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Prepare income statement for year using absorption costing

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Reference no: EM131800082

Rey Company's single product sells at a price of $234 per unit. Data for its single product for its first year of operations follow.

     Direct materials $ 38   per unit
     Direct labor $ 46   per unit
     Overhead costs      
         Variable overhead $ 6  per unit
         Fixed overhead per year $ 196,000  per year
 Selling and administrative expenses      
     Variable $ 36  per unit
     Fixed $ 236,000  per year
     Units produced and sold   24,500  units

1. Prepare an income statement for the year using absorption costing

2. Prepare an income statement for the year using variable costing.

Reference no: EM131800082

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