Absorption and Variable Costing Income Statements: Production Exceeds Sales Glenview Company sells its product at a unit
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Absorption and Variable Costing Income Statements: Production Exceeds Sales Glenview Company sells its product at a unit price of \($13.00\). Unit manufacturing costs are direct mateQOmeWoy, rials, $2.50; direct labor, $3.00; and variable manufacturing overhead, \($1.50\). Total fixed manufacturing costs are \($50,000\) per year. Selling and administrative expenses are \($1.00\) per unit variable and \($20,000\) per year fixed. Though 50,000 units were produced during 2017, only 44,000 units were sold. There was no beginning inventory.
Required
a. Prepare a functional income statement using absorption costing.
b. Prepare a contribution income statement using variable costing.
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