Reference no: EM133144136
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.
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