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Prepare an income statement using variable costing

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Reference no: EM133057777

Question - Variable Costing and Segment Reporting - The following information relates to Vice Versa Ventures for calendar year 20XX, the company's first year of operations.

Units produced 20,000

Units sold 17,000

Selling price per unit $35

Direct material per unit $5

Direct labor per unit $5

Variable manufacturing overhead per unit $2

Variable selling cost per unit $3

Annual fixed manufacturing overhead $160,000

Annual fixed selling and administrative expense $80,000

Required -

(a) Prepare an income statement using full costing.

(b) Prepare an income statement using variable costing.

Reference no: EM133057777

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