E5-20 Comparing Full Absorption Costing and Variable Costing [LO 5S-1]

The following information pertains to the first year of operation for Crystal Cold Coolers Inc.:

Number of units produced		3,000
Number of units sold		2,500
Unit sales price	$	350
Direct materials per unit		80
Direct labor per unit		60
Variable manufacturing overhead per unit		10
Fixed manufacturing overhead per unit ($225,000 3,000 units)		75
Total variable selling expenses ($15 per unit sold)		37,500
Total fixed general and administrative expenses		65,000

Required: Prepare Crystal Colds full absorption costing income statement and variable costing income statement for the year.