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Hamilton Heating Company is a small manufacturer of auxiliary heaters. The units sell for $100 each. In 2008, the company produced 1,200 units and sold 1,000 units. Below are variable and full costing income statements for 2008.
Income Statement Prepared Using Variable Costing
Hamilton Heating Company
Income Statement
For the Year Ending December 31, 2008
Sales
$ 100,000
Less variable costs:
Variable cost of goods sold
$20,000
Variable selling expense
10,000
30,000
Contribution margin
70,000
Less fixed costs:
Fixed manufacturing expense
24,000
Fixed selling expense
8,000
Fixed administrative expense
12,000
44,000
Net Income
$26,000
Income Statement Prepared Using Full Costing
Less cost of goods sold
40,000
Gross margin
60,000
Less selling and administrative expenses:
Selling expense
$18,000
Administrative expense
$30,000
Required:
Reconcile the difference in profit between the two income statements.
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