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The following information relates to Jorgensen Manufacturing for calendar year 2011, the company's first year of operation:
Units produced.................$ 8,000Units sold............ .......$ 7,000Selling price per unit.............. $ 4,500Direct material per unit............. $ 2,000Direct labor per unit............... $ 1,200Variable manufacturing overhead per unit.....$ 900Variable selling cost per unit......... ....$ 225Annual fixed manufacturing overhead....... $800,000Annual fixed selling and administrative expense... $400,000
Required:
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.d. Suppose that the company sold 8,000 units during the year. What would the variable costing net income have been? What would the full costing net income have been?
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