Question: Ivanhoe Company sells its product for $10500 per unit. Variable costs per unit are: manufacturing, $5000; and selling and administrative, $135. Fixed costs are: $36000

Ivanhoe Company sells its product for $10500 per unit. Variable costs per unit are: manufacturing, $5000; and selling and administrative, $135. Fixed costs are: $36000 manufacturing overhead, and $46000 selling and administrative. There was no beginning inventory at 1/1/20. Production was 24 units per year in 20202022. Sales were 24 units in 2020, 20 units in 2021, and 28 units in 2022. Income under variable costing for 2022 is

$62220.

$59900.

$68220.

$54900.

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