Reference no: EM132559021
Question - A Company, a manufacturer of slippers, began operations on May 1 of the current year. During this time, the company produced 200,000 units and sold 180,000 units at a sales price of $36 per unit. Cost information for this period is shown in the following table:
Production costs
Direct Material $4.00 per unit
Direct Labor $5.75 per unit
Variable overhead $286,000 in total
Fixed overhead $420,000 in total
Non-production costs
Variable selling and administrative $8,000 in total
Fixed selling and administrative $30,000 in total
Required -
a. Prepare the company's December 31 income statement for the current year under absorption costing.
b. Prepare the company's December 31 income statement for the current year under variable costing.
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