An income statement is given below . Assume in this the company uses absorption costing.
Units in beginning inventory 0
Units produced 20,000
Units sold 19,000
Units in ending inventory 1,000
Variable costs per unit:
Direct materials $ 50
Direct labor 80
Variable manufacturing overhead 20
Variable selling and administrative 10
Total variable cost per unit $ 160
Fixed costs:
Fixed manufacturing overhead $ 700,000
Fixed selling and administrative 285,000
Total fixed costs $ 985,000
A format of income statements may be very critical as it is the way of communicating working consequences to outsiders. The period covered, and other key additives revenues, expenses, and income Consolidate sales, charges, gains, and losses with the aid of category, payee or any other component.
Learn more about Income statements here:-https://brainly.com/question/26252171
#SPJ4
