Chapter $19$ Assignment $(i)$

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Cool Sky reports the following for its first year of operations. The company produced $44,000$ units and sold $36,000$ units at a price of $$130$ per unit.

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Direct materials

Direct labor

Variable overhead

$$54$ per unit

$$20$ per unit

$$6$ per unit

$$ per year

$484,000$ per unit

$$9$ per year

$100,000$

Fixed overhead

Variable selling and administrative expenses

Hint

Fixed selling and administrative expenses

$1$b$.$ Assume the company uses absorption costing. Prepare its income statement for the year under absorption costing.

Reference