Reference no: EM132822195
Problem 1 - Square Firm makes and markets triangles. The firm's cost structure is as follows:
Manufacturing cost = $8.75 per unit + $105,825 per month.
Selling and administrative cost = $2.85 per unit + $45,800 per month
At the end of January, the firm had 2,700 units in inventory with a total cost of $23,625. During February, the firm produced 8,500 units and sold 6,500. The selling price is $36.90 per unit.
Assume the firm uses variable costing. Prepare a income statement for the month of February.
Problem 2 - Triangle Firm makes and markets squares. The firm's cost structure is as follows:
Manufacturing cost = $8.75 per unit + $105,825 per month.
Selling and administrative cost = $2.85 per unit + $45,800 per month
At the end of January, the firm had 2,700 units in inventory with a total cost of $35,856. During February, the firm produced 8,500 units and sold 6,500. The selling price is $36.90 per unit.
Prepare an income statement assuming absorption costing for the month of February.
Problem 3 - Prepare a reconciliation of the variable costing net income from Problem 1 and the absorption costing net income from Problem 2.
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