prepare an income statement under absorption costing and variable costing from the f 621639

Aug 30, 2021 | Uncategorized

Prepare an Income Statement under Absorption Costing and Variable Costing from the following information relating to the year 2008–09:

Opening Stock	1,000 units valued at Rs. 70,000 including the Variable Cost of Rs. 50 per unit
Fixed Cost	Rs. 1,20,000
Variable Cost	Rs. 60 per unit
Production	10,000 units
Sales	7,000 units @ Rs. 100 per unit
Stocks are valued based on FIFO