question archive Check my work Exercise 19-3 Income reporting under absorption costing and variable costing LO P2 ints follows
Check my work Exercise 19-3 Income reporting under absorption costing and variable costing LO P2 ints follows
Subject:AccountingPrice: Bought3
Check my work Exercise 19-3 Income reporting under absorption costing and variable costing LO P2 ints follows. Sims Company, a manufacturer of tablet computers, began operations on January 1, 2017. Its cost and sales information for this year eBook Manufacturing costs Direct materials 30 per unit Direct labor 50 per unit Overhead costs for the year Variable overhead $2, 000,000 Fixed overhead $8, 000, 000 Selling and administrative costs for the year Variable $ 725,000 Fixed $4, 250, 000 Production and sales for the year Units produced 100, 000 units Units sold 70, 000 units Sales price per unit $ 360 per unit 1. Prepare an income statement for the year using variable costing. 2. Prepare an income statement for the year using absorption costing. 3. Under what circumstance(s) is reported income identical under both absorption costing and variable costing?
