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Map Company, which has only one product, has provided the following data concerning its most recent month of operations: Selling price............................................... $140 Units in beginning

Map Company, which has only one product, has provided the following data concerning its most recent month of operations:

Selling price...............................................

$140

Units in beginning inventory.....................

0

Units produced..........................................

8,400

Units sold..................................................

8,200

Units in ending inventory..........................

200

Variable costs per unit:

Direct materials.......................................

$42

Direct labor.............................................

$32

Variable manufacturing overhead...........

$1

Variable selling and administrative.........

$8

Fixed costs:

Fixed manufacturing overhead................

$280,800

Fixed selling and administrative..............

$98,000

Required:

Prepare an income statement for the month using the contribution format and the variable costing method.

Prepare an income statement for the month using the absorption costing method.

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