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Prepare an income statement for the month

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Question - Lincoln Company, which has only one product, has provided the following data concerning its most recent month of operations.

Selling price

$150


Units in beginning inventory

0

Units produced

3,000

Units sold

2,900

Units in ending inventory

100


Variable costs per unit:

Direct materials

$27

Direct labor

$18

Variable manufacturing overhead

$10

Variable selling and admin

$12


Fixed costs:

Fixed manufacturing overhead

$75,000

Fixed selling and admin

$30,000

Required:

Prepare an income statement for the month using the variable costing method.

Prepare an income statement for the month using the absorption costing method.

Reference no: EM132066114

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