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Vitamin T-Shirts, Inc. budgeted the following costs for its first year of manufacturing operations. These costs are based on a volume of 50,000 T-shirts produced and sold:
Total variable
cost per year
Total fixed
Direct materials
$36,000
-
Direct labor
$24,000
Manufacturing overhead
$60,000
$72,000
Selling and administrative
$12,000
$48,000
During the first year of operations, Vitamin actually produced 50,000 T-shirts but only sold 48,000 T-shirts. Actual costs did not fluctuate from the cost behavior patterns described above. The 48,000 T-shirts were sold for $10 per T-shirt.
Required:
Using the variable costing method, prepare Vitamin T-Shirts' income statement for the year.
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