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Question - Wu Equipment Company manufactures and distributes industrial air compressors. The following data are available for the year ended December 31, 2020. The company had no beginning inventory. In 2020, it produced 1,500 units but sold only 1,200 units. The unit selling price was $4,500. Costs and expenses were as follows:
Variable cost per unit
Direct material = $800
Direct labour = 1,500
Variable manufacturing overhead = 300
Variable selling and administrative expenses = 70
Annual fixed cost and expenses
Fixed manufacturing overhead = $1,200,000
Selling and administrative expenses = 100,000
Required - Prepare 2020 income statement for Wu Company using variable costing.
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