Colorfora produces a single product. Its income statement under absorption costing is a follows for 2 0
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Question:
Colorfora produces a single product. Its income statement under absorption costing is a follows
for
Sales $ per unit $
COGS $ per unit
Gross profit
Selling and administrative expenses
Net income $
Additional sales and production data:
Units produced
Units sold
The $ cost per unit product consists of the following:
Direct materials $ per unit
Direct labor per unit
Variable overhead per unit
Fixed overhead $ in total
Selling and administrative expenses consist of the following
Variable selling & admin
Fixed selling & admin
Total
Required:
Prepare the income statement for the company using absorption costing.
Prepare the income statement for the company using variable costing.
Prepare a reconciliation of the net income you calculated in steps &
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