Solution-Prepare its income statement for the year under

Prepare its income statement for the year under absorption

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Cool Sky reports the following costing data on its product for its first year of operations. During this first year. the company produced 42.000 units and sold 34.000 units at a price of $120 per unit.

Manufacturing costs
Direct materials per unit	$48
Direct labor per unit	$18
Variable overhead per unit	$6
Fixed overhead for the year	$ 420,000
Selling and administrative costs
Variable selling and administrative cost per unit	$11
Fixed selling and administrative cost per year	$ 105,000

Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing.

Reference no: EM132316099

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Prepare its income statement for the year under absorption

Reference no: EM132316099

Reference no: EM132316099

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