Explain reason for the difference in the amount of income

Reference no: EM13216023

During the first month of operations ended may 31,2012 dorm fridge company manufactured 12,500 flat panel televisions, of which 11,700 were sold. operationg data for the month are summarized
sales 2,106,000
manufacturing cost
direct material 1,050,000
Direct labor 312,500
variable manufacturing cost 268,750
fixed manufacturing cost 137,500
total 1,768,750
selling and administrative exp
variable 169,650
fixed 76,050
total 245,700

1.prepare an income statement base on the absorption costing concept
2.Prepare an income statement base on the variable costing system
3.Explain the reason for the difference in the amount of income from operations reported in 1 and 2

Reference no: EM13216023

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