Crystal Company produces a single product. The company's variable costing income statement for the month of May appears below:
Sales ($10 per unit) $900,000
Variable Expenses:
Variable Cost of Goods Sold 450,000
Variable Selling Expenses 90,000
Total Variable Expenses 540,000
Contribution Margin 360,000
Fixed Expenses:
Fixed Manufacturing Overhead 240,000
Fixed Selling & Administrative 90,000
Total Fixed Expenses 330,000
Net Operating Income $30,000
The company produced 80,000 units in May and the beginning inventory consisted of 25,000 units. Variable production costs per unit and total fixed costs have remained constant over the past several months.
Under absorption costing, for the month ended May 31, the company would report a:_______.