Question: Superman Limited is a producer of wrist bands. In 2021, the company had following...
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Question: Superman Limited is a producer of wrist bands. In 2021, the company had following data from its operation: Per Unit Per Month Selling Price Tk.75 Manufacturing Cost: Direct Material Tk.12 Direct Labor Tk.5 Variable Manufacturing Overhead Tk7 Fixed Manufacturing Overhead Tk.150,000 Selling and Administrative Expenses: Variable Selling and Administrative Tk. 1 Fixed Selling and Administrative Tk.60,000 Month 1 Month 2 Units in Beginning Inventory 0 ? Units Produced During the Month 15,000 10,000 Units Sold During the Month 12,000 12,000 The company uses FIFO method for its inventory calculation Required: Prepare income statement for Superman Limited using- a) Absorption Costing b) Variable Costing
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