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Prepare income statement for the year using variable costing

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Reference no: EM132967888

Question - Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this year follows.

Manufacturing costs:

Direct Materials = $35/unit

Direct Labor $55/unit

Overhead Cost:

Variable = $40/per unit

Fixed = $6,600,000 (per year)

Selling & Admin costs for the year

Variable = $750,000

Fixed = $5,000,000

Produciton and Sales for the year:

Units produced = 110,000 units

Units Sold = 80,000 units

Sales price per unit = $360/unit

Required -

1. Prepare income statement for the year using variable costing.

2. Prepare income statement for the year using absorption costing.

Reference no: EM132967888

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