Novak Golf Ltd. produces and sells special golf balls for $26.00 for a pack of three. In May 2022, the company manufactured 35,700 packs (its normal volume) and sold 33,320 packs. The beginning inventory on May 1, 2022, was 5,950 packs. Production information for May 2022 is as follows:

Direct manufacturing labour per pack		15.00	minutes
Fixed selling and administrative costs		$47,600
Fixed manufacturing overhead		$157,080
Direct materials costs per pack		$4.00
Direct labour rate per hour		$28.00
Variable manufacturing overhead per pack		$5.00
Variable selling expenses per pack		$4.00

Calculate the total cost per pack under both absorption and variable costing. (Round per unit calculations and final answers to 2 decimal places, e.g. 15.25.)

		Absorption Costing		Variable Costing
Total cost per pack		$enter a dollar amount rounded to 2 decimal places		$enter a dollar amount rounded to 2 decimal places

Prepare income statements in good form for the month ended May 31, 2022, under absorption and variable costing. (Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945). Round per unit calculations to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 125.)

NOVAKGOLF LTD. Absorption-Costing Income Statement choose the accounting period May 31, 2022For the Month Ended May 31, 2022For the Year Ended May 31, 2022
Sales in units		enter a number of units
select an income statement item Selling and administrative costsNet income / (loss)Gross profitCost of goods available for saleSalesContribution marginManufacturing overheadCost of goods soldOperating expensesCost of goods manufactured		$enter a dollar amount
select between addition and deduction AddLess: select an income statement item Contribution marginOperating expensesCost of goods soldCost of goods available for saleNet income / (loss)Manufacturing overheadCost of goods manufacturedGross profitSelling and administrative costsSales		enter a dollar amount
select a summarizing line for the first part Cost of goods soldCost of goods available for saleNet income / (loss)Operating expensesCost of goods manufacturedManufacturing overheadContribution marginSalesGross profitSelling and administrative costs		enter a total amount for the first part
select between addition and deduction AddLess: select an income statement item Manufacturing overheadOperating expensesSalesGross profitCost of goods manufacturedNet income / (loss)Contribution marginCost of goods available for saleSelling and administrative costsCost of goods sold		enter a dollar amount
select a closing name for this statement Operating expensesSalesCost of goods available for saleNet income / (loss)Manufacturing overheadCost of goods manufacturedCost of goods soldContribution marginGross profitSelling and administrative costs		$enter a total amount for this statement