Question: Sales and Cost data for NANCY, INC. during the first quarter of 20X1 are given below: January February March Selling Price (per unit)... $16 $16

Sales and Cost data for NANCY, INC. during the first quarter

Sales and Cost data for NANCY, INC. during the first quarter of 20X1 are given below: January February March Selling Price (per unit)... $16 $16 $16 Fixed Costs (total) . ...........10 10 10 Variable Costs (per unit.. . .......... 2 3 Number of units produced. ........20 2 0 20 Number of units sold. ...20 1 5 22 Required: Using the FIFO inventory method Absorption Costing Variable (Direct) Costing NANCY's' income for January is.........20. NANCY's income for February is.. 21_ NANCY's income for March is.. .22 Using the LIFO inventory method Absorption Costing Variable (Direct) Costing NANCY's income for January is.........26 NANCY's income for February is.........27 NANCY's income for March is..............28

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