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Question #8 Basic standard cost data of Zahoor & Co. is as under: Normal Capacity (monthly) Production, October, 2007 Sales October, 2007 50,000 units 45,000 units 47,500 units Standard variable costs per unit: Material and labour Factory overhead Distribution expenses Operating variances: Representing excessive incurrence of variable costs Selling price per unit Rupees) 8.00 2.00 1.00 Rs.4,500 Rs.20 Fixed cost for October, 2007: Manufacturing expenses (Rs.4/- per unit on normal capacity) Distribution expenses Administration expenses Others Rs.200,000 75,000 50,000 25,000 MARGINAL AND ABSORPTION COSTING 7 Required: (a) Prepare income statement for the month of October, 2007 under: (i) Absorption Costing, and (ii) Marginal Costing (b) Prepare a reconciliation of incomes under absorption costing and marginal costing for October, 2007