Question: Prepare an Income Statement using Variable Costing, based on the following data: Direct Materials, $30,000; Direct Labor, $40,000; Variable Factory Overhead, $20,000; Fixed Factory Overhead;

Prepare an Income Statement using Variable Costing, based on the following data:

Direct Materials, $30,000; Direct Labor, $40,000; Variable Factory Overhead, $20,000; Fixed Factory Overhead; $50,000; Fixed Marketing and Administrative Expenses, $60,000. Assume that the factory produced 25,000 units during the period and 20,000 units were sold for $600,000

Assignment 2: Refer to Assignment 1. Prepare an Income Statement using Absorption Costing.

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