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The following information relates to Porter Manufacturing for fiscal 2011, the company's first year of operation:
Selling price per unit............. $ 150Direct material per unit............ $ 75Direct labor per unit ............. $ 30Variable manufacturing overhead per unit.... $ 5Variable selling cost per dollar of sales.....$ 0.05Annual fixed manufacturing overhead....$2,750,000Annual fixed selling expense.......$1,500,000Annual fixed administrative expense......$ 900,000Units produced...............$ 250,000Units sold.................$ 230,000
a. Prepare an income statement using full costing.b. Prepare an income statement using variable costing. c. Calculate the amount of fixed manufacturing overhead that will be included in ending inventory under full costing and reconcile it to the difference between income computed under variable and full costing.
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