Reference no: EM132805407
Question - ABC company has Annual total sales is £2 million. Opening inventory is £270,000. Closing inventory is £125,000.
Variable cost of production is £400,000. Other variable costs are £45,000 Administration Department, £85,000 Sales Department, £65,000 Finance Department.
Fixed costs amount to £85,000 per year. Fixed overhead absorbed each year is £70,000 but this is over-absorbed by £20,000.
Variable Costing net income income is 1,175,000 and absorption costing net profit is 1,260,000
Required - Reconciliation statement of variable and absorption costing is required.
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