During the first year of operations, units were manufactured and units were sold. On August Olympic Inc. prepared the following income statement based on the variable costing concept:
Olympic Inc.
Variable Costing Income Statement
For Year Ended August
Sales $
Variable cost of goods sold:
Variable cost of goods manufactured $
Ending inventory
Total variable cost of goods sold
Manufacturing margin $
Variable selling and administrative expenses
Contribution margin $
Fixed costs:
Fixed manufacturing costs $
Fixed selling and administrative expenses
Total fixed costs
Operating income $
a Determine the unit cost of goods manufactured based on the variable costing concept.
$fill in the blank
b Determine the unit cost of goods manufactured based on the absorption costing concept. Round your answer to two decimal places.
$fill in the blank
