Reference no: EM132714217
MunCDS develops musical CDs for which the budgeted profit per unit is as follows:
K Materials 2,000
Labour 3,000
Variable Production overhead 3,000
Fixed Production overhead 4,000
Variable selling cost 1,000
Fixed Selling expenses 2,000
Profit 5,000
Sales Price 20,000
Both types of fixed overheads were based on a budget of 10,000 CDs a year. In the first year of production, the only difference from the budget was that MunCDS produced 11,000 musical CDs and sold 9,000.
Required
Problem 1: Prepare:
a) Profit statement made under absorption costing?
b) Profit statement made under Marginal costing?
c) A statement reconciling the profit figures in (a) and (b)
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