4-AREKS CORP. realize the production and marketing of a kind of an electrical appliance. Financial information of the business for a period are given below:
Unit Sale Price
Sales quantitiy
Production Quantity
Direct Material
Direct Labor
Variable Manufacturing Overhead
Fixed Manufacturing Overhead
Marketing Expenses
60$/Unit
29.100 Unit
35.200 Unit
12$/Unit
9 $/Unit
3 $/Unit
281.600 $
420.000 $
Administration Expenses
240.000 $
FIFO method is used fort he inventories.
a) Prepare the Income Statement with Full Costing Method,
b) Prepare the Income Statement with Variable Costing Method.
