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Make an income statement using variable costing

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Question - On January 1 of the current year, Townsend Co. commenced operations. It operated its plant at 100% of capacity during January. The following data summarized the results for January:

Units

Production 50,000

Sales ($18 per unit) 42,000

Inventory, January 31 8,000

Manufacturing costs: 

Variable $575,000

Fixed 80,000

Total $655,000

Selling and administrative expenses: 

Variable $ 35,000

Fixed 10,500

Total $ 45,500

(a) Prepare an income statement using absorption costing.

(b) Prepare an income statement using variable costing.

Reference no: EM131814495

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