Following are the results for the first year of operation for Schneider Co. Schneider uses standard costing. The fixed manufacturing overhead rate each year is computed over planned production, which is 120,000 units. Any production-volume variance is written off to COGS in the period in which it occurs. Unit data: Beginning iventory Production Sales Selling Price per unit Variable cost per unit Manufacturing Operating ixed costs Manufacturing Operating costs 20x2 140,000 120,000 $45.00 $8.05 $3.00 $ 2,400,000 $ 1,500,000 quired: Prepare Schneider's income statement for 20x2 using (a) variable costing and (b) absorption costing. (13 marks)

Following are the results for the first year of operation for Schneider Co. Schneider uses standard costing. The fixed manufacturing overhead rate each year is computed over planned production, which is 120,000 units. Any production-volume variance is written off to COGS in the periot in which it occurs. quired: Orepare Schneider's income statement for 202 using (a) variable costing and (b) absorption costing. (13 marks)