Hind General Corporation produces only one product which had the following costs. The normal capacity is set
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Hind General Corporation produces only one product which had the following costs.
The normal capacity is set at 200,000 units. There are no work-in-progress inventories.
In 2001, the company produced 200000 units and sold 90 per cent of them at a price of Rs. 7 per unit. In 2002, the company produced 210000 units and sold 215,000 units at the same price.
You are required to prepare income statements for 2001 and 2002 based on absorption costing and marginal costing.
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To prepare income statements for 2001 and 2002 based on absorption costing and marginal costing we need to calculate the cost of goods sold COGS and t...View the full answer
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