Budgeting and Standard Costing – Quiz
(TCO 5) The following information relates to Vice Versa Ventures for calendar year 20XX, the company’s first year of operations:
| Units produced | 20,000 |
| Units sold | 17,000 |
| Selling price per unit | $35 |
| Direct material per unit | $5 |
| Direct labor per unit | $5 |
| Variable manufacturing overhead per unit | $2 |
| Variable selling cost per unit | $3 |
| Annual fixed manufacturing overhead | $160,000 |
| Annual fixed selling and administrative expenses | $80,000 |
(a) Prepare an income statement using full costing.
(b) Prepare an income statement using variable costing.
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