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Prepare an income statement using absorption costing method

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Reference no: EM133034963

Problem - Colin Company sells its product for $66 each. Unit variable costs are:

Direct material 12

Direct manufacturing labour 18

Variable manufacturing overhead 9 Marketing expenses per unit sold 6

Total annual fixed manufacturing costs are $180,000 and fixed administrative expenses are $60,000.

The company produces 25,000 units and expects to sell 20,000 units.

Required - Prepare an income statement using absorption costing method and another using marginal costing method.

Reference no: EM133034963

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