Question: Superman Limited is a producer of wrist bands. In 2021. the company had following data from its operation:

	Per Unit	Per Month
Selling Price	Tk.75
Manufacturing Cost:
Direct Material	Tk.12
Direct Labor	TE5
Variable Manufacturing Overhead	Tk.7
Fixed Manufacturing Overhead		Tk150.000
Selling and Administrative Expenses:
Variable Selling and Administrative	Tk.1
Fixed Selling and Administrative		Tk.60.000
	Month 1	Month 2
Units In Beginning Inventory	0	?
Units Produced During the Month	15.000	10.000
Units Sold During the Month	12.000	12.000

The company uses FIFO method for its inventory calculation Required:

Prepare income statement for Superman Limited using*

1. Absorption Costing
2. Variable Costing

Question: Superman Limited is a producer of wrist bands. In 2021, the company had following data from its operation: Per Unit Per Month Selling Price Tk.75 Manufacturing Cost: Direct Material Tk.12 Direct Labor Tk.5 Variable Manufacturing Overhead Tk7 Fixed Manufacturing Overhead Tk.150,000 Selling and Administrative Expenses: Variable Selling and Administrative Tk. 1 Fixed Selling and Administrative Tk.60,000 Month 1 Month 2 Units in Beginning Inventory 0 ? Units Produced During the Month 15,000 10,000 Units Sold During the Month 12,000 12,000 The company uses FIFO method for its inventory calculation Required: Prepare income statement for Superman Limited using- a) Absorption Costing b) Variable Costing