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positive values

Prepare an income statement for the company using absorption costing. (Input all amounts as positive values except net loss which should be indicated with a minus sign. Omit the “$” sign in your response.)

 

 

2.Prepare an income statement for the company using variable costing. (Input all amounts as positive values except net loss which should be indicated with a minus sign. Omit the “$” sign in your response.)

 

 

3.Under what circumstance(s) is reported income identical under both absorption costing and variable costing?

 

 

Exercise 19-4 Income reporting under absorption costing and variable costing L.O. P2

[The following information applies to the questions displayed below.]

Woodson Company, a producer of solid oak tables, reports the following data from its current year operations, which is its second year of business.

 

    
  Sales price per unit$320 per unit
  Units produced this year 115,000 units
  Units sold this year 118,000 units
  Units in beginning-year inventory 3,000 units
  Beginning inventory costs   
       Variable (3,000 units × $135)$405,000 
       Fixed (3,000 units × $80) 240,000 
 


 
       Total$645,000 
  Production costs this year   
       Direct materials

 

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