12-17 JV Company begins its operations....

unit sold were $11.75 each, and the fixed manuractu Midway incurred fixed selling costs, primarily for advertising and sales ma of $250,000. A commission of 10% on sales is paid to sales persons, and di costs averaging $2.00 per unit were incurred. 200,000, stribution Required: Prepare, in good form, a variable costing income statement for Midway for the 20x1 12-17 Absorption Costing, Variable Costing and Throughput Costing JV Company began its operations on January 1, 20X1, and produces a single product at sells for $7.00 per unit. Standard capacity is 100,000 units per year. 100,000 units were produced and 80,000 units were sold in 20xi Manufacturing costs and selling and administrative expenses were as follows th Fixed Costs Variable Costs Raw materials Direct labor Factory overhead Selling and administrative. 80,000 There were no v overhead is written off directly at year-en $1.50 per unit produced 1.00 per unit produced .50 per unit produced .50 per unit sold $150,000 ariances from the standard variable costs. Any under- or overapplied d as an adjustment to cost of goods sold. Required Compute net income under absorption costing Compute net income under variable costing Compute net income under throughput costing