Fulton Manufacturing Company makes a product that sells for $64 per unit. Manufacturing costs for the product amount to $24 per unit variable, and $96,000 fixed. During the current accounting period, Fulton made 4,000 units of the product and sold 3,500 units. Selling and administrative expenses were zero.

Required

Prepare an absorption costing income statement.

Prepare a variable costing income statement.

Prepare a variable costing income statement.

FULTON MANUFACTURING COMPANY
Variable Costing Income Statement
	0
	$0

Prepare an absorption costing income statement.

FULTON MANUFACTURING COMPANY
Absorption Costing Income Statement
Sales
Cost of goods sold
Gross margin	0
Fixed manufaturing costs
Variable manufacturing costs
Net loss	$0