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Question - The following data are available for Lunar Company Limited for the year ended September 30, 2019.
Sales: 24,000 units at £50 each
Expected and actual production: 30,000 units
Manufacturing costs incurred:
Variable: £525,000
Fixed: £372,000
Non-manufacturing costs incurred:
Variable: £144,800
Fixed: £70,400
Beginning stock: zero
REQUIRED -
(a) What is the operating income using the variable-costing approach? Show all calculations.
(b) What is the operating income using the absorption-costing approach. Show all calculations.
(c) How would you explain the cause of the differences? Show all calculations.
Show how the amounts related to accounts receivable and bad debt expense would be reported on the balance sheet and income statement for 2012
What accounts for the difference between these two amounts? Explain.
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