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Variable costs per unit: Manufacturing: Direct materials Direct labor $12 $4 ...

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Accounting

Variable costs per unit:
Manufacturing:
Direct materials
Direct labor
$12
$4
$2
$2
$370,000
$200,000
Variable selling and administrative
Fixed costs per year:
Fixed manufacturing overhead
Fixed selling and administrative
$12
$4
$2
$2
$370,000
$200,000
During the year, the company produced 37,000 units and sold 18,000 units. The selling price of the company's product is $55 per unit.
Required:
Assume the company uses absorption costing:
a. Compute the unit product cost.
b. Prepare an income statement for the year.
Assume the company uses variable costing:
a. Compute the unit product cost.
b. Prepare an income statement for the year.
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