Reference no: EM133145218
Question - Degrees, Inc., a manufacturer of frozen food, began operations on July 1 of the current year. During this time, the company produced 140,000 units and sold 140,000 units at a sales price of $125 per unit. Cost information for this period is shown in the following table:
Production Costs
Direct materials $13.00 per unit
Direct labor $6.00 per unit
Variable overhead $2,100,000 in total
Fixed overhead $3,220,000 in total
Non-production costs:
Variable selling and administrative $91,000 in total
Fixed selling and administrative $458,000 in total
Required -
a) Prepare 32 Degree's December 31st income statement for the current year under absorption costing.
b) Prepare 32 Degree's December 31st income statement for the current year under variable costing.
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