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(solution) Sivan Co. manufactures and sells one product. For the year, they


Sivan Co. manufactures and sells one product. For the year, they started with no opening inventory; produced 100,000 units, but only sold 70,000 units. The selling price per each unit is $60.


The variable costs per unit were:

Direct materials.........................7

Direct Labor .............................6

Variable manufacturing overhead ....5

Variable selling and administrative?6

Fixed costs per year:

Fixed manufacturing Overhead ................$700,000

Fixed Selling and Administrative expenses.. $300,000


(a) Prepare the Income Statement using Absorption Costing.

(b) Prepare the Income Statement using Variable Costing




Absorption Costing Income Statement: Sales

 

Less: Cost of Goods Sold

 

Gross Profit

 

Less: Variable selling & Administrative Overhead

 

Less: Fixed selling & Administrative Overhead

 

Net Profit...

 


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