Fulton Manufacturing Company makes a product that sells for $64 per unit. Manufa

Question

Fulton Manufacturing Company makes a product that sells for $64 per unit. Manufacturing costs for the product amount to $24 per unit variable, and $96,000 fixed. During the current accounting period, Fulton made 4,000 units of the product and sold 3,500 units. Selling and administrative expenses were zero.

Required

Prepare an absorption costing income statement.

Prepare a variable costing income statement.

Prepare a variable costing income statement.

Prepare an absorption costing income statement.

Explanation / Answer

Absorption costing income statement :

FULTON MANUFACTURING COMPANY Variable Costing Income Statement Sales (3500*64) 224000 Variable cost of goods sold (3500*24) 84000 Gross profit 140000 Fixed cost 96000 Net operating income 44000

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