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Question:
Stonehenge Inc., a manufacturer of landscaping blocks, began operations on April 1 of the current year. During this time, the company produced 750,000 units and sold 720,000 units at a sales price of $9 per unit. Cost information for this period is shown below:
Production costs:
Direct labor
$.30 per unit
Direct materials
$1.80 per unit
Variable overhead
$495,000
Fixed overhead
$450,000
Non-production costs:
Variable selling expense
$18,000
Fixed administrative expenses
$53,000
Required:a) Prepare Stonehenge"s income statement under absorption costing.
b) Prepare Stonehenge"s income statement under variable costing.
c) Reconcile the two net incomes.
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