[The following information applies to the questions
Oak Mart, a producer of solid oak tables, reports the following data from its second year of business.
|Sales price per unit||$||310||per unit|
|Units produced this year||100,000||units|
|Units sold this year||103,250||units|
|Units in beginning-year inventory||3,250||units|
|Beginning inventory costs|
|Variable (3,250 units × $130)||$||422,500|
|Fixed (3,250 units × $75)||243,750|
|Manufacturing costs this year|
|Direct materials||$||48||per unit|
|Direct labor||$||66||per unit|
|Overhead costs this year|
|Selling and administrative costs this year|
1. Prepare the current-year income statement for the company using variable costing.
If you have any doubts please comment on the answer
Get Answers For Free
Most questions answered within 1 hours.