ABC Manufacturers produces and sells single product. Summarized data of operation for two years are given below: Selling Price per unit Rs.8000

Manufacturing Cost: a) Variable Cost Per Unit: Direct Material Rs.1760 Direct Labor Rs.960 Variable Overhead Rs.480 Fixed Cost Per Year Rs.19,200,000 b) Selling & Administrative Cost: Variable (per unit sold) Rs.400 Fixed Cost per Year Rs.11,200,000 Year 1 Year 2 c)

Beginning Inventory Units 0 4000 Units Produced 20000 12000 Units Sold 16000 16000 Ending Inventory Units 4000

Required: Income Statement w.r.t absorption costing & direct costing.