Question: Can someone please help me with this question. I'll upvote for a fast response. Quick Concepts produce and sell phone coses at its factory. The
Can someone please help me with this question. I'll upvote for a fast response.
Quick Concepts produce and sell phone coses at its factory. The following information relates to the production of phone cases for the period ending 31 September 2020. Production Sales (Units) (Units) Budget 180,000 174,000 Actual 192,000 186,000 Variable Prod. Fixed Prod. Fixed Selling Cost Overhead Overhead $ $ Budget 9,000,000 1.800,000 1,350,000 Actual 9,600,000 1,875,000 1,350,000 The fixed production overhead was absorbed at a pre-determined rate per unit produced. One phone case was sold for $260. At the beginning of October 2019, there was opening inventory of 10,500 units valued at $630,000; this includes fixed production overhead of $105,000. Required: [3 marks! la Prepare a marginal costing income statement for the company. 110 marks) bi Prepare an absorption costing income statement for the company. [2 marks) (c) Reconcile the income under both statements
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