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ACC2233 Hand-In Assignment 7 v3 QUESTION ONE Absorption and Variable Costing Prepare and Reconcile Variable costing Statements Audiophonics Limited manufactures and sells high quality and durable earbuds for use with personal electronica that is custom moulded to each oustomer's ear, Cost data fon the product follows Variable costs per unit Direct materials ect labour Ve oy overhead Total variable costs per unit $12 24 8 administrative Fed costs per month Fed see overhead Total feed coss per month $240,000 administrative 429.809 The product sells for $80 per unit production and sales data for May and June the first of operations, ane as follow Units Produced Units Sold May June 15,000 15,000 13,000 17,000 Income statements prepared by the Accounting Department using absorption costing ane presented below May June Sales Cost of goods sold $1300 000 $1,040 000 Beginning inventory Add cost of goods manufactured Goods available for sale Less ending inventory 120,000 200,000 900.0004 120.000 Z80.000 900.002 020 000 Cost of goods sold Goss Seling and administrative expenses Operating income 1.020.000 282000 $58.000 258.000 $2.000 REQUIRED 1. Determine the unit cost under an Absorption costing b Variable costing 2. Prepare variable costing income statements for May and June using the contribution approach Reconcile the variable costing and absorption costing operating income figures 3 4 The company's Accounting Department has determined the break-even point be 14,000 units per month, computed as follows 14.000 units Exed cost per month Unit contribution margin $420,000 $30 per unit On receiving this figure, the president commented, “There's something peculiar troler savs that the break-even point is 14.000 units pe here to only 13 000 units in May, and the income statement we received showed a $2.000 profit Which figure do we believe? Prepare a brief explanation of what happened on the May income statement. Get Accounting Homework Help Today

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