Answers
Answer-1)-
| STATRT ME UP INC. | |||
| Income statement (Using absorption costing approach) | |||
| Particulars | Amount | ||
| $ | |||
| Sales (a) | 46000 units*$4.10 per unit | 188600 | |
| Less:- Cost of goods sold (b) | |||
| Opening inventory | |||
| Add:- Cost of goods manufactured | 47040 | ||
| Direct materials | 48000 units*$0.56 per unit | 26880 | |
| Direct labor | 48000 units*$0.26 per unit | 12480 | |
| Variable manufacturing overhead | 48000 units*$0.16 per unit | 7680 | |
| Fixed Manufacturing overhead | 28800 | ||
| Cost of goods available for sale | 75840 | ||
| Less:- Closing inventory | 2000 units*$1.58 per unit | 3160 | 72680 |
| Gross margin C= a-b | 115920 | ||
| Less:- Fixed costs | |||
| Selling & administrative exp. | 50500 | ||
| Net Income | 65420 | ||
Explanation- Unit product cost under Absorption costing:-Direct materials + Direct Labor+ Variable manufacturing overhead + fixed manufacturing overhead
=$0.56+$0.26+$0.16+$0.60
= $1.58 per unit
Unit fixed manufacturing overhead= fixed manufacturing overhead/No. of units produced
=$28800/48000 units
=$0.60 per unit
2)-
| STATRT ME UP INC. | |||
| Income statement (Using variable costing approach) | |||
| Particulars | Amount | ||
| $ | |||
| Sales (a) | 46000 units*$4.10 per unit | 188600 | |
| Less:- Variable cost of goods sold (b) | |||
| Opening inventory | NIL | ||
| Add:- Variable cost of goods manufactured | 47040 | ||
| Direct materials | 48000 units*$0.56 per unit | 26880 | |
| Direct labor | 48000 units*$0.26 per unit | 12480 | |
| Variable manufacturing overhead | 48000 units*$0.16 per unit | 7680 | |
| Variable cost of goods available for sale | 47040 | ||
| Less:- Closing inventory | 2000 units*$0.98 per unit | 1960 | 45080 |
| Contribution margin c= a-b | 143520 | ||
| Less:- Fixed costs | |||
| Manufacturing overhead | 28800 | ||
| Selling & administrative exp. | 50500 | ||
| Net Income | 64220 | ||
Explanation-Unit product cost under Variable costing:-Direct materials + Direct Labor+ Variable manufacturing overhead
=$0.56+$0.26+$0.16
= $0.98 per unit
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