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Income Statements, Variable and Absorption Costing The following information pertains to Viadamir, Inc., for last year: Beginning inventory, units 1,400 Units produced 100,000 Units sold 101,000 Variable costs per unit: Direct materials $8.00 Direct labor $10.00 Variable overhead $1.00 Variable selling expenses $2.00 Fixed costs per year: Fixed overhead $200,000 Fixed selling and administrative expenses $230,000 There are no work-in-process inventories. Normal activity is 100,000 units. Expected and actual overhead costs are the same. Costs have one year to the next. Required: 1. How many units are in ending inventory? 400 units 2. Without preparing an income statement, indicate what the difference will be between variable-costing income and absorption-costing income 800X Feedback Check My Work 1. How are the units produced factored into the calculation for ending inventory? Is beginning inventory considered? If so, how? 2. Review what you have learned in the chapter. 3a. Assume the selling price per unit is $32. Prepare an income statement using variable costing. Vladamir, Inc. Variable-Costing Income Statement For Last Year Sales 3.232000 Less: Variable cost of goods sold 1.919000 V Variable selling expenses Y 202.000 Contribution margin L.111.000 Less: Fixed overhead 200.000 Fixed selling and administrative expenses 230,000 v 3a. Assume the selling price per unit is $32. Prepare an income statement using variable costing. Vladamir, Inc. Variable-Costing Income Statement For Last Year Sales 3,232,000 Less: Variable cost of goods sold Y 1,919,000 Variable selling expenses 202,000 V Contribution margin 1,111,000 | Less: Fixed overhead 200.000 Fixed selling and administrative expenses 230,000 V Operating income 681,000 3b. Assume the selling price per unit is $32. Prepare an income statement using absorption costing. Vladamir, Inc. Absorption-Costing Income Statement For Last Year Sales . 3,232,000 Less: Cost of goods sold 2,118,200 X Gross profit 1,113,800 | X Less: Selling and administrative expenses432.000 Operating income 681,800X