Reference no: EM133041840
Question - Porter Ltd began operations on 1 January and achieved the following results for the year:
Sales 36,000 units
Selling price $45 per unit
Manufacturing costs:
Direct material $12 per unit
Direct labour $6 per unit
Variable overhead $9 per unit
Fixed manufacturing overhead $300,000
Selling and administrative costs:
Variable $3 per unit sold
Fixed $30,000
Production 37,500 units
Required -
1. Prepare an absorption costing income statement for Porter Ltd.
2. Prepare a variable costing contribution margin statement for Porter Ltd.
3. Reconcile the differences between the profits under the two statements by:
(a) identifying the areas where the statements differ
(b) using the short-cut method.
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