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Company A manufactures and sells a single product. Budgeted costs for Quarters 1 and 2 are: Direct Materials: $ 5 . 6 0 per unit

Company A manufactures and sells a single product. Budgeted costs for Quarters 1 and 2 are:
Direct Materials: $5.60 per unit
Direct Labor: $4.20 per unit
Variable Production Overhead: $0.70 per unit
Variable Administration Overhead: $0.50 per unit
Fixed Production Overhead: $312,000 for the year
Fixed Administration Overhead: $168,000 for the year
Fixed Production Overheads are based on an annual budgeted production of 48,000 units.
Fixed Selling and Distributions cost: $6,500 per month.
Variable Selling and Distributions cost: 15% of sales revenue.
1,400 units of the product were in finished goods inventory at the beginning of quarter
The following information was also provided:
Sales:
Quarter 1: $11,800
Quarter 2: $12,000
Production
Quarter 1: $12,300
Quarter 2: $11,500
The average selling price is $24 per unit. Actual costs in the period were as budgeted.
Required:
Prepare Income Statements for each quarter using:
A) Marginal costing,
B) Absorption costing.
Prepare a reconciliation statement of the profit or loss figures obtained in your answer for above.

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