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Question - Income statements under absorption costing and variable costing
Digital Edge Inc. assembles and sells MP3 players. The company began operations on May 1, 2010, and operated at 100% of capacity during the first month. The following data summarize the results for May:
Sales (16,500 units)
$2,475,000
Production costs (21,000 units):
Direct materials
$1,165,500
Direct labor
558,600
Variable factory overhead
279,300
Fixed factory overhead
186,900
2,190,300
Selling and administrative expenses:
Variable selling and administrative expenses
$339,500
Fixed selling and administrative expenses
131,400
470,900
a. Prepare an income statement according to the absorption costing concept. Enter all amounts as positive numbers.
b. Prepare an income statement according to the variable costing concept. Enter all amounts as positive numbers.
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