Concord, Inc. has collected the following data for November (there are no beginning inventories): Units produced and sold 500 units Sales price $450 per unit Direct materials 64 per unit Direct labor 68 per unit Variable manufacturing overhead 26 per unit Fixed manufacturing overhead 7,500 per month Variable selling and administrative costs 15 per unit Fixed selling and administrative costs 4,400 per month E21A-47 Computing absorption costing operating income Refer to the information for Concord, Inc.
Requirements
1. Using absorption costing, calculate the unit product cost.
2. Prepare an income statement using the traditional format. Miller-Nobles, Tracie. Horngren's Accounting (p. 1183). Pearson Education. Kindle Edition.
