The following Cool Sky reports the following for its first year of operations The company produced 44 000 units and sold 36 000

Question

The following Cool Sky reports the following for its first year of operations The company produced 44 000 units and sold 36 000 unit at a price of 140 per unit Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses b Assume the company uses variable costing Prepare its income statement for the year under variable costing Income Statement Variable Costing Sales Less Variable expenses Variable cost of goods sold Variable selling and administrative expenses Contribution margin Less Fixed expenses 60 per unit 22 per unit 8 per unit 528 000 per year 11 per unit 105 000 per year Fixed overhead Fixed selling and administrative expenses

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