Summer Fun Inc., produces and sells many recreational products. The company has just opened a new plant to produce Kerosene Lanterns that will be marketed throughout the United States. The following cost and revenue data relate to February, the first month of the plants operation:

Direct Material	$8	Units Produced	12,000
Direct Labor	$5	Units Sold	10,000
Variable MOH	$2
Variable Selling & Admin	$3
Fixed MOH	$60,000
Fixed Selling & Admin	$80,000

Determine the per unit cost under both variable costing and absorption costing and prepare the income statement for each costing method

Price per unit is $33