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Alpha Limited is a company that produces surgical spirit which is bottled and sold in cases. The normal annual level of production on which the fixed production overhead absorption is based is 120,000 cases.
Data for the most recent financial year ended 31 December 2019 are as follows:
Production 145,000 cases Sales 112,000 cases Selling price sh. 2,000 per case Cost: Direct material 600 Direct labour 520 Variable overhead 250 Fixed Production Overhead 1,820,000 Variable Selling & Distribution Cost 10% of sales revenue Fixed Selling and Distribution Cost sh. 234,000
Assume no opening stocks.
Question 1: You are required to prepare profit statements for the year ended 31 December 2019 based on
(a) Marginal Costing (b) Absorption Costing (c) A statement to reconcile the profits from marginal and absorption costing
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