*E19-17 Polk Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2012, the company incurred the following costs.
| Variable Cost per Unit Don't use plagiarized sources. Get Your Custom Essay on e19 17 polk company builds custom fishing lures for sporting goods stores 541930 For $10/Page 0nly | |
| Direct materials | $7.50 |
| Direct labor | $2.45 |
| Variable manufacturing overhead | $5.75 |
| Variable selling and administrative expenses | $3.90 |
| Fixed Costs per Year | |
| Fixed manufacturing overhead | $234,650 |
| Fixed selling and administrative expenses | $240,100 |
Polk Company sells the fishing lures for $25. During 2012, the company sold 80,000 lures and produced 95,000 lures.
Instructions
(a) Assuming the company uses variable costing, calculate Polk’s manufacturing cost per unit for 2012.
(b) Prepare a variable costing income statement for 2012.
(c) Assuming the company uses absorption costing, calculate Polk’s manufacturing cost per unit for 2012.
(d) Prepare an absorption costing income statement for 2012.
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