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Glendale Company sells its product at a unit price of $12.00. Unit manufacturing costs are direct materials, $2.00; direct labor, $3.00; and variable manufacturing overhead,

 Glendale Company sells its product at a unit price of $12.00. Unit manufacturing costs are direct materials, $2.00; direct labor, $3.00; and variable manufacturing overhead, $1.50. Total fixed manufacturing costs are $30,000 per year. Selling and administrative expenses are $1.00 per unit variable and $11,000 per year fixed.During 2009, 25,000 units were produced and sold. There was no beginning inventory. (a) Help me with a functional income statement using absorption costing. (Do not use negative signs with your answers.)

Glendale Company Functional (Absorption Costing) Income Statement For the year 2009

Sales
Answer
Cost of goods sold
Answer
Gross profit
Answer
Other expenses:

Variable selling and administrative Answer
Fixed selling and administrative Answer Answer
Net income
Answer


(b) Help me with a contribution income statement using variable costing. (Do not use negative signs with your answers.)

Glendale Company Contribution (Variable Costing) Income Statement For the year 2009

Sales

Variable expenses:

Cost of goods sold

Selling and administrative

Contribution margin

Fixed expenses:

Manufacturing overhead

Selling and administrative

Net income





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