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Question - Speedie Ltd began operations on 1 January 2021, and achieved the following results for the year:
Sales units
23000 units
Selling price
$30 per unit
Manufacturing costs:
Direct materials
$8 per unit
Direct labour
$4 per unit
Variable overhead
$6 per unit
Fixed manufacturing overhead
$200,000
Selling and administrative costs:
Variable
$2 per unit sold
Fixed
$19,000
Production units
25000 units
Required -
1. Prepare absorption costing income statement for Speedie Ltd for the year ended 31 December 2021.
2. Prepare variable costing contribution margin statement for Speedie Ltd for the year ended 31 December 2021.
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