The company, which has only one product, has provided the following data concerning its most recent month of operations:Selling price $124Units in beginning inventory: 0Units produced: 6,100Units sold: 5,600Units in ending inventory: 500variable costs per unit:Direct material: $23Direct labor: 43Variable manufacturing overhead: 2Variable selling and administrative: 11Fixed costs:Fixed manufacturing overhead: $183,000Fixed selling and administrative: $61,6001) Prepare a contribution format income statement for the month using variable costing.
2) Prepare an income statement for the month using absorption costing.
