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Prepare an income statement under variable costing

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Reference no: EM132178882

Question - Consider the following information for Kilpatrick Corporation for 201X:

Units Produced - 20,000

Units Sold - 19,000

Selling Price - $210

DM cost per unit - $50

DL cost per unit - $80

VOH cost per unit - $20

FOH costs - Total - $700,000

Variable selling and administrative cost per unit - $10

Fixed selling and administrative costs - Total - $285,000

There were no beginning inventories.

Required:

a. Prepare an income statement under variable costing.

b. Prepare an income statement under absorption costing.

Reference no: EM132178882

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