The following information pertains to the first year of operation for Crystal Cold Coolers Inc.:

Number of units produced		3,100
Number of units sold		2,500
Unit sales price	$	345
Direct materials per unit	$	50
Direct labor per unit	$	45
Variable manufacturing overhead per unit	$	11
Fixed manufacturing overhead per unit ($232,500/3,100 units)	$	75
Total variable selling expenses ($13 per unit sold)	$	32,500
Total fixed general and administrative expenses	$	58,000

Required:

Prepare Crystal Colds full absorption costing income statement and variable costing income statement for the year.

• Full Absorption Costing
• Variable Costing

Prepare Crystal Colds full absorption costing income statement for the year.

CRYSTAL COLD COOLERS INC.
Full Absorption Costing
Income Statement
Less: Cost of Goods Sold
Gross Margin
Less: Non-Manufacturing Expenses
Net Operating Income

• Variable Costing

Prepare variable costing income statement for the year.

CRYSTAL COLD COOLERS INC.
Variable Costing
Income Statement
Less: variable cost of goods sold
Contribution Margin
Less: Fixed Costs
Net Operating Income