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Make income statement for year using absorption costing

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Question - Sims Company began operations on January 1. Its cost and sales information for this year follow.

Sims Company began operations on January 1. Its cost and sales information for this year follow.

Direct materials $40 per unit

Direct labor $60 per unit

Variable overhead $30 per unit

Fixed overhead $7,350,000 per year

Variable selling and administrative expenses $11 per unit

Fixed selling and administrative expenses $4,250,000 per year

Units produced 105,000 units

Units sold 75,000 units

Sales price $350 per unit

Required -

1. Make an income statement for the year using variable costing.

2. Make an income statement for the year using absorption costing.

Reference no: EM133144136

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