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Hi, I need Accounting help please Income Statements under Absorption and Variable Costing with Decrease in Ending Inventory The following information pertains to Chacon Inc.
Hi, I need Accounting help please
Income Statements under Absorption and Variable Costing with Decrease in Ending Inventory The following information pertains to Chacon Inc. for last year: 5,000 Beginning inventory in units 20,000 Units produced 23,700 Units sold Costs per unit: $8.00 Direct materials $4.00 Direct labor $1.50 Variable overhead $4.15 Fixed overhead $3.00 Variable selling expenses $24,300 Fixed selling and administrative expenses *Fixed overhead totals $83,000 per year Assume that the selling price is $27 per unit. Required: 1. Prepare an income statement using absorption costing
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