Income$342,000Income Statement Variable CostingSales…

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