ABSORPTION AND VARIABLE INCOME STATEMENTS (40 pts)
Domingo Inc makes filing cabinets that sell for $300 each For last year ending Dec 31, Domingo Inc had the following data:
Beginning Inventories (all)â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦â€¦0
Variable Unit Costs:
Variable manufacturing OHâ€¦â€¦ 8
Sales force commissionsâ€¦â€¦â€¦â€¦6
Phone center staffâ€¦â€¦â€¦â€¦â€¦â€¦3
Total Variable Cost per Unit $82
Indirect materialsâ€¦â€¦â€¦â€¦â€¦3,000 (cleaning supplies in factory)
Fixed manufacturing OHâ€¦â€¦150,000 (does not include indirect costs)
Office salariesâ€¦â€¦â€¦â€¦â€¦ â€¦95,000
Base sales salariesâ€¦â€¦â€¦â€¦â€¦80,000
Total Fixed Costsâ€¦â€¦â€¦â€¦â€¦â€¦$505,000
1) Determine the unit cost under variable costing
2) Determine unit cost under absorption costing
3) Prepare a variable income statement in good form
4) Prepare an absorption income statement in good form
5) Reconcile the difference in the net operating incomes
6) Determine Domingoâ€™s breakeven point in units and dollars
Note: You may lump variable selling and admin expenses together into one number if you wish, where appropriate You may lump fixed selling and admin expenses together into one number if you wish, where appropriate You may lump fixed manufacturing overhead costs together into one number if you wish, where appropriate. Get Finance Help Today
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