Abc company began operations on june 1 of the current year

Reference no: EM13571685

ABC Company began operations on June 1 of the current year. During this time, the company produced 370,000 units and sod 310,000 units at a sales price of $50 per unit. Cost information for this period is shown below:

Production costs

Direct Materials $2.00 per unit

Direct labor $.80 per unit

Variable overhead $814,000 in total

Fixed overhead $481,000 in total

Non production costs

Variable selling/admin. $78,000 in total

Fixed selling $210,000 in total

a) Prepare the income statement for the current year under absorbtion costing

b) Prepare the income statement for the current year under variable costing

Reference no: EM13571685

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