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Oakes Company, which has only one product, has provided the following data concerning its most recent month of operations: Selling price $108 Units in beginning

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Oakes Company, which has only one product, has provided the following data concerning its most recent month of operations: Selling price $108 Units in beginning inventory 0 Units produced 1,100 Units sold 900 Units in ending inventory 200 Variable costs per unit: Direct materials $28 Direct labour 30 Variable manufacturing overhead 7 Variable selling and administrative 11 Fixed costs: Fixed manufacturing overhead $14,300 Fixed selling and administrative 1,800 Required: a) Prepare an income statement for the month using the contribution format and the variable costing method. b) Prepare an income statement for the month using the absorption costing method. 4

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