Neufeld Inc manufactures opera glasses The company uses actual costing systems The opera glasses sell for $290 each For 2019, the company budgeted fixed manufacturing overhead of $160,000 and fixed selling and administrative costs of $25,000 Budgeted production was 5,000 units At the end of the year, the following actual results reported Opening inventory was 500 units, with assigned cost of $45,000 Sales were 5,500 units and production was 6,000 units Total variable manufacturing costs (direct labour and direct materials) was $455,000 Fixed manufacturing overhead was $160,000, as budgeted Variable selling and administrative costs were $19 95 per unit Actual fixed selling and administrative costs were $280,000 Required A)Prepare Income Statement for Neufeld Inc for the 2019 fiscal year using Absorption Costing (7 Marks) B) Prepare Income Statement for Neufeld Inc for the 2019 fiscal year using Variable Costing (7 Marks)

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Neufeld Inc   manufactures opera glasses The company uses actual costing systems The opera glasses sell for $290 each  For 2019, the company budgeted fixed manufacturing overhead of $160,000 and fixed selling and administrative costs of $25,000  Budgeted production was 5,000 units  At the end of the year, the following actual results reported  Opening inventory was 500 units, with assigned cost of $45,000  Sales were 5,500 units and production was 6,000 units  Total variable manufacturing costs (direct labour and direct materials) was $455,000  Fixed manufacturing overhead was $160,000, as budgeted  Variable selling and administrative costs were $19 95 per unit  Actual fixed selling and administrative costs were $280,000  Required  A)Prepare Income Statement for Neufeld Inc   for the 2019 fiscal year using Absorption Costing  (7 Marks) B) Prepare Income Statement for Neufeld Inc   for the 2019 fiscal year using Variable Costing   (7 Marks)

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Neufeld Inc . manufactures opera glasses.The company uses actual costing systems.The opera glasses sell for $290 each. For 2019, the company budgeted fixed manufacturing overhead

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