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A company produces and sells one product only which sells for 50 per unit. There...

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Accounting

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A company produces and sells one product only which sells for 50 per unit. There were no stocks at the end of May and other information is as follows. Standard cost per unit Direct material $ Direct wages 4 18 Variable production overhead 3 Budgeted and actual costs per month: Fixed production overhead 99,000 Fixed selling expenses 14,000 Fixed administration expenses 26,000 Variable selling expenses 10% of sales value Normal capacity is 11,000 units per month. The number of units produced and sold was: Required: Using the information above, prepare profit statements for June and July using: (a) Marginal costing, (b) Absorption costing

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