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Consider the following information for Presidio Inc.'s most recent year of operations. Additional information for Presidio's most recent year of operations follows: Number of units
Consider the following information for Presidio Inc.'s most recent year of operations. Additional information for Presidio's most recent year of operations follows: Number of units produced 2,400 Number of units sold 1,450 Unit sales price 740.00 Direct materials per unit 50.00 Direct labor per unit 82.ee Variable manufacturing overhead per unit 30.00 Fixed manufacturing overhead per unit ($285,600 119.00 2,480 units) Total variable selling expenses ($13 per unit 18,850.ee sold) Total fixed general and administrative expenses 85,000.00 Required: 2. Complete a full absorption costing income statement and a variable costing income statement for Presidio. Assume there was no beginning inventory. Presidio, Inc. Full Absorption Income Statement $ Sales 1,073,000 Less: Cost of Goods Sold Gross Margin Less: Selling Expense Net Operating Income
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