1. Texla Company has a production capacity of 12,000 units and normal capacity utilization is 80%. Opening stock of finished goods on 01-01-2018 was 3000 units. During the year ending 31-12-2018, it produced 10000 units while it sold only 8,000 units. The standard variable cost per unit is Aed 6.5 and standard fixed factory cost per unit Aed 2.50. Total fixed selling and administration overhead amounted to Aed. 10,000. The Company sells its product at Aed 5 /unit.

Prepare income statement under absorption costing

Note : Answers should be in word format or Excel