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During 2019, Charles Corporation produced 60,000 units and sold 50,000 for $10 per unit
During 2019, Charles Corporation produced 60,000 units and sold 50,000 for $10 per unit. Variable manufacturing costs were $4 per unit. Annual fixed manufacturing overhead was $120,000 ($2 per unit). Variable selling and administrative costs were $1 per unit sold, and fixed selling and administrative costs were $30,000.
REQUIRED:
absorption costing income statement for Charles Corporation
Expert Solution
| CHARLES CORPORATION | ||
| Income Statement (Absorption Costing) | ||
| Particulars | $ | $ |
| Sales (50,000 units*$10per unit) | 500,000 | |
| Cost of Goods Sold (50,000units*($4+$2)) | 300,000 | |
| Gross Margin | 200,000 | |
| Variable Selling & Administrative Expense(50,000units*$1) | 50000 | |
| Fixed Selling & Administrative Expense | 30000 | 80000 |
| Net Income | 120,000 | |
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