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Maga Company, which has only one product, has provided the following data concerning its most recent month of operations:
Selling price $ 190
Units in beginning inventory 0Units produced 3,280Units sold 3,170Units in ending inventory 110Variable cost per unit: Direct materials $ 49Direct labor $ 53Variable manufacturing overhead $ 15Variable selling and administrative $ 18Fixed costs: Fixed manufacturing overhead $ 101,680Fixed selling and administrative $ 12,680
Required:
a. What is the unit product cost for the month under variable costing?
b. What is the unit product cost for the month under absorption costing?
c. Prepare a contribution format income statement for the month using variable costing.
d. Prepare an income statement for the month using absorption costing.
e. Reconcile the variable costing and absorption costing net operating incomes for the month.
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