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Question - Variable costing income statement for two consecutive years - Dowell Company produces a single product. Its income statements under absorption costing for its first two years of operation follow.
Income Statements (Absorption Costing)
Year 1
Year 2
Sales ($46 per unit)
$920,000
$1,840,000
Cost of goods sold ($31 per unit)
620,000
1,240,000
Gross profit
300,000
600,000
Selling and administrative expenses
170,000
220,000
Income
$130,000
$380,000
Additional Information
Sales and production data for these first two years follow.
Units
Units produced
30,000
Units sold
20,000
40,000
Variable costs per unit and fixed costs per year are unchanged during these years. The company's $31 per unit product cost using absorption costing consists of the following.
Direct materials
$5
Direct labor
9
Variable overhead
7
Fixed overhead ($300,000/30,000 units)
10
Total product cost per unit
$31
Selling and administrative expenses consist of the following.
Selling and Administrative Expenses
Variable selling and administrative ($2.50 per unit sold)
$50,000
$100,000
Fixed selling and administrative
120,000
Total
$170,000
$220,000
Required - Prepare income statements for each of these two years under variable costing.
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