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Miller Company has just completed its second year of operations. In Year 1, Miller Company produced 40,000 units and sold 35,000 units of its only product. In Year 2, the company sold 40,000 units, but increased production to 45,000 units.
Required
Problem a) Compute the unit product cost for each year under absorption costing and under variable costing.
Problem b) Prepare income statement for each year, using the absorption format.
Problem c) Prepare income statement for each year, using the contribution format with variable costing.
Problem d) Reconcile the variable costing and absorption costing income figures for each year
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