Minopera Binocs Inc. Manufactures opera glasses. The company actual and standard costing systems. The opera glasses sell for $ 290 each. For 2019 , the company budgeted fixed manufacturing overhead of $160,000 and fixed selling and administrative costs of $25,000. Budgeted production was 5,000 units. At the end of the year, the following actual results have been reported: Opening inventory was 500 units, with assigned cost of $45,000. Sales were 5,500 units and production was 6,000 units. Total variable manufacturing costs (direct labor and direct materials) was $ 455,000. Fixed manufacturing overhead was $160,000, , as budgeted. Variable selling and administrative costs were $19.95 per unit. Actual fixed selling and administrative costs were $280,000

Required:

Prepare an income statement for Minopera Binocs Inc. for the 2019 fiscal year using absorption standard costing.

Answer rating: 100% (QA)

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