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Question - The following information has been extracted from Universal Inc.'s financial records for its first year of operations:
Units produced 10,000
Beg. Finished Goods Inventory 0
Units sold 7,000
Sales Price per Unit $100
Variable costs per unit: Fixed costs for year:
Direct Materials $8 Overhead $70,000
Direct Labor 9 Marketing & Admin 30,000
Overhead 3
Selling 4 per unit sold
Required -
1. Compute the manufacturing cost of one unit using the Variable Costing method.
2. Compute the manufacturing cost of one unit using the Absorption Costing method.
3. Prepare the Income Statement under both methods.
4. Reconcile the difference in Operating Income between the 2 methods (be VERY specific and use numbers to reconcile.)
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