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Question - Grant Ltd manufactures a gadget. The following information relates to March 2021:
Sales (number of gadgets)
15,000
Selling price per unit
110
Manufacturing cost of gadgets:
Variable
468,750
Fixed
187,500
Selling and administrative cost:
5
93,750
Fixed selling cost
50,000
Fixed administration cost
12,500
Inventory of gadgets at 31 March 2021
3,750 units
Only 15,000 of the 18,750 units were sold during March 2021.
Required -
a) Prepare the income statement of Grant Limited using the variable costing method.
b) Prepare the income statement of Grant Limited using the absorption costing method.
c) Explain why the net profit before tax differs between the variable and absorption cost methods.
d) Indicate which method should be used for monthly management accounts.
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