Question: Hi, could you please help me to solve this problem? Thanks! An incomplete absorption costing income statement and an incomplete variable costing income statement for
Hi, could you please help me to solve this problem? Thanks!


An incomplete absorption costing income statement and an incomplete variable costing income statement for April 2016 appear below. Standards allow 2 pounds of material per unit of output, 5 direct labor hours per unit of output, and $.60 per direct labor hour in variable overhead cost. Variable Costing Income Statement Current Year Absorption Costing Income Statement Current Year Sales (1500 units) Sales $18,750 Less: COGS: Less: Variable Costs: BI -9- Bl DM & DL Variable costs $12,406 VOH applied 4,959 Available for sale FOH applied Less: EI Available for sale: Mfg. costs before adjustments: Less: EI $1.320 Adjustments: Unadjusted COGS Adjustments: All VC variances Production volume va ria nce -$504 FOH price variance -$46 Adj. Var. COGS: Adjusted COGS $13,781 Other Var. Costs $2025 Total variable cost Gross margin Contribution margin Less Period Costs: Less: Fixed costs: Variable Manufacturing Fixed $525 Other Net Income 54$ Net Income 1. Gross margin: 55 2. Goods available for sale: $ 3. Direct labor hours: 4. Units Manufactured: 5. All variable cost variances: $ 6. Variable cost net income: $ 7. Budgeted FOH application rate: '5 8. Units in ending inventory: 9. Variable nonmanufacturing costs: $_ 10. Unit selling price: $
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