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Token Company, which has only one product, has provided the following data concerning its most...

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Accounting

Token Company, which has only one product, has provided the following data concerning its most recent month of operations:
Selling price $120
Units in beginning inventory 0
Units produced 1,200
Units sold 1,000
Units in ending inventory 200
Variable costs per unit:
Direct materials $30
Direct labour $32
Variable manufacturing overhead $7
Variable selling and administrative $10
Fixed costs:
Fixed manufacturing overhead $14,300
Fixed selling and administrative $2,000
Required:
a) Prepare an income statement for the month using the contribution format and the variable costing method.
b) Prepare an income statement for the month using the absorption costing method.

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