Reference no: EM133102935

Question - During the most recent year, Wicks Company had the following data:

Units in beginning inventory 0

Units produced 10,000

Units sold 9 301

Selling price ($) 45

Variable costs per unit ($):

Direct materials 9

Direct labour 6

Variable overhead 2

Fixed costs ($):

Fixed overhead per unit produced 4

Fixed selling and administrative cost 138,002

Required -

a) Calculate the cost of goods sold under absorption costing.

b) Prepare an income statement using absorption costing.

c) Calculate the cost of goods sold under variable costing.

d) Prepare an income statement using variable costing.